Today, there is no doubt that cryptocurrencies are constantly getting into everyday life and making various processes more efficient. We can talk, for example, about money transfers, payments for products and services in online shops, art, and other areas.
For remittances (transfer of earned money back to the country of origin), according to statistics, cryptocurrencies are an alternative up to 127 times cheaper and 388 times faster than the ones used so far.
It’s highly likely that digital assets will gradually change other industries literally beyond recognition, and today we’ll take a look at which ones you should definitely keep an eye on.
Cryptocurrencies are on their way to dominate the world of online gaming
You probably didn’t even know about it, but gamers make up a third of the world’s population. With the coming of the metaverse, it can be assumed that this number will continue to grow exponentially in the coming years. Such a massive sector offers many monetization opportunities, and today we already know that cryptocurrencies will definitely be a fundamental part of it. Companies such as Twitch, Microsoft Xbox and G2A are currently interested in their implementation. Combined with the support of streamers who are watched by millions of people, we can see huge things happen.
Digital assets have already found use in this industry as one of the payment methods. Also interesting are NFTs (Non-Fungible Tokens), which serve, for example, as digital confirmation of ownership for various unique game skins. If you were wondering why anyone would need to confirm ownership of a character skin in an online game, believe some of them are currently being traded for vast amounts of money. At the same time, the prediction of future development also opens up much wider market opportunities for the development and game companies themselves.
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Interest and use of blockchain directly in the development of game platforms is also growing. According to data from Tripple A, more than 25% of digital asset owners used them in online gaming last year. At the same time, up to 50% of owners expressed that they were interested in using their cryptocurrencies in this way in the future. All of this should lead to an increase in the value of the gaming sector up to the predicted $340 billion by 2027.
Online hazard becoming more exciting
According to recorded data, there has been growth not only in online gaming, but also in online hazard over the last few years. Of course, the global pandemic also contributed to this as people learned that many activities in today’s world are only a few clicks away. Hazard is no exception, and visiting some platforms is currently comparable to a full-fledged casino from the point of view of the offer.
You can play classic slot machines, roulette, cards, or bet at various sports events. Direct interaction with the croupier and players via webcam is also no longer an exception. Of course, the similar facilitation of access to gambling is also associated with controversy, but today we are evaluating the potential of the industry associated with cryptocurrencies, and not its risks, which companies will have to deal with.
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The development of online casinos began in the mid-90s, but the first ones offered only limited options. However, that time is long gone and today’s platforms are much more technically advanced. This is where cryptocurrencies also come into play, providing players with additional advantages over traditional money.
Their transfer is fast and cheap, which is a plus for the casino, but also the players themselves. Anyone in the world can enjoy them, and the only condition is an Internet connection. Observe the power of decentralization and anonymity even in countries where the online hazard is prohibited by law.
In addition, many platforms provide players who use cryptocurrencies with various bonuses (e.g. free spins or cashback systems). These capabilities of the growing user base are therefore highly likely to continue in this trend in the future. From an investor’s point of view, it is certainly interesting to watch cryptocurrency projects dealing with these market segments.