If you are in the gaming industry, you must have noted how blockchain will bring a twist to how things are being undertaken. The players, gaming companies, game developers, and other stakeholders must be prepared for better days ahead.
Players have been experiencing many challenges in the past, from payment processing to fraudulent activities. They have been yearning for better solutions that will allow them to enjoy their gaming experience.
As such, the Canadian casinos and others globally have to put better systems of making them efficient for the gamers. In this post, our gaming expert Lucas Goldberg (view profile), will enlighten you about cryptocurrency gambling and the key aspects around it.
Blockchain in gaming
The gaming industry has been rapidly evolving by adopting the latest technologies that make it efficient in its operations. Blockchain technology is among the top technologies that the gaming sector embraces.
Blockchain technology automatically records data in the ledger, thus making it immutable and creates a trusted source of truth. Players and gaming regulators prefer blockchain data because it’s reliable and is useful in real-time decision-making.
A blockchain gaming platform will thus have data that is free from distortion once it gets into the blockchain system. The data is also useful in resolving the player dispute issues and other concerns regarding trust in the companies.
The technology is still improving at a rapid rate thus giving the players an opportunity to enjoy convenience when playing various games online. Transparency has been one of the issues that many Canadian players are concerned about when playing online keno. Blockchain now allows players to check on their steps and ensure that there is no foul play during such games.
How does the monetization of the gaming market happen?
Through in-App purchases
In-app purchase is a monetization method preferred by the majority of gamer developers. It applies to cryptocurrency games on Google Play and the play store. Through it, players can buy anything through the gaming items from the play store through crypto coins.
It refers to certain forms of reward ads that allow the players to complete one or two surveys in exchange for crypto coins. Most of the gaming sites have a system that allows them to create such programs. Effectively monetizing services through rewards should be a well-thought process that brings returns.
App developers are always looking for methods that will give them better returns. Affiliate marketing and referral, marketing is among the top methods used by the app and game developers.
What are the challenges faced in-game monetization?
The cryptocurrency gambling industry has opened an avenue for many game developers who want to make the most from it. Blockchain technology is making that possible because it makes operations efficient.
Currently, players have access to free-to-play games. However, as they continue to play, the game developers charge for the upgrades, gaming items, and other gaming services. There are also some that allow those with cash to make an in-game purchase of the versions of the games they need. However, there are also challenges of in-game purchases. Here are some of them:
It’s obvious that any industry that involves monetary transactions and customer data attracts fraudsters. That’s because frauds are always looking for the funds and the data. Cybercriminals keep advancing on how they do their things, thus making it difficult for the gaming companies to bar them. Some customers engage in credit/debit card fraud.
Creating various payment channels
To serve the global market, the dealers in the game market have to provide their customers with efficient payment methods that are also reliable to them. That way, they will do business not only in Canada but globally. However, the process is costly and time-consuming, thus a great challenge to them.
Adherence to legal guidelines
The game service providers must be responsible for protecting the virtual assets bought by their customers. The need to adhere to such legal obligations is a challenge in itself.
The monetization methods in the gambling industry keep changing. With cryptocurrency and blockchain technology, many changes will happen, and we hope that they will bring better results to the gamers and the casinos in Canada.