Gaming has developed into much more than a past-time and its target audience has branched out way more than planned. With the year 2020 just around the corner, people take gaming very seriously. Playing games is even considered now as a well-paying job and a sport. Professional gamers are praised by certain communities and get paid a ton of money by e-Sports companies. Once seen as something bad for you or a waste of time is now a dream job by aspiring casual gamers worldwide.
Meanwhile, another technological advancement that has risen is the concept of cryptocurrencies and blockchain technology. As a blockchain-based project, ABBC Coin seeks to improve the payments and eCommerce sector through its breakthrough technology. But the gaming sector has become too large and impactful for ABBC to ignore, particularly since cryptocurrencies and gaming have become entangled in a very interesting way.
Millennials and Generation Z are two economically active demographics with more interest in cryptocurrency than any other, and it just so happens that the majority of them are active gamers. According to the Worldwide Asset Exchange, about 75% of the 1,000 gamers want to exchange virtual goods into currency they can use on other platforms. This shows that millennials want to see cryptocurrencies become a normal part of gaming.
This is also what convinced game development companies to earn their spot in the market and to decide to fuse cryptocurrency and gaming together.
The Rise of the Gaming Industry
Gaming has stayed consistent as one of the most profitable industries over the past decade. The video games market is expected to be worth over 90 billion U.S. dollars by 2020. We’ve come a long way from those plain black and white graphics being played by one player alone to cloud-based multiplayer games targeting different age groups worldwide.
Prize money for competitive gaming tournaments can reach billions in dollars. In 2018, a blockchain-based company, Play2Live, hosted a tournament that had a prize pool worth $100,000 in Level Up Coin (LUC), Play2Live’s native cryptocurrency. Alexey Burdyko, CEO and founder at Play2Live, stated that ‘’we are even more excited to host the world’s first ever e-Sport tournament with crypto as the prize: an event that will become a milestone in the further integration of the blockchain technology into the gaming industry.’’ Blockchain technology is gradually being introduced in every industry and it continues to transform the gaming industry as one of its prominent use cases.
Turning a Gamer’s Dream Into Reality
Blockchain offers a transparent and trusted platform. The gaming industry has always been scrutinized for data thefts and frauds, so implementing a decentralized network via blockchain makes it impossible to corrupt or manipulate anything in the system. Gaming on blockchains allows the player to earn cryptocurrency while playing, companies like Big Bang (Big Bang Token), Enjin (EJN coin) and Sgame Pro (SGM) have been pioneers in incorporating cryptocurrency into their games. The concept of tokenizing game assets is very common in these games — where developers have integrated in-game currency which players earn, spend and buy with fiat money. Virtual in-game currencies can now be tokenized by basing them on a blockchain network. Blockchain technology creates a cryptographic accounting system for game tokens, which also allows game assets to be bought, sold, and traded outside the game. The chance to play and earn is a dream turned into reality to all gamers.
ABBC Joins the Gaming World
ABBC is headed in the right direction in its recent partnerships with gaming studios UbiFun from Korea and Zombie Soup from Kosovo. ABBC plans to expand its scope further by exposing its coin to more audiences and what better time than now at this transformative stage of the gaming industry. Going into the promising gaming industry can bring in higher potential to the company, perhaps utilizing ABBC Coin as rewards for gamers is something that could happen in the near future. Features such as smart contracts for faster settlement, cryptocurrencies, immutability, security and decentralized system makes this ideal for gamers worldwide.
Blockchain technology and cryptocurrency are here to revolutionize the gaming industry, with cryptocurrency in the picture gamers are able to fully own their assets in the game and exchange them with items on other platforms. The chance to play video games and earn money at the same time is attractive. As more games begin using digital currency, the use of cryptocurrency and blockchain will also increase. People that have never owned cryptocurrencies before may find themselves with a balance of coins thanks to playing their favorite game. They could then become interested in transferring this balance to a cryptocurrency wallet or an exchange to trade into Bitcoin or fiat currency.