Understanding crypto gaming
STANDARD ENTERTAINMENT | By Boniface Mithika | January 23rd 2022
Kenyan hip hop artiste King Kaka has linked up with the world’s top crypto-led sports betting sites; Sportsbet and Bitcasino, as a global ambassador across East Africa, and beyond.
This, and other developments, show the gradual acceptance of crypto gaming locally.
The robust video game industry has been on the rise and the introduction of blockchain technology makes things even better. But what is it?
First, crypto gaming does not mean only gambling.
This is an avenue where digital items inside video games can be turned into real-world assets, equivalent to stocks or bonds in form of non-fungible tokens (NFTs).
Unlike traditional games where the experience and items gathered in the game can only be used in the specific game, crypto gaming introduces a whole new element to the industry players can now use their rewards and items across different crypto gaming platforms.
How it works
This development has a significant difference from traditional games. Some traditional games utilise the pay-to-play method where players use fiat currency to acquire in-game money, they can collect items and level up their characters.
Crypto gaming does the opposite: the play-to-earn model allows people to make profits from their investment through crypto gaming coins. In this scenario, players hold exclusive ownership over what they collect.
Crypto gaming has several advantages. First, the issue of bureaucracy is completely removed when dealing with crypto as it allows players to enjoy their games quickly as the process of exchanging units is not only instant but efficient.
Also, one gets the ability to play and withdraw funds anywhere internationally without any restrictions. Not forgetting, middlemen are eliminated. This translates to more income due to the peer-to-peer transactions nature.
Security is also another thumbs up since the technology prevents illegal trading of digital assets as well as one remaining discrete and anonymous.
However, as much as security is one of the pros of this venture, it becomes a con having in mind that these currencies exist outside traditional banking systems.
Therefore, players are exempted from the many protections that banks offer. If a hacker successfully manages to hack into your account, you lose everything with a trace.
What you need for crypto gaming
Most crypto games are based on the Etherium blockchain, so one needs to purchase ether to play them. You’ll need to use a cryptocurrency exchange platform to convert your money into Ether, and there are plenty of exchanges to choose from.
So first, you create a cryptocurrency wallet: To store their virtual currency and NFTs, and make in-game transactions.
After getting your wallet up and running you should purchase starter items as most games require players to first purchase characters, native crypto tokens, decks of cards or upgrades in order to begin.
Not forgetting that your crypto wallet should be first pre-funded. In order to make these purchases, your wallet should be funded with the proper currency.
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