Despite being centred around people having fun, gaming is still a business, and every business interacts with the seemingly boring world of finance in one shape or another. However, both industries have witnessed massive changes that have altered ways of how things operate in practice.
This means everyone involved with them must learn and adapt to move forward, because stagnating, especially in modern times, is not an option. Let’s say you’re an employee at some of the best online gaming platforms, like Basari Bet casino – you can’t settle for having mediocre knowledge and doing a mediocre job.
The name of the game is providing the best service out there, and today we’re exploring how combining the best of both worlds can help platforms do just that.
Where Gaming & Finance Meet
The two fields have always been distinctive, but tech advancements seem to blur the barriers between them. The premise is simple – the rise of the Internet resulted in more revenue, which led to more financial instruments being used in gaming-related transactions.
In the past, spending money at the casino meant only one thing – going out and paying cash at your nearest brick-and-mortar.
Today, there are so many different platforms that not only allow you to pay via credit card but also with all kinds of cryptocurrencies, even the lesser-known ones.
When blockchain first appeared on the scene, people weren’t aware of how big of an influence it would have, and we’re witnessing its growth to this day.
Gaming, Blockchain, and Crypto
Speaking of blockchain technology, there’s more to it than just being able to complete players’ transactions. Maybe the biggest side effect it had on the gaming industry was the increase in its transparency and trustworthiness.
As you probably know, the Internet is stacked with online casinos, and whenever there’s a garden, there must be some weeds.
There have been examples of people getting scammed and losing their money to crooked website owners, but with blockchain’s transaction tracking and decentralized nature, that is almost impossible to happen anymore.
On top of that, the entire industry has gained another dimension of variety due to all of the crypto games that didn’t exist in the past.
This resulted in a massive expansion of the player base to even those who were never interested in classic slots or casino games.
Play-To-Earn Models
The technological overlaps between the gaming and finance fields also led to the creation of one of the most revolutionizing trends in the industry, called the “Play-to-Earn.” This model allows players to earn real-world value through their in-game activities and pays them out through different financial instruments.
Games that are based on this model almost always have blockchain in charge of their gameplay mechanics and use NFTs as easily tradeable assets.
These are very simple to sell or trade within the virtual realm or could be sold or traded for other cryptocurrencies, or even real money – all depending on players’ preferences.
The “Pay-To-Earn” concept has gained popularity due to its potential to create new income streams for gamers as it allows everyone with enough skills to benefit from it.
The biggest downside to this model would be unpredictable market volatility, and dissimilar regulations or lack thereof in different regions of the world.
High Risk – High Reward
The two biggest risks that come with utilizing the modern combination of gaming and crypto are big market fluctuations and regulatory challenges.
The high reward potential attracts many people with big financial aspirations, which is why the market is subjected to speculations, gossip, rumors, and other sources of negative news that can have an impact on asset prices.
This volatility can result in prices being so unstable that they could change an entire landscape of one’s market, and cause immeasurable losses for investors or traders.
On the other hand, this volatility can also mean huge price spikes, which can bring massive profits to those who were lucky or smart enough to buy cryptocurrencies when time was right.
The third consequence of such a market is regulatory challenges, which is quite normal given how young the field is compared to the traditional stock market and other globally used financial instruments.
The best way to avoid having problems with your transactions is to avoid regions where governments are still slow to catch up with the latest technological advancements, and for now use those where crypto is recognized, or even incentivized.
The Future of Gaming & Finance
Every time humankind thought something was impossible, there were individuals proving us to be wrong by combining fields that seemingly had no intersecting points.
The same happened with gaming and finance, and will probably happen again in the future when we least expect it.
The best way to go about it is to voluntarily accept it, learn from it, and utilize all of its positives to make sure you’re not running behind. The worst thing you could do while there’s a revolution ongoing would be to not be aware it’s happening at all.