Bitcoin

How Cryptocurrency Will Impact The Gaming Industry

Are you curious as to how cryptocurrency will continue to impact the gaming industry? If so, continue reading to find out how it is expected to do so.

Published

2 years ago

January 24, 2022

Zoltan Tundik

Reading Time: 4 minutes

It may have first originated in 2009 but it has been during the 2020s that cryptocurrency has well and truly exploded into the mainstream by steadily infiltrating a growing number of global industries and sectors. The gaming industry, in particular, has experienced rapid change due to the ever-changing nature of digital payment methods and the opportunity for players to be rewarded in virtual assets as opposed to physical prizes that they can later exchange and trade across a number of digital platforms. If you are curious as to how cryptocurrency will impact the gaming industry in the coming years as it grows and develops at an accelerated pace, continues reading to find out everything you need to know.

Image Source: Unsplash.

It will facilitate instantaneous transactions

In the gaming industry, the need for third-party or manual intervention has led to collective frustration amongst players forced to wait a considerable amount of time to be paid for their gaming efforts. The introduction of cryptocurrency, however, eliminates the need for external validation so gamers can deposit or withdraw instantaneously and efficiently and free up precious time to be spent on the physical act of playing a game. In the past couple of years, there has also been mounting frustration over the difficulty a growing number of gaming developers face when attempting to sell their software outside of designated app stores. By tapping into the wide-reaching benefits of blockchain, however, nano-payments can ensure software developers not only receive payments in a matter of minutes but are able to process them in a fraction of the time.

It will lead to greater accessibility and flexibility

The introduction of cryptocurrency into the gaming industry will allow players to tap into their favorite games without bypassing any additional security or exchange rate issues beforehand. This can also provide gamers with the opportunity to play without imparting any identifying information beforehand such as their name, email address, and telephone number which is common for a wide range of gaming platforms and software systems. In addition, the process of depositing and withdrawing funds will also be streamlined for players from start to finish with fewer hoops to jump through and little to no restrictions regardless of what geographical barriers may have previously stood in their way.

It will provide greater safety and security

When it comes to gaming in today’s increasingly digital landscape, safety and security remain fundamental concerns for both players and gaming developers with online purchases now common throughout the gaming industry and hackers waiting at every corner to expose vulnerable players. As well as familiarizing yourself with the best cryptocurrency wallet for you, by comparing Ledger vs Trezor for example, you must also ensure your safety and security needs are met when it comes to your online gaming endeavors with the use of blockchain technology preventing illegal and fraudulent trading of digital assets. In addition, it also minimizes the risk of hacking and theft by relying on a decentralized ledger where the potential for the duplication of keys is eliminated with smart contracts reassuring players that their transactions are safe and secure.

It will promise anonymity

One of the main advantages to come from the marriage of cryptocurrency and the gaming industry is that you can play with the added reassurance of complete anonymity. If you have ever wished to sharpen your existing skills without revealing your identity, for example, cryptocurrency may be the answer to your gaming woes. It has long been a fundamental concern for the gaming industry to reassure players that their money is safe and secure but there has been little progress made when it comes to reassuring players that their personal information is safe and secure. The recent introduction of cryptocurrency games has, however, proven that it is entirely possible to play with complete anonymity on your side by removing the need to disclose any information relating to your personal identity or online transactions. Unless you decide to voluntarily share your online transactions with a fellow user, your cryptocurrency payments will remain hidden from prying eyes forevermore.

It will save players money

In the short time that cryptocurrency has spent infiltrating the gaming industry, it has saved players a considerable amount of money by eliminating the need for hidden fees, handling fees, or exchange fees. This has led to it becoming one of the most cost-effective payment methods available to gamers today when compared to credit cards, debit cards, bank transfers, and even e-wallets. Because there is no need to wait for a third party or bank to validate a transaction, players may also be able to withdraw greater amounts frequently to add to their existing bankroll which makes the gaming industry more appealing to both experienced and inexperienced players as well as software developers.

Cryptocurrency has had a profound impact on the gaming industry in recent years but it is expected to continue revolutionizing the ways in which players interact with their favorite games in the years to come by facilitating instantaneous transactions, leading to greater accessibility and flexibility, providing greater safety and security, promising anonymity, and saving players money.

Related Topics:cryptocurrency decentralized ledger

Up Next

Ebullient Gaming exclusively ties up with AKEF; bags influencer management mandate of SIGMA talent

Don't Miss

Synalogik raises £3m in Series A Funding round led by former Tesco CEO Sir Terry Leahy and Bill Currie

Click to comment

Bitcoin

Should iGaming Be Worried About 2024 Bitcoin Halving?

Published

1 week ago

April 25, 2024

George Miller

Should iGaming Be Worried About 2024 Bitcoin Halving?

Reading Time: 2 minutes

In its LinkedIn newsletter, ‘The SOFTSWISS Special’, SOFTSWISS, a global tech expert with over 15 years of experience in iGaming, delves into the impact of Bitcoin Halving on the iGaming realm.

The recent historical moment of Bitcoin Halving took place on 19th April 2024. SOFTSWISS, a pioneer in crypto-friendly iGaming software, shares its insights and forecasts for how this event may shape the future of iGaming, shedding light on potential opportunities and challenges for industry stakeholders.

What is Bitcoin Halving?

The Bitcoin halving is a scheduled event that occurs approximately every four years or every 210,000 blocks. During this event, the reward for mining and verifying new blocks is reduced by 50%, resulting in miners earning only half the number of BTC per mined block.

Since its launch in 2009, Bitcoin’s mining reward has halved four times, occurring in 2012, 2016, 2020, and 2024. The recent April halving reduced the reward to 3.125 BTC per block. Such events are crucial for Bitcoin’s scarcity and inflation control, ensuring that the total supply never exceeds 21 million coins and aligning with its deflationary principles.

Historically, each halving event has resulted in a rise in Bitcoin’s price. This is attributed to the reduced supply and increased scarcity, although other market factors have also influenced these outcomes.

Exploring the Impact of Bitcoin Halving on the iGaming Industry

To provide an in-depth analysis of the Bitcoin Halving impact on iGaming, SOFTSWISS invited Bradley Peak, blockchain expert and tokenomics adviser, to share its anticipations.

Bets rise: The halving is expected to lead to an increase in Bitcoin’s value. If the trend of impressive price surges persists, Bitcoin-friendly iGaming brands could see a positive impact.
Crypto adoption increase: Implementing crypto-friendly models has the potential to boost player trust and transparency in iGaming. Additionally, it could rejuvenate unique gaming experiences like provably fair games and decentralised casinos.
Regulatory frameworks improvement: The recent Bitcoin halving could prompt regulatory bodies to reassess their stance on cryptocurrency gambling. This could lead to new regulations ensuring fairness, responsible gambling, and anti-money laundering measures in the crypto-driven iGaming sector.

Bradley Peak, blockchain expert, comments on the recent changes: “Any transformation will not be without its challenges. It is important to adapt – invest in employee learning and development, onboard crypto processing, and make sure your platform remains secure in the process.”

Explore the influence of the 2024 Bitcoin Halving on the iGaming industry in the fourth edition of The SOFTSWISS Special newsletter on LinkedIn.

About SOFTSWISS

SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.

Bitcoin

Bitcoin Miner celebrates two years of hugely successful collaboration with ZBD

Published

1 month ago

March 28, 2024

Adrienn Sarkany

Reading Time: 2 minutes

Bitcoin Miner, the world’s number one Bitcoin game, is celebrating two years of its collaboration with ZBD, a leading fintech company powering digital economies for gamers and developers. Since the partnership began, Bitcoin Miner has gone from a forgotten title with no players to becoming one of the largest play-and-earn games ever, with over 2 million lifetime users.

ZBD’s Lightning-powered payments technology enables developers to inject instant rewards into their games to boost retention and community engagement. Fumb Games, the studio behind Bitcoin Miner, partnered with ZBD in March 2022 to help revive its flagship title, enabling it to reward players with fragments of Bitcoin for playing the game as normal. From the outset, the integration of ZBD’s tech had a marked impact, leading to a 12x boost in 30-day retention. Two years on, Bitcoin Miner is achieving 40,000 daily active users, making it the biggest Bitcoin game by user count.

Besides the retention benefit of rewards, which leads to player retention that exceeds 6 months, the success of Bitcoin Miner has also been fueled by community-based features such as regular live events. The majority of Bitcoin Miner players are US-based millennial males who enjoy engaging with gaming communities, with weekly events leading to a 20% increase in revenue. As well as its own community of engaged players, Bitcoin Miner benefits from the ZBD app user base of more than a million gamers.

Paul West, Founder of Fumb Games, said “Bitcoin Miner has proven that US players love games that are fun, snackable and rewarding. The game is not only sustainable, but has soared to new heights since the partnership with ZBD. It’s no surprise that I’m very excited for the future of bitcoin and player-friendly rewarded games.”

Ben Cousens, Chief Strategy Officer at ZBD, said “The two-year collaboration with Paul and Fumb Games on Bitcoin Miner has been a quintessential success story for what we’re building at ZBD. It proves the value in offering rewards for gamers and the success of ZBD’s rewards and payments tech at making it possible at speed and scale. We will no doubt see further impressive numbers for Bitcoin Miner that cement its status as world’s number one Bitcoin game, and we also look forward to extending the potential benefits of Bitcoin rewards to more developers.”

In November 2023, Fumb Games also integrated ZBD’s technology in its idle tycoon RPG SpaceY. ZBD works with more than 100 game developers worldwide, including major brands such as Square Enix, and is also used by innovative adtech companies like Slice and AdInMo.

Bitcoin

Time to Invest in Crypto? SOFTSWISS 2023 iGaming Market Overview

Published

2 months ago

February 29, 2024

Zoltan Tundik

Reading Time: 4 minutes

In 2023, crypto bets expanded by more than 20%, as reported by SOFTSWISS. The leading technology company, with over 15 years of expertise in iGaming and number one in crypto-optimised software, shares its analysis of the dynamic crypto landscape.

According to industry research, the global iGaming market is projected to double by 2030 at a compound annual growth rate of 11.7%. Revenues are expected to exceed 140 billion euro, with a significant share attributed to crypto gambling.

SOFTSWISS, as the innovator in crypto iGaming software development, regularly conducts research to track the dynamics of crypto within the iGaming market. Using extrapolation, comparative and correlative analysis, experts analyse the data gathered from over 600 crypto-friendly brands powered by the company.

iGaming Market Overview

Based on SOFTSWISS data, the iGaming market had a stable expansion in 2023. In absolute terms in euro, the Total Bet Sum grew by 38.2% year-on-year. At the same time, the Total Bet Count displayed an even stronger increase, surpassing 51.2%.

The average bet is slightly decreasing for several reasons. One significant factor is the broader reach of online gaming, fueled by advanced technology and increased internet availability. This trend is more evident in emerging markets like LatAm and Africa, where bets are usually smaller. Additionally, the increasing number of players under 30 with budget constraints adds to the decline in the average bet size.

State of Crypto

The in-depth quarterly analysis, initiated at the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q4’23, the Crypto Bet Sum saw an 8.2% rise in absolute terms, while the Fiat Bet Sum surged by 16.4% compared to Q3’23. At the end of 2023, the crypto share in the Total Bets Sum (27.5%) decreased by 3.9 p.p.

The comparative analysis of the 2023 Crypto Bet Sum against the previous year shows 21.1% growth. Simultaneously, the Crypto Bet Count increased by 50.5% year-on-year. The growing number of bets indicates rising interest in crypto gaming, but the greater availability of digital currencies may lead to slightly more economical bets.

“The advantages of employing digital currencies, such as swift transactions and anonymity, are key drivers for many players. Given these dynamics, the market demands expanding iGaming projects’ opportunities for crypto players. The in-game currency conversion, for example, allows operators to engage players with cryptocurrency assets in games initially designed for fiat transactions. The projects that embrace such possibilities continue gaining more advantageous market positions,” shares Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.

Crypto Bet Stabilisation

The average fiat bet remained steady at around 0.82 euro throughout the previous year. Despite fluctuations in the average crypto bet during 2023, ranging from 1.59 to 1.88 euro, the changes appear modest compared to the twofold drop observed in the average crypto bet during Q4’22, which reached 1.56 euros. This indicates a certain level of stabilisation in the average crypto bet throughout 2023.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, comments: “The dynamics of the average crypto bet align with crypto market fluctuations. When digital currency values stabilised in H2 2022, the average crypto bet also levelled out. Another thing is that the average crypto bet is almost two times higher than the average fiat bet, which testifies that digital currencies are potentially used by players with higher incomes. Operators should consider this to increase project profitability.”

Cryptocurrencies Rating

The Top Five most operated digital coins in iGaming landscape have remained stable during the last two years.

In 2023, the cryptocurrency structure looks as follows:

Bitcoin – 73.3%
Ethereum – 9.9%
Litecoin – 6.6%
Tether – 4.6%
Dogecoin – 3.1%

In Q4 2023, Bitcoin experienced a slight decline by a 5.7 p.p. compared to Q3 2023. Conversely, Ethereum and Litecoin showed growth of 4.7 p.p. and 2.2 p.p., respectively, during the same period.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “The digital currencies market is rapidly expanding, with estimates showing over 50% growth in capitalisation in 2023. Despite the risks caused by the high volatility of crypto and its dependence on various factors, using it can bring extra profits for operators. The iGaming industry is promising for investments due to growth in both fiat and crypto markets, but success depends on trustworthy and experienced partners.”

About SOFTSWISS