It’s no secret: the cryptocurrency markets have been struggling.
We saw thefts, frauds, and losses wipe out billions in cryptocurrency last year, and the HODLers are dwindling. But at the same time, the gaming industry is thriving. Cryptocurrency and blockchain tech have unique applications in gaming, and the synergistic relationship between blockchain and gaming may help breath new life into the lagging crypto markets.
Blockchain technology in the gaming industry has been booming. Up-and-coming gaming companies are developing new blockchain-based video games every day, and the new online experiences made possible by this groundbreaking technology are nothing short of mind-blowing. Using blockchain tech, players will soon be able to move their creations across a decentralized network securely, trustlessly, and instantaneously. There’s no doubt blockchain and cryptocurrency technology make a strong value case in gaming, but can gaming save the struggling crypto markets?
Crypto’s Rough Year
After a boom year in 2017, cryptocurrency investors saw demonstrable losses last year. In December 2017, Bitcoin hit an all-time high value of $19,000. As of writing, Bitcoin’s value is about at $4,000 with an overall market capitalization of about $71 billion. No matter how you look at it, this kind of volatility creates a rough environment for any financial instrument, and it has raised serious concerns among cryptocurrency and blockchain tech supporters.
The cryptocurrency market may have seen a drop in the past year, but technology is resilient. Crypto may be down, but it’s not out — and as we see more applications of cryptocurrency and blockchain technology in secondary markets, a revival may be right around the corner. And with the enormous growth we’ve seen in gaming over the decades, the gaming industry may be the solution to bringing the cryptocurrency market back to stability.
Could Gaming Bring the Next Crypto Boom?
Despite massive losses, cryptocurrency supporters remain hopeful. And many are speculating that the cryptocurrency market may have a lucrative future if blockchain gaming keeps expanding. After all, there’s a natural synergy between blockchain, cryptocurrency, and gaming, and there’s no indication that the growth in this area is slowing down.
Gamers are pretty comfortable using tokens for in-game purchases, but the potential for cryptocurrency and blockchain in gaming doesn’t end there. By relying on blockchain ledgers, players can actually own their in-game assets and achievements. From there, they can buy, sell and trade amongst each other in secondary markets, which often spill over into the real-world economy. This is a clear use case for cryptocurrency, which has struggled to find a foothold in mainstream markets.
There’s no telling what will happen in the cryptocurrency markets, but it’s nearly certain that gaming will continue its astronomical rise in popularity. This is particularly true as the gaming industry continues to utilize blockchain technology and cryptocurrency. Investors and venture capitalist are observing the benefits the gaming industry is experiencing from the utilization of both, which may help facilitate the adoption of the technology by other industries.
Considering an investment in the growing blockchain gaming space? Block and Chain Game Studios delivers fun, immersive blockchain-powered gaming experiences for gamers around the world. Investors may contact Block and Chain at firstname.lastname@example.org.