It's time to talk crypto gaming.

Elon Musk once famously said, “Paper money is going away.”

Alluding to cryptocurrency, Musk suggested that “Crypto is a far better way to transfer value than pieces of paper, that’s for sure.” Musk’s prediction seems to be coming true, as crypto is becoming a very popular currency form to not only invest in but also to use in a variety of things.

It’s known that includes a wide range from the famous bitcoin pizza all the way to purchased real estate... and fund a player’s online gaming wallet?

No, not video games. Gaming, as in casino games that offer various options to WAGER in.

Yes, Crypto has made its way into Gambling.

## Gambling and Crypto

In 2020, many businesses including land-based casinos saw a temporary halt to their operations due to COVID-19. During that time, online gaming and cryptocurrencies rose in popularity. The global online gaming revenue hit approximately $66 billion in 2020—an increase of $8 billion when compared to 2019. 

But this isn't a new thing- gambling and crypto have a history together.

Cloudbet Casino is a well-known crypto casino site, which has been running since 2013. They offer a nice crypto welcome promotion for new players that consists of a 100% match deposit of up to 5 BTC/BHC/ETH/PAXG, depending on the cryptocurrency in use.

MBit Casino is an online gambling venue that went live in 2014. It's a strictly crypto-only casino that supports [BTC](/coins/btc), BCH, ETH, DOGE, USDT, and LTC. So far, crypto gamers can enjoy over 900 bitcoin games, spread in multiple game categories.

## Keeping Up With Demand

Keeping up with new technology and consumer demands, cryptocurrencies offer a variety of benefits to players and operators.

It’s a lot cheaper for gaming operators to process cryptocurrency payments compared to processing payments made with fiat currencies, resulting in operators offering better bonuses and promotions on crypto gaming platforms which leads to player acquisition and retention.

Another important aspect of cryptocurrency is transparency. Eliminating fraud and ensuring fairness is a top priority for gaming operators. A safe and secure gaming platform is a very attractive component for players looking to join online casinos- and trust them.

Also, players using certain cryptocurrencies can benefit from a high level of anonymity. Cryptos such as Monero are highly preferred due to their private and anonymous nature. According to TKEY, “Crypto players using XMR \[Monero\] can be sure that no third party will get access to their personal data and know about their gains and losses.”

## Personal Data Issues

Recently the protection of personal data has become an extremely important part of many industries. So when gaming operators include cryptos such as Monero, it helps build trust between the player and operator—resulting in more business.

The crypto-gaming space still faces many hurdles such as transaction speeds, regulations, and value fluctuation. These obstacles will take time to tackle as crypto and blockchain are a new and evolving technology.

Many payment processing companies have started adding pay-in and payout support for cryptocurrencies—indicating a growing interest in digital currency in the retail, travel, and software space. Will cryptocurrencies stay pertinent for the online gaming industry?

Only time will tell. Please place your bets.

Place Your Crypto Bets!

So you’re into all things Crypto and you no doubt know about DeFi, but have you heard about GameFi?

Don’t feel left out if you don’t know what I’m talking about, this is all fairly new even to longtime HODL’ers.

Crypto games are video games that run on a cryptocurrency network and include a completely or partially distributed ledger architecture, providing players verifiable ownership over the virtual products contained in the games.

But where do the roots of this movement come from?

2003 is considered the year that in-app purchases entered online games in a really big way, from obscure role-playing games about medieval knights to virtual world Second Life, and even corporate-backed entries like Disney’s ToonTown Online.

Eventually, there had to be a huge moving force that would change the world forever- three letters that kickstart this story and lay the foundation for what we will likely be experiencing now and in the future in regards to virtual currency: WoW.

Released in 2004, World of Warcraft is arguably the most successful, massively multiplayer online role-playing game of all time, at its peak, it had upwards of ten million users in the game. The in-game currency of WoW, simply titled “Gold,” can be used for anything imaginable, from items to services with increasingly esoteric means, like food that makes your character spit fireballs.

A Side-effect of this? The line between digital and real currency begin to blur.

By the late 2000s, that line between virtual currency and fiat was one that individuals and enterprises alike were bouncing back and forth over for profit. Value could be digital. Value could be anything. And this was no longer just limited to nerdy kids. Farmville, popular with kids and parents alike, posted revenues of $235 million in the first quarter in 2010, most of which was from in-game purchases for digital goods.

Fast forward to 2021 and almost all mobile and console games including Roblox, Minecraft, and Fortnite have in-app purchases. Welcome to the age of GameFi.

This is no doubt moulding the youth into a generation that feels incredibly comfortable with digital currency transactions.

Axie Infinity is among the biggest—and most polarizing—of these new games, which allow players to accumulate tradeable crypto coins. To investors like billionaire Mark Cuban and Reddit co-founder Alexis Ohanian, who were part of a $7.5 million funding round for Vietnamese game-maker Sky Mavis in May, it’s a gateway to crypto for people playing around the world.

Those players are banking on the success of Bitcoin and others in hopes of turning them into high-value tokens.

Other projects that include some of the most popular coins in the GameFi space: Uniswap, Chainlink, Dai, ZRX, Maker, Aave, and PancakeSwap.

This, along with the recent NFT craze will absolutely contribute to massive growth in cryptocurrency adoption.

Game on.

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