The 2021 growth of cryptocurrencies was phenomenal. Crypto’s global market capitalization now exceeds $2.25 Trillion. With features like secure and irreversible transactions, inflation protection, high yields, and cheap global funds transfers, crypto has become everyone’s go-to solution for finance. With their incredible decentralized solutions, many sectors have joined the crypto wagon.
Although crypto has gained immense popularity, it is still not widely used. Although crypto seems to be growing in popularity, an analysis of the entire population shows that it is still a small number. Global crypto ownership was just 3.9% as of 2021. There were only 300 million users worldwide.
But, there are many industries that will bring cryptocurrency to people. One of these key sectors is gaming. Analysts believe that gaming is the best sector for blockchain and cryptocurrency to be a real use case. Gaming will make games immersive, but it will also help to develop internal economies to educate about crypto. The $150 billion industry will push cryptocurrency to the masses.
Blockchain and crypto: A real use case
Gaming and crypto were a wonderful combination, something that was never possible. The advancements in blockchain have allowed people to see the potential for crypto gaming. This has led to the creation of play-to-earn games. This game has been a major changer for the industry and offers income streams that are not available through free-to-play gaming.
To provide an exceptional user experience, the P2E model incorporates blockchain solutions like crypto and non-fungible tokens (NFTs). To reward players for their time playing the game, crypto is used in-game as currency. NFTs have transformed the way in which we handle in-game goods, making them more accessible to real-world users for monetization.
Many games simplify blockchain and crypto, enabling mass adoption. Blockchain gaming has already proven to be the way forward. Citrus and other platforms are helping to accelerate the digital transformation in gaming. The platform offers many solutions to blockchain and gaming issues through innovative dApps, NFTs, decentralized financing (DeFi), and other technologies.
Metaverse and Play-To Earn: Making Mainstream with Metaverse
If everyone has the opportunity to engage with an ecosystem and discover value, then mainstream crypto adoption is possible. Crypto gaming is on track to grow adoption by utilizing the metaverse and play-to earn concepts. Blockchain gaming, even though cryptocurrencies will always be around, could prove to be an important force in helping us get this revolution off the ground.
We may also see widespread adoption sooner than expected if we can persuade people to learn more about cryptocurrency and play games. In addition, if gaming platforms like Citrus continue to flourish and provide a solid foundation for blockchain P2E games, we may see some of the world’s greatest economies participate in crypto gaming. Because of the appeal it has among the young generation, Asia-Pacific could actually be the largest market for gaming.
NFTs as well as the metaverse may be an additional advantage. We may soon see the birth of a new type of gaming industry thanks to crypto gaming. Crypto would be accepted by the majority due to its ease-of-use in the gaming sector.