Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Letta J: Building a Better Future for Gamers Everywhere

    The Future of Identity, Experience, and Reality with Galit Ariel

    The Inspirational Impact of Kevin Fair, the CEO of I Play Games!

    Facebook Twitter Instagram
    • Community Entrance
    • Work With Us
    • Our Partners and Clients
    Facebook Twitter Instagram YouTube
    Sugar GamersSugar Gamers
    • News
      • Tech
      • Gaming
      • Culture
    • Projects
      • Project Violacea
      • Tachyon League
      • Live CGI
    • The Community
    • About Sugar Gamers
      • Contact Us
      • Internships
      • About Keisha
    Sugar GamersSugar Gamers
    Home»News & Community»How Crypto Is Transforming The Gaming Industry In 2022
    News & Community

    How Crypto Is Transforming The Gaming Industry In 2022

    The Sugar Gamers TeamBy The Sugar Gamers TeamUpdated:No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    How Crypto Is Transforming The Gaming Industry In 2022 4 Sugar Gamers
    Bitcoin on a home computer chart and money and investment
    Share
    Facebook Twitter LinkedIn Pinterest Email

    As the gaming industry continues to transform, Sugar Gamer, Jolene Brown, tackles why it’s easier with more engaging experiences. One technology that is changing the gaming landscape is cryptocurrency, which is a use-case for blockchain. As reported by Forbes on crypto, the blockchain gaming industry has grown by over 2000% in the past year. In the first quarter of 2022, more than $2.5 billion in investments were made, a significant increase from the $4 billion made throughout 2021. This unprecedented growth was met by changing gaming standards, making it all the more important to understand these new assets.

    Cryptocurrency is run on blockchain technology, transforming transactions by digitizing, decentralizing, securing, and incentivizing the validation of these processes. Maryville University’s discussion on the blockchain highlights how this technology works perfectly for the security of top cryptos, such as Bitcoin, with blockchain’s strong encryption. Given how transactions are made quickly over the blockchain, gamers would also get more opportunities to distribute and manage their in-game finances. This article will cover how crypto may impact the gaming scene.

    How technology has evolved for Web3 and Gaming

    How Crypto Is Transforming The Gaming Industry In 2022 5 Sugar Gamers
    Photo by GuerrillaBuzz Crypto PR on Unsplash

    As cryptocurrency expanded, a range of challenges and opportunities arose. More computers with strong graphics processing units (GPU) became a crucial part of cryptocurrency mining. Although crypto became more widely available, it was also much more difficult for gamers to upgrade their computers as the high prices limited them from getting the right equipment. However, a recent report on GPUs by CoinDesk notes that changes in popular Ethererum from “proof-of-work” mining to “proof-of-stake” blockchain have since decreased overall GPU unit demand

    How Crypto Is Transforming The Gaming Industry In 2022 7 Sugar Gamers
    Photo by Andrey Metelev on Unsplash

    One of the most popular GPUs in particular, the RTX 3080 Ti, dropped its selling price by 45% over the last quarter—providing more accessibility to gamers. This opening similarly encouraged the growth of NFTs and play-to-earn games, which further fuels the gaming industry’s shift towards Web 3.0. Much like crypto itself, these spaces are open and decentralized, providing players with centered ownership of their assets that they’ll be able to sell within or outside their games. In addition to its decentralized nature, this lessens the roadblocks for anyone entering the Web 3.0 space, providing free modification and access to different resources.

    Pros and cons of crypto

    How Crypto Is Transforming The Gaming Industry In 2022 9 Sugar Gamers
    Photo by GuerrillaBuzz Crypto PR on Unsplash

    With cryptocurrency’s flexibility, it can benefit both existing and new players. As shared in our post “Can Blockchain take Gaming to New Levels?”, the blockchain can reduce fraud, create more unique player profiles, and allow users to make more in-game purchases. In the latter case, cryptocurrency can bypass any additional fees associated with formal banking, especially in online casinos or lotteries. It can even provide a more secure way to store in-game assets and currencies — allowing players to transact based on their investment preferences. And unlike traditional investments, crypto trades can happen around the clock, helping people generate revenue outside conventionalworking hours.


    However, cryptocurrency also comes with its downsides. Its decentralized system means it’s not monitored by regulation systems that would otherwise protect your finances from fraud or loss. Furthermore, cryptocurrency is highly volatile, which makes it more difficult to manage funds. Recent news on crypto prices by Time Next Advisor notes that current cryptocurrencies have been struggling to meet their old prices, with Bitcoin falling as much as 70%. In contrast to other investment avenues, cryptocurrencies have limitations in terms of scalability. While cryptocurrency in the gaming industry remains promising, the complete transition to the Web 3.0 space won’t be any time soon. As more companies look to adopt blockchain technology, only time will tell when crypto becomes
    mainstream.

    bitcoin crypto gaming transform web3
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    The Sugar Gamers Team
    • Website
    • Twitter
    • Instagram

    Community is the reason Sugar Gamers was born! Our founders started Sugar Gamers through looking for people who shared a love for gaming and tech that she could identify with. Since, we have cultivated a community that is diverse in every sense. All of our content is created with our community in mind.

    Related Posts

    Letta J: Building a Better Future for Gamers Everywhere

    The Future of Identity, Experience, and Reality with Galit Ariel

    10 Interesting Facts about Kratos Ahead of God of War: Ragnarök

    Taking A Look Back At King Boo and Luigi’s Mansion

    Add A Comment

    Leave A Reply Cancel Reply

    Latest Post
    • Letta J: Building a Better Future for Gamers Everywhere
    • The Future of Identity, Experience, and Reality with Galit Ariel
    • The Inspirational Impact of Kevin Fair, the CEO of I Play Games!
    • 10 Interesting Facts about Kratos Ahead of God of War: Ragnarök
    • Want to see your face on the team page? Check out our internship and career opportunities. 
    • Have an awesome game or new gadget you’d like us to review? Have a great story to tell? Need us at your event to speak or provide coverage?  Let’s figure out how we can work together.
    • Want to see your logo on our partners and clients page? check out our corporate partnership and Sponsorship opportunities, or send us an email.
    Editors Picks

    Letta J: Building a Better Future for Gamers Everywhere

    The Future of Identity, Experience, and Reality with Galit Ariel

    The Inspirational Impact of Kevin Fair, the CEO of I Play Games!

    10 Interesting Facts about Kratos Ahead of God of War: Ragnarök

    Sugar Gamers
    Facebook Twitter Instagram YouTube
    • Community Entrance
    • Work With Us
    • Our Partners and Clients
    © 2023 Sugar Gamers.

    Type above and press Enter to search. Press Esc to cancel.