“There is a very strong connection, I think, between gaming and crypto. Gamers are early very adopters, they are very accepting of digital assets, digital currencies, virtual currencies, and virtual items, and contributing value to them. so it’s kind of like a natural fit,” said Samson Mow, CSO of Bitcoin startup Blockstream, on a recent podcast.
According to Mow, there will be immersive augmented worlds in the future where digital money like Bitcoin or any other cryptocurrency will be powering games. Talking about the upcoming game in the latest edition of Fun With Bitcoin Podcast, Mow revealed that Blockstream is moving towards the idea of an “immersive world” on top of Liquid network.
Pixelmatic, which is a game studio led by Samson Mow, is working on Infinite Fleet, featuring an in-game Liquid-based utility token to power its economy. Touted as the first large scale IP game, Infinite Fleet was originally designed as a mobile game.
In line with digitization, the gaming industry has developed as one of the biggest industries in the world. And, crypto and blockchain have very often been touted as the future of this industry. Some of the reasons that back up the claim is the tokenization of game assets which enable them to be traded between games. The immutability and ‘unhackability’ of blockchain also plays a critical role as well.
According to a market study conducted by the LendEDU, almost 69% of the thousands of gamers who spend six to ten hours playing a game, use micropayments. The data further stated that on an average, an individual gamer spends $84.67 on the game. Over the past few years, this avenue has witnessed the advent of a new payment method – virtual currencies, which allows gamers to pay in Bitcoin and other cryptocurrencies, instead of conventional methods.
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While innovative technologies like cryptocurrencies have constantly been met with resistance from many incumbents, a transition for established industries like healthcare and finance will be slow. Fast-moving sectors like gaming, music and social media have become the early adopters of disruptive tech like crypto and blockchain.