What NFTs and games have in common – European Gaming Industry News
Bitcoin was conceived in 2009 as an alternative to traditional payment methods, in line with a more futuristic vision of how people will one day conduct transactions. Most forward-thinking internet users can agree that thanks to online payment methods, cash and coins are on the way out. The question is whether society will also move away from traditional fiat currencies and adopt global solutions such as Bitcoin.
There are many enthusiasts who support cryptocurrencies for a bright future. However, the digital coins are still a long way from the mainstream. It may take fast-growing industries like the eSports sector to help propel crypto forward and encourage more people to buy into it.
Large increase in adoption during last year
The uptake of Bitcoin has been a gradual process, but throughout history it has steadily increased in value as more people have invested. In the early 2010s, it was practically worthless. But as more tech companies started offering it and awareness grew, it started to go up in price dramatically.
2017 was a big year for cryptocurrencies, and that’s when Bitcoin experienced its first major peak. This was then followed by a large apostasy. There was a “Bitcoin winter” throughout the latter stages of 2018 and throughout 2019. But in 2020, cryptocurrencies began a resurgence and Bitcoin continued to break records throughout 2021.
With Bitcoin valued at over $24,000 at the time of writing, the digital currency clearly has much more global attention than it did five years ago. Research shows that many more people are starting to believe it too, and there was a huge increase in adoption between 2021 and 2022.
Bitcoin still has a long way to go. According to BitcoinCasinoWiz.com, 3.8 percent of the world’s population now owns the cryptocurrency, and there are 460 million BTC addresses that contain at least some capital. The figures show that it is most popular among young adults, and 31 per cent of users are between 18 and 29 years old. This may indicate that in the years to come, the cryptocurrency will enjoy more investment from new generations entering this demographic. With these people added to the existing holders, it could lead to Bitcoin being almost ubiquitous within 20 years.
Esports fans are a key demographic for cryptocurrency adoption
There is a strong correlation between the main age group interested in Bitcoin and the large eSports demographic. This is supported by research from business.yougov.com, which found that 57 percent of UK-based eSports fans are interested in Bitcoin. What’s even more encouraging is that there was a 10 percent increase between 2021 and 2022, suggesting that the cryptocurrency phenomenon is gaining momentum.
The eSports industry has grown in tandem with cryptocurrencies, having gone from relative obscurity before 2010 to a worldwide craze in 2022. The two sectors may enter the mainstream hand in hand in the years ahead, thanks to their strong compatibility with the way the internet is heading into the future. For example, both of these sectors are likely to be at the forefront of virtual reality worlds such as the metaverse.
The great thing about eSports is that there is a vibrant online community of people who follow the games, and it’s growing every year. Gamers and fans of the industry often seek the same news and businesses online, which means it can be the perfect place for cryptocurrency-based companies to make their presence known.
Playing computer games can prepare people for cryptocurrency
Perhaps one of the reasons why there is so much love for cryptocurrency in the gaming industry is because many games use their own forms of digital wealth. Ever since the early days of gaming, players have had to collect tokens in games which they can then go on to use for other things, such as bonuses. Sonic the Hedgehog, for example, had to collect rings, and Super Mario collected coins. Over time, these incentives developed and brought with them greater opportunities.
Today, in-game currencies can be used to get valuable rewards. In the FIFA series from EA Sports, players can use Coins to buy everything from players to kits. This currency can be earned by playing games and completing challenges, but players can also spend real money on it. Doing this is similar to exchanging dollars for Bitcoin on a crypto platform, and it could have made many players more open to the idea of this way of exchanging real money for virtual coins.
Other games outside the world of eSports have had an even greater focus on preparing players for cryptocurrency recently. For example, titles like Axie Infinity, Decentraland and The Sandbox are all powered by crypto. It seems only a matter of time before each game has its own currency that can be bought and sold in the same way that Bitcoin can.
When will cryptocurrencies become mainstream?
To say that less than 5 percent of the world’s population currently uses cryptocurrencies, it’s fair to say that they are a long way from being mainstream. Bitcoin has been adopted in various industries in the last ten years, but it is still only an intermediate option for people who want to transact with other currencies. In other words, you rarely see products or services listed in BTC.
There is a good chance that VR will turn the internet into a completely different world in the future, and auralcrave.com/en believes that people may soon live large parts of their lives in the metaverse. At this point it would make sense to have a single currency for this world and crypto would be the ideal solution. It’s hard to imagine right now, but might be easier to envision when the metaverse becomes a real thing.
Cryptocurrencies and eSports have risen together, and they are both modern concepts that appeal to younger demographics. The competitive gaming scene could end up playing a big role in pushing crypto into the mainstream.
