Beyond the shadow of a doubt, the reign of information and communication technology has brought with it myriad golden opportunities for people from all walks of life.

Cryptocurrency happens to be one of them. It can be deemed as intangible currency which can be utilized electronically in manifold networks, platforms, and applications such as virtual worlds, online social networks and games, and peer-to-peer networks. This hot off-the-fire phenomenon has attested itself as a reputable, viable, and lucrative source of currency across the globe because of its autonomy, security, transparency, flexibility, effectiveness, and decentralized system. I know. A little too rosy.

To better understand this craze, let's brush up on its ABCs. A plethora of such currencies is floating around. Bitcoin, Ethereum, Litecoin are some of the well-known ones among them. Bitcoin is the most widespread and has maximum influence in the cryptocurrency market. Cryptocurrency or digital currency employs blockchain to function efficiently. Technically, a cryptocurrency transaction isn’t complete until it’s introduced to the blockchain, which is generally resolved within minutes. Once the transaction is complete, it’s irreversible. DING-DING-DING!!! There it is, a secure and permanent audit trail for them. Apart from Bitcoin and other cryptocurrencies, there are various aspects of Cryptocurrency that are carried out on different platforms. Inclusive of Cryptocurrency in social networks, in social games, and peer-to-peer networks.

As cryptocurrency persists to be a global sensation, industries from every nook and cranny are hunting for ways to include this new business technology into their venture, or with their goods and services. The sports and gaming industry has essentially become a breeding ground for lucrative opportunities in the cryptocurrency world. Various surveys on the web proposed that 70.9% of the partakers are dealing with virtual currency in social games. This enormous amount of the surveyed participants using virtual currency in social games reveals the large portion of dealing, exchanging, and trading of virtual currency taking place in online games. From the surveys, the most amusingly unconventional finding is that most of the people playing social games are procuring virtual currency by beating monsters, racing cars, outrunning the police, and completing levels.

No wonder kids are carefree and free of the financial burden.

These social gamers deal, exchange, handle and trade with cryptocurrency. So it's no surprise that diverse online games and application developers are inclined to enforce virtual currency so as to profit from it. They are coming up with innovative methods to use cryptocurrency to purchase, deal, exchange, and trade in-game coins, products, codes, extra lives, keys, commodities, unlock characters, create avatars, or even the crypto itself, and much more. Players accomplish the specified tasks to further win digital money. Referral or affiliate marketing allows players to do so by watching rewarded ads, filling the surveys, inviting their friends to a particular gaming platform. They can also further trade the particular virtual currency for fiat money, and exchange digital coins or money for material, tangible commodities which can be put to work in their real lives outside the virtual gaming space. Earning money by playing video games. Well damn, if that's not life, I don't want it.

From the onset of 2020 till date, the world has encountered varied industries, economies shutting down, or experiencing major losses, owing to the Covid-19 pandemic. However, the gaming industry was one of the few industries that thrived and prospered. Again not a surprise. With almost every country imposing nationwide lockdown and increasing restrictions, people innately resorted to entertainment within their four walls. In this case, entertainment is anything involving a gadget. So the opportunities cryptocurrency brought for us in the gaming industry are innumerable.

Now talking about the Sports industry, it also has acknowledged the potency of cryptocurrencies and blockchain technologies. The industry has inferred that it can now profit even more from fan engagement, and employ a global market by strategies that were absurd decades back. The industry has recognized the power of blockchain, NFT, Bitcoin, and other cryptocurrencies. As a result, they are also being utilized and recognized as modes of payment. Loyal and enthusiastic fans indulge in online content and products not only during the match but also beyond it. Sporting bodies are innovating strategies to keep up with the young digital fanbase, to stay connected in the now socially distanced society, and to satisfy fan expectations. Cryptocurrencies are put to work by enabling fans to purchase, trade, deal, and exchange tickets and merchandise. Sports clubs, civilians, and organizations also reap the benefit from cryptocurrency, and blockchain technology by carrying out a more secure, flexible, anonymous, and transparent method for products, merchandise, and ticket exchange.

To put it concisely, today the sports and gaming industry is pretty lucrative. All thanks to the reign of cryptocurrency, there are manifold opportunities and methods by which one can earn money. And LET ME JUST SAY all within the comfort of your home curled up in the blankets with a cup of coffee on the side and a gadget at hand. Everyone has once in their life been enthralled by gaming, I know I have. Beating monsters, being chased by the police, stealing money, and oh so pleasant treasure. OK, now I'm trapped by nostalgia. Anywho cryptocurrency has fulfilled the dreams we had as a child and made it possible to earn money just by playing video games and fangirling on our favorite players. Now that they're further being financed, there’s no doubt that crypto gaming is certainly up and ready to become an industry of its own. -Pihu Goel

31 views0 comments