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Crypto Gaming Market Growth

source-logo  en.cryptonomist.ch 12 April 2023 16:59, UTC

Virtual currencies are certainly nothing new in the sphere of online gaming. For more than a decade now, the microtransactions model has introduced in-game currencies that players use to improve their experiences, from boosting their chances of winning to improving their gaming profiles and avatars.

For this reason it’s hardly surprising to see crypto gaming become an actual thing, as forbes.com highlighted in a recent article, as more players globally become fully immersed in online gaming worlds. One particular model they focused on was “play to earn” or P2E, whereby gaming achievements are rewarded with cryptocurrency or digital token payments, actually profiting from their skill and enthusiasm.


Forbes conclusion on crypto gaming

Most interesting of all, American finance publication Forbes pointed out that before the end of 2022, the global gaming token market was already worth more than $12.8 billion. However, there was an important caveat, noting that some of those tokens might only be moved within certain gaming ecosystems. Nevertheless, there are some which can be traded and achieve real-world value, whenever converted to Bitcoin and other virtual currencies.

Most valuable gaming tokens

One of the most valuable gaming tokens is ApeCoin (APE), estimated to have reached a market capitalization value of around $2.23 billion. This is also strongly tied to the Bored Ape Yacht Club, which is a collection of NFT’s built upon Ethereum (ETH) blockchain technology. Many more US games developers are incorporating ApeCoin within their games, including those who created the popular Benji Bananas mobile game in 2013, now enjoying a new lease of crypto life.

But aside from the rise to prominence of crypto gaming itself, the use of virtual currencies has rapidly become commonplace throughout the gaming industry. Some of the major AAA games developers are actively working on models incorporating blockchain transactions, while the online gaming sector is arguably the most reactive overall, keen to embrace the whole gamut of crypto possibilities that are available.

As one of the most popular and famous cryptocurrencies, Bitcoin has become widely accepted for transactions at leading online casino sites, particularly throughout the United States. What’s more, blockchain technology adds an extra layer of protection and security, providing safety and anonymity for deposits and withdrawals. Likewise, online gaming operators can receive and send payments much faster, compared to bank transfers and other methods.

In-depth reviews

Based upon the latest in-depth reviews from legaluspokersites.com experts, use of Bitcoin and other virtual currencies has rapidly become the method of choice, whenever players are considering the best online poker deposit options to select from. And while novice and expert players alike may be gambling on their poker hands, they are doing so with confidence that all their payments and withdrawals are completely secure.

Considering the fact that United States iGaming revenue for sports betting and online continues to grow, surpassing $5 billion for January 2023 alone according to recent figures, it’s hardly surprising that cryptocurrencies will also be making strong inroads into this area of online gaming. Indeed, recent reports published by americangaming.org highlighted that in January this year, 26% of all gaming revenue came from online gambling operations.

Whatever our own gaming preferences may be online, the presence of crypto transactions appears to be gaining traction, and faster than many of us could have previously anticipated. This brings a whole new perspective for the digital gaming sphere, as cryptocurrencies become increasingly part of our digital entertainment choices.