- December 10, 2022
The Future of Crypto Igaming
Crypto igaming is a developing industry at metaverse games which has the potential to rival esports in size and scope, with top games like Fortnite being played by more than 125 million people. And while it will take many years to realize this potential because of regulatory issues and other obstacles, the future of crypto gaming is looking very bright indeed.
In this post we’ll explore two major points about the future of crypto igaming: how slow adoption rates are a significant barrier for growth, and how Ethereum smart contracts can be used to create unique gameplay experiences which draw consumers in on their own merits.
1. Slow Adoption Rates
The crypto igaming industry is still in its infancy, and it will take many years for the industry to grow and expand. Currently, less than 0.1% of all online casino users play a crypto-based game. For comparison, 9% of online casino users play slots games, which are the most popular form of casino gaming . This means that consumers are interested in blockchain technology, but not necessarily willing to jump ship from traditional casinos.
The reasons for this slow adoption rate are many. First of all, there’s a lack of trust . Most customers don’t fully trust blockchains or smart contracts at this time because of the lack of regulation on the market. Although some large corporations have trusted blockchains and smart contracts, the general public doesn’t. For example, the majority of new customers to Coinbase are retail investors and not individual gamblers, which makes it impossible for Coinbase to offer a “gamble-mode” for its customers because of anticipated losses.
2. Unique Gameplay
If the crypto industry ever hopes to grow, companies need to create unique gameplay that attracts players and keeps them coming back for more. And the reason this will be important is because of the problem of slow adoption rates. When new customers are introduced to the igaming space over time, they will all be introduced to their own unique brand, which means that a company like Coinbase or Bodog will eventually have greater market penetration than company XYZ. So any company that introduces a new game which becomes popular and gains market share will see unprecedented growth rates over time. Find here.
As an example, we can look at Fortnite . Because of the game’s unique gameplay, it has managed to gain over 125 million players in less than a year . The popularity of Fortnite is a direct result of its unique gameplay. In order to prevent the game from becoming stale or boring for players, Epic Games regularly makes changes and updates the game. These updates allow for new types of gameplay and new types of items to be introduced, which keeps players interested in the game. This is also true for other popular games like Counter Strike: Global Offensive and PlayerUnknown’s Battlegrounds .
3. Crypto Growth
In order to create a business that supports millions of players and can rival the success of Fortnite, companies will need to eventually start integrating crypto into their games. The best example of this is the company Enjin , which is building an entire ecosystem for blockchain-based gaming. Their decentralized gaming platform allows for players to own their in-game items on the blockchain, which means that even if a game shuts down or goes out of business, their items will still belong to them.
Of course, Enjin won’t be able to do much without support from other companies in the igaming industry, but they have made some early progress. For example, they have managed to get more than 60 websites onboard with their platform for blogger outreach. By using Enjin’s platform, websites like CSGOLounge will be able to create an entire ecosystem of unique game items with full transparency and trust.
And even though this is just the beginning of what could be a global shift in how games are played, a lot of companies have already gotten onboard the crypto train. For example, the company Trdakt has created its own decentralized gaming platform , which allows for games to be played directly from a user’s wallet. It also allows for players to automatically be paid from their cryptocurrency wallets once they’ve won their bet or round, which means that players don’t have to wait days or weeks for their funds to be transferred from their casino wallet to their main wallet .
While the crypto igaming industry of token marketing has plenty of room for growth, it currently faces many obstacles. The primary issues right now are slow adoption rates and the need for unique game mechanics. By using smart contracts to create unique gameplay experiences and focusing on how new adopters can interact with their games, companies can start changing from small startups into large corporations which will eventually rival the size of large traditional gaming corporations like Blizzard Entertainment .