Hi Crypto Network,
What a wonderful few days it has been in the UK! I hope all of our UK readers have managed to spend some time away from your Blockfolios and enjoy this wonderful, and often rare, British weather!
I have recently written about privacy coins, exchange coins, and my favourite coins under $1. Today I wanted to spend some time covering a Gaming Industry which is not only a sleeping giant in the crypto world but one I feel could be a great area for support on the overall adoption point of view, building direct and tangible use cases!
THE GAMING INDUSTRY
So you might be thinking “Gaming Industry, how is this going to impact the crypto world?”… Well let me present the Gaming industry case: With the global gaming audience estimated between 2.2 and 2.6 billion people, and the global software market expected to grow from $137.9 billion in 2018 to an estimated $180.1 billion by the end of 2021, the opportunities within this sector have never been greater.
CRYPTOCURRENCIES AND GAMING INDUSTRY
While Bitcoin’s shaky price run continues, the value that cryptocurrency can provide outside of the trading realm is becoming evident within the billion-dollar gaming industry. In today’s article, I want to address a clear example of the value of cryptos within this gaming industry market and present several opportunities I see presenting real value and should be considered in your portfolio.
GAME DEVELOPERS CONFERENCE (GDC)
Cryptocurrency and Blockchain Technology were hot topics during the Game Developers Conference that took place in San Francisco in March.
Jared Psigoda, the CEO of BitGuild, explained that the concept behind digital currencies has resonated within the gaming industry community for years.
“Gamers, in particular, understand cryptocurrency because virtual money has been a part of gaming for the last 10 years. For example, dating back to the World of Warcraft, there was a one-hundred million dollar market for buying digital gold. This was the main currency used in World of Warcraft to buy in-game assets, like dragons. However, it would take gamers a tremendous amount of time to acquire digital gold, so they would use real money instead to buy in-game assets.”
Wall Street traders and investors lean on their conventional market experience (“buy low, sell high”) to profit on digital assets like Bitcoin, Ether, and all the other Altcoins. Hundreds of millions of gamers around the world, who enjoy gaming titles that feature an in-game currency, whether it’s called “gold,” “credits,” or something else entirely, have experienced virtual money for longer than Bitcoin has existed.
It is my belief that this gaming industry could pave a strong gateway for the larger adoption of cryptocurrencies.
THE CURRENT IMPACT OF GAMING AND CRYPTOS
In-game currency is a prominent feature of contemporary A-list titles like World of Warcraft, Hearthstone, and Clash of Clans, but there are many new independently developed games featuring virtual economy. Titles like CryptoKitties and Parsec Frontiers, have the exchange of cryptocurrency as a key mechanism in their game. In CryptoKitties, players are breeding virtual cats to buy and sell at a profit. Parsec Frontiers sees players exploring outer space to trade goods between galaxies in search of financial gains. Gamers are already well-versed at trading digital assets.
The use of cryptocurrency in the gaming industry also solves the problem behind ownership of in-game assets, as blockchain-based games tokenize all gaming items. This means that once gamers acquire assets, they remain in their possession within a digital wallet until they decide to trade or sell the tokenized asset – just like any other cryptocurrency.
Although this is one major use case for cryptos in the gaming industry I wanted to share 3 top cryptos in this sector offering very different use cases, all targeting this very lucrative industry.
3 GAMING CRYPTO COINS
1. Enjin Coin
Enjin coin (ENJ) is currency number 165 by market capitalization at $42,449,851 and is currently valued at $0.056136. It can be traded on Binance, Kucoin, and other major exchanges.
Enjin Coin is a smart contract platform that gives game developers, content creators, and gaming industry communities the required crypto-backed value and tools for implementing and managing virtual goods.
Enjin plans to solve a key issue within the gaming industry community: Purchasing and selling in-game assets. For a lot of games this goes against their ToS, and so gamers are dealing with shady and unreliable means to get these items.
Having in-game items created on the blockchain will prevent a lot of the current fraud that exists when purchasing in-game items and alleviates the risks associated with it. Being in the blockchain makes the items immutable, and the transactions being executed via smart contracts executed on the blockchain would remove any doubt that the seller runs off without delivering.
One of the biggest positives, and why I believe this is a great coin to hold, is that they have a partnership with Minecraft. Minecraft is by far one of the most popular games in recent history, with 55 million monthly players at the time of writing.
WAX (WAX) is currency number 114 by market capitalisation at $70,554,812 and is currently valued at $0.110572. It can be traded on Bithumb, Bittrex and other major exchanges.
WAX aims to become a platform that enables anyone to create their own virtual marketplace for digital assets. It will also allow current and future marketplaces to interact easily with each other through the use of their WAX token. This will increase the liquidity of digital assets as a whole and make it easier for people to extract value from and between games.
One of the biggest reasons to add this coin to your portfolio is WAX (Worldwide Asset eXchange) platform is being developed by OPSkins. OPSkins is the number one digital marketplace in the world, with over 100 million annual transactions. WAX will enable anyone to create a fully working digital item marketplace with zero investment in security infrastructure and payment processing
Although these two coins are direct competitors, OPSkins brings a certain pedigree and experience to the project. The built-in user base is also an enormous benefit. This point alone makes it a solid offering in this sector.
This Project is a little different from the previous two coins. This coin has just completed its ICO phase and reached its hard cap of $30 million.
E-sports is a huge part of the gaming industry, many projects are popping up trying to capture this rocketing gaming industry. However, it seems Play2Live is a unique platform and is actually quite different from the top platforms at the moment like Twitch and YouTube. This is because it is a blockchain-based platform, and offers monetization options not possible on traditional sites. It is also different because of the way it has been conceptualized as a single ecosystem offering a full suite of services.
Play2Live is a blockchain-based streaming platform for gamers and e-sports fans. According to the team, the main product, or at least their beta, will be released in August and they will be hoping to hit their expected number of streamers.
They have developed a lot of core partnerships with huge gaming titles already, and so once this coin hits the exchanges, it could be a valued option for any portfolio holding.
Having detailed just the surface value that cryptos are bringing to the ever-growing gaming industry if you’re looking to improve your portfolio profits or get started in the crypto space, Platinum Crypto Academy is here to help. If you’re looking for guidance on how to get started, or even just support with your portfolio to help maximize your profits, then get in touch now!
Where Platinum Crypto Academy Comes In
Platinum Crypto Academy, United Kingdom is here to support traders of all levels, so if you need some advice on your portfolio, or if you’re just looking to get started in cryptos, we are here to help. If you haven’t heard much about cryptocurrencies, here’s the brief version from an invest in ICO point of view. Over the last 18 months, the cryptocurrency market was the single highest rising market in the world. It beats out Gold, Silver, Aim stocks, the FTSE, anything you can name. It out-performed small caps by 80 times! How and why this happened, and why even this enormous growth could be DWARFED over the next 2-5 years? Spend some time with a Platinum Crypto Trader and you will see just what is possible.
If you’ve booked your session above, we look forward to speaking to you soon! Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Richard Baker Live from the Platinum Crypto Trading Floor.
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