EUGENY KAUFMAN, PLAYHALL CEO: The Role of Cryptocurrencies in the Gaming Industry
The computer and mobile online games industry is another niche, in which the emergence and development of blockchain technologies can trigger drastic changes. Cryptocurrency is the most obvious and common sphere to experience these changes, though by far not the only manifestation of the blockchain, so to say. Let’s see what influence blockchain has on the gaming industry – the influence impossible to deny since computer and mobile games are extremely prone to high-tech innovations.
In contrast to large studios, indie game developers and small teams often struggle to raise enough funds to implement their ideas, no matter whether it is a separate online game or a whole gaming platform. Cryptocurrencies have made fundraising much easier. With the use of it, the PlayHall platform is going to attract investments through token sales to develop an innovative blockchain platform for skill mobile games.
Cryptocurrencies Make Investment Easier
Digital currencies are bringing significant changes to the investment market, making fundraising much easier due to a new phenomenon named token sale. Professional investors worldwide have already noticed the growth of this new segment, the popularity of which is increasing yearly.
Total cryptocurrency market capitalization is approaching to the one trillion dollars benchmark, outpacing GDP of some less developed countries. Therefore, the largest investors and venture funds are taking a close look at blockchain startups in the game industry.
Since most jurisdictions have not worked out legal frameworks for cryptocurrencies and have not accepted them as a form of ownership, at the current stage, the crypto economy can facilitate lowering the tax burden on businesses and thus provide it with an opportunity to develop at fast rate in the long run. This makes such startups even more attractive for investors.
The fact that Bitcoin and Ethereum, along with other cryptocurrencies, are not confined to any particular country, is also vital. It makes the exchange of cryptocurrency to any fiat money much easier regardless of your current whereabouts. The global scale, on which cryptocurrencies operate, is also beneficial for businesses, especially for online game business, since it allows to expand from the local market to the global market without any restrictions.
According to the PlayHall platform founders’ estimation, over 200 various skill-based games played by a total of 12 million people worldwide will have been ported to the platform by the end of 2019.
The innovation of the platform lies in the idea that users can make profit with their experience and skills in playing intellectual mobile online games, while developers can monetize their games without any shortcomings typical of the monetization through ads or in-game purchases. Thus, the platform will be beneficial both for users and developers.
However, easing the process of fundraising to create games or gaming platforms is not the only purpose of cryptocurrencies – they can also be used as a full-fledged in-game tool, bringing multiple interesting functions to the platform.
Integrating Cryptocurrencies into Online Games
Integration of cryptocurrencies into a gaming process in various ways is a long-term development that will enable the PlayHall platform grow rapidly and attract more and more new users.
Computer and mobile online games appear to to be a stable niche with a very loyal target audience consisting mostly of technically savvy young people. This description is also true for cryptocurrency users. That is why any kind of integration of digital currencies into mobile games fosters audience involvement and allows to increase the number of users among the growing crypto community.
Developers have been trying for a while to implement some elements of a real sector into virtual reality. Many teams aiming to provide gamers with an opportunity to exchange virtual currency for fiat money have faced many problems typical of fiat money, including the ones concerning strict regulations of transactions. The PlayHall platform team is aiming at the first successful attempt of such integration, which has become possible thanks to the emergence and expansion of cryptocurrencies.
The PlayHall platform users will be able to monetize their time, skills and intellect. For each victory in a regular match or a tournament, a gamer will get a reward in popular cryptocurrency, which can be easily exchanged for fiat money or be held until the exchange rate grows. This is the way online games are becoming an indispensable part of a young but rapidly developing crypto economy, where all transactions are blockchain secured.
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