Games using cryptocurrencies are a new round of development of the entertainment industry. Crypto games carry many advantages and attractive profit options, which makes them extremely popular. Find out what is happening in the world of crypto games today and how to keep up with the trend with NOWPayments.
- Crypto games is a rapidly developing sector.
- Cryptocurrency brings undeniable advantages to the world of games.
- NOWPayments provides convenient payment tools for owners of gaming platforms.
What is cryptocurrency and crypto payments?
Cryptocurrency is a digital payment system that does not involve banks when verifying transactions. It is a system with equal participants that allows any user located anywhere to send and receive fast, cheap, and secure payments. Cryptocurrency payments exist exclusively in digital form in an online database describing specific transactions. They do not imply transactions with physical money that have circulation and exchange opportunities in the real world. When transferring funds in cryptocurrency, transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets.
How does crypto work in online gaming?
Play-to-earn is one of the most hotly debated business models today. The model embraces the concept of an open economy, allows players to contribute to the game world and receive financial benefits from it. The player does not need to pay for downloading, but the user can pay for the items he needs, skins, acceleration of development, and much more. As a reward for gaming actions, players are rewarded with digital tokens, which they can later not only spend in the game, but also trade on the crypto market. If earlier players spent money on, for example, pumping a character and enriching developers or a game studio, today you can sell your (in this case) character and get a good profit from it on a peer-to-peer basis.
NFT technology is closely related to blockchain games. As part of NFT gaming, players create or buy non-fungible tokens belonging exclusively to them. Each such token has a degree of value, which is primarily tied to rarity. From the point of view of the game, tokens can represent weapons, characters, vehicles, and other game items. You can buy and sell NFT from games on various NFT marketplaces. One of these games is Axie Infinity. Here players can collect, breed, use for battles, and so on creatures called Axies, each of which is represented in the form of NFT.
Benefits of crypto payments in online gaming
A reliable payment flow allows not only to significantly facilitate the entire process of interaction between the gaming platform and its users, but also to leave only the most pleasant impressions about it. What are the advantages of cryptocurrency payments for online gaming?
Cryptocurrency saves users from the bureaucracy and numerous intermediaries inherent in bank payments. Thanks to this, fees are significantly reduced, and transactions can be carried out instantly. Thus, players can receive the desired item/character/skills instantly after paying with cryptocurrency.
There are several points at once. Firstly, there is no need for players to enter any personal financial data. Secondly, business owners save themselves from chargeback fraud. And besides, no bank will be able to freeze your payment, and the funds will be transferred immediately to the wallet.
Cryptocurrency is a kind of world currency that has no borders. That is, players can safely play their favorite games, forgetting about such concepts as currency exchange, high transaction fees, and security issues.
Our cryptocurrency API is the best solution for your gaming platform. Just a few lines of code and you are able to accept any of the more than 100 listed cryptocurrencies. In addition, your users will be able to use such a convenient feature as multiple payments for one order.
If you don’t want to bother and have just decided to try crypto as a payment option. Then we offer you an equally convenient, but easier to set up tool — invoices. Just place an invoice on your platform and your users will be able to use it an infinite number of times.
The bottom line
Cryptocurrency today is a large market with billions of daily turnover. And the further it goes, the more it intersects with the gaming industry, which is famous for its competitiveness and rapid growth. NOWPayments offers ready-made solutions so that you can keep up with the trend and be significantly ahead of your competitors.