Is the crypto games market the future of online gambling?
It is hard to answer this question without first considering the cryptocurrency question. There is still debate about their future: do they represent a bubble destined sooner or later to burst or are they the future? As long as this question remains unanswered, everything related to cryptocurrencies risks being suspended in a sort of limbo.
What is certain, however, is that crypto games are currently enjoying a lot of success. We are talking about those games where, it is possible to earn digital assets such as non-fungible tokens (NFT) or cryptocurrencies through direct purchase, by passing certain quests or through advertisements.
“At present, the global token market for crypto games is worth over $12.8 billion. It must be said that one of the limits of this type of games is that the tokens earned can only be spent within a particular type of game or in a virtual ecosystem. This is probably the main reason why there are no clear responses to the question posed above. However, this type of market is still destined to be successful”, said Natalia Chiaravalloti of Giochidislots.
“In 2022, we analysed on our blog different studies related to cryptocurrencies. These surveys showed that, after a period of crisis, there has been an important recovery of this market. There were three main factors behind this boom. Firstly, the growth in popularity of cryptocurrencies has been accompanied by the continuous technological development in the field of gambling. Secondly, the number of customers, which grew considerably (thus confirming the preference for this type of market). Lastly, there has been an expansion of the market in Latin America, a continent that is very receptive to this type of game”, underlines the editor of Giochidislots.
“Cryptocurrency gaming operators are becoming increasingly popular among players. These include several European online casinos, which for the past few years have implemented cryptocurrencies as a system in their payment and withdrawal methods for users. Among the most popular cryptocurrencies used in iGaming, Bitcoin has seen a little decline in its stake despite being the preferred currency. We are confident that Bitcoin will continue to dominate among cryptocurrencies for gambling-related economic transactions soon. However, the strong growth of other alternative currencies shows the interest in more technologically advanced currencies, such as Ethereum and Bitcoin Cash”, Chiaravalloti goes on to explain.
“Regulation will play a key role in the global introduction of cryptocurrencies into the digital gaming market. However, the Italian online casino sector, as well as the betting field, is still reticent to implement crypto among the payment methods adopted by platforms. Cryptocurrencies are still seen as a kind of grey area and a territory that could still create doubts about a sector that is always in the crosshairs of controls by the authorities. The time is still immature for an extension of cryptocurrencies across all types of platforms, but I believe that in the next 10 years they will join credit cards and e-wallets in the range of options available for economic transactions. Those brands that will adapt to these conditions and allow their players to take advantage of all the benefits of cryptocurrencies will have a competitive advantage, such as more opportunities in terms of economic transactions (deposit, reload and withdrawal) and, consequently, a larger audience”, closes Natalia Chiaravalloti of Giochidislots.