As far as playing video games can be traced back, it appeared to be one huge fun escape, competition, and canvas of innovative ideas. However, there is the potential of in game currencies which reside in this digital playground. These virtual coins, gems or tokens have gone beyond what they were used for in the initial stages where people used them to purchase items in games, and are gradually becoming an economically sturdy system with actual physical value.
According to CG's blog post ,In-Game currencies were traditionally a closed-loop. It was accumulated while playing the game and it was used to buy accessories or ammunition. This model ensured developers had a constant flow of income and in return it gave players an opportunity to express themselves in a game. Still, advancement in different facilities like online games and the introduction of the play to earn have opened new angles to in-game currency.
The Rise of Play-to-Earn
Primarily, exclusive games like Axie Infinity and The Sandbox are leading the charge for a new generation of gaming that is not only entertaining, but can also be profitable. These games use blockchain to convert virtual currency used in games into tokens that can be sold. These currencies can be bought with real money or earned through a task in the game such as completing quests or breeding virtual pets in the game’s in-game economy. These virtual assets can then be sold in Cryptocurrency exchange to generate other real-world monetary gains. The play-to-earn model has gained popularity over the past year with some players managing to earn their incomes.
Challenges and Considerations
This exciting new frontier for marketing also has its own issues. One of them is that targets may become vulnerable to being exploited. The possibility of using real money to purchase an edge, known as “pay to win”, distorts the game in favour of fans who shell out the cash for in-app currency boost to advance higher than those who lack the means to spend a dime. In particular, fluctuation of the rates for cryptocurrencies might be reckless for the targeted in-game currencies.
Safety and Security
However, the same way as with most online activities, security issues must be taken into consideration. There are bad people out there waiting to ensnare players in this field, stealing their money with fake investments or in the process of logging in on the game.
Should only play standard and legitimate games.
But investing any real money in them should not be done, until proper research is done by the investor.
Make sure to use a good and long password for accounts and make sure the accounts have a two-factor authentication.
Stay alert for all investment solicitations which come en masse.
Some of the things you should stay away from include trading these currencies using real money or playing a game which involves such currencies with your real identities exposed, and to deal with these, put in place a VPN whenever you are online.
Beyond the Financial Gain
But, hidden behind this enthusiasm of buying to play and trade for real money lies another potential that might have a greater value than cold cash. Here are some additional ways in-game currencies are changing the landscape:
Community Building:Real currency involvement in game playing may improve togetherness as well as teamwork. The players can cooperate to get currencies, exchange the items and even create their own virtual economies.
Digital Ownership:New authenticity is enabled by blockchain technology since players get to own their assets within the game. The plausible overview of this idea means that it could change the digital ownership paradigm and open up a new era where users would play the leading roles.
Virtual Economies:The presence of virtual currencies as tools in games creates integrated virtual economies within games that have their own developing supply and demand. These can well turn into a veritable art as far as the future is concerned in terms of understanding these economies.
Conclusion
It is no longer about turning in-game currencies into virtual knick-knacks. They are an emerging market, an elephant in the room that is remaking gaming and expanding digital economies. With time, we expect to see more creativity in the use of these virtual assets in an emerging technology world. Regardless of whether you are making a living, creating communities and associations or becoming more of a director of our own Internet experience, the possibilities can hardly be denied. That being said, it is still necessary to consider the new opportunities and openings approaching this far horizon with due precautions and exercising maximum precautions. It can then be seen that as players evolve and developers find ways in order to entice them into purchasing virtual currencies, the future looks bright, lengthy, and filled with much opportunity and that challenges lie ahead.