If you’re an avid modern gamer, you probably spend a considerable chunk of your time online participating in tournaments, playing with strangers, or contesting against peers. Not only is it exciting, but it also grants you the chance to improve your mental health, bolster your social skills, and even earn an income from correct bets and rewards for the games you win.
And while digital currencies have been around for a while in the world of gaming, crypto is increasingly gaining traction as a preferred method of payment for gamers and participants who win rewards from online gaming.
With this having been said, here are a few things that gamers need to know about cryptocurrency.
1. You Can Earn Crypto from Gaming in Various Ways
Crypto gaming is a great way to win prizes and earn rewards that you could eventually turn into real currency or purchase real assets with. Better yet, there are various other ways to earn from crypto gaming.
For instance, you can play games online and win cryptocurrency, which can be used to purchase items in the game, exchanged for real-world currency, or even be used in the purchase of trading assets like stocks and bonds in the form of NFTs, better known as Non-Fungible Tokens. Many platforms also allow you to bet with crypto
2. It’s Easier Than Ever to Buy Cryptocurrency
As cliché as it might sound, the internet has advanced greatly over the years. There are tons of sites and platforms that allow cryptocurrency exchanges. And besides the popular cryptos like Bitcoin, Ethereum, Litecoin, and Dogecoin, some platforms allow you to trade cryptocurrency in tens more of alternative coins, if not hundreds.
Better yet, it might only take as little as $10 to get started with trading or buying crypto to fund your bets. A good platform will also provide you with multiple ways to invest in crypto, trade, and earn from your favorite internet connection device.
3. What Are Gaming Tokens (Non-fungible tokens or NFTs?)
A gaming token can be defined as a non-fungible token that can be used to represent a player’s in-game assets. Typically, these tokens can be used in a variety of ways in games and outside the gaming world. For instance, they can be used as in-game currency, or they can represent ownership of in-game assets.
In a game, NFTs can be used to purchase items such as weapons, armor, and other virtual goods. The future of NFTs’ use in the world of gaming is even much more promising, but one thing is for sure for now. Gaming tokens can also be traded or sold on secondary markets, and they can also be used to create new games or to power existing ones.
4. A Growing Versatility
Today, tokenized games can be played on a variety of platforms, including desktop, web, and mobile. They can also be played on dedicated gaming consoles, such as the Xbox One and PlayStation.
The use of gaming tokens is a relatively new phenomenon, and their popularity is growing. In the future, it is likely that more games will be powered by tokens and that the secondary market for tokens will continue to grow.
5. Crypto Gaming Has Some Risks
There are a few risks to take into consideration when getting into crypto gaming. Some of these may include:
The Volatility of Cryptocurrencies:
The values of cryptocurrencies can fluctuate quite a bit, which could end up affecting your in-game assets’ value from time to time. Also, you could end up losing money if you’re not careful about the currency you choose and when or how you handle your winnings.
A New Concept Coming Of Age:
Another risk is that because the industry is still relatively new, there aren’t a lot of regulatory standards or safeguards in place. This means that unless you’re watchful enough, you could be taken advantage of by a dishonest company or individual. And because crypto gaming is done online, there is always the risk of hacking and other cybercrime.
Stock Holding Risks:
It can also be tempting to hold some of them for yourself. In that case, you could end up losing money if you decide to dump your virtual coins on the first stock market correction. Let’s take, for instance, betting on a popular stock and going all in with everything you’ve got, which means putting all of your eggs in one basket.
If that company doesn’t perform up to par or even goes bust, you might end up losing everything, even if you correctly predicted the start of its downfall. The same could be expected for holding too long onto underperforming cryptos, more so without your knowledge. This is why you should only bet on cryptocurrencies that have a clear and established trading history.
The element of risk is among the compelling reasons you should conduct your research carefully before choosing a gaming platform that supports crypto. This is especially when considering using a site that allows you to bet with cryptocurrency as an option.
6. Is Crypto Gaming Really Worth Trying?
Crypto gaming can be a great way to get into the world of cryptocurrency and blockchain technology. Especially for avid gamers, it also presents an excellent opportunity to earn some extra money, as many games offer rewards in the form of cryptocurrency that can be converted to cash or used to purchase other assets.
However, it is important to remember that crypto gaming is still a new industry, and there are risks involved. Before investing any money into crypto gaming, be sure to do your research and understand the risks involved, as well as the rewards you stand to gain.
Major Cryptocurrencies might have plummeted over the past few months, with some gaining traction. There’s always a winner and a loser in market exchanges. If you’re a gamer who’s looking into earning or investing in crypto, the above are just a few things that you should know about cryptocurrency – and probably take to the bank!