Much of the world’s business these days is conducted online, with many startups within the tech sector going on to huge success.
From the likes of Airbnb to dating app Fourplay, online startups can be profitable, popular, and eventually become part of pop culture. Google, Facebook, and eBay were all, at one time or another, mere startups with big ideas. They have gone on to become big brands by leveraging technological developments with consumer needs.
A strong startup will be aware of trends within their sector, and the wider world of tech, and the one to be aware of right now is cryptocurrency. Crypto is not new, not by a long shot, but 2021 has seen it explode in popularity. Bitcoin received a huge boost when Elon Musk’s Tesla invested $1.5bn in the crypto, whilst NFTs are increasing in popularity since a JPG file sold for $69m. Crypto is making headlines, and it is changing industries.
If you are an entrepreneur within the online gaming sector, then crypto is an industry you should pay close attention to. The use of online currency within online gaming is on the rise and it is having huge benefits for both end-users, and the companies behind many online gaming sites. If that is your industry then pay close attention to these key areas in which bitcoin and other cryptocurrencies are benefitting your peers right now.
Costs
The biggest obvious benefit to both sides of the industry is a reduction in costs. Cryptocurrency transactions might be fast and safe, but they also omit the requirement for a middleman, usually a bank, but also the likes of payment services such as PayPal. Those outlets all take a small portion of your transaction, making moving funds around costly in many instances. Cryptocurrency doesn’t have the same burden, meaning lower expenses for providers and customers. If you are a tech startup, it is worth considering this as a key driver behind the payment methods you choose to accept.
Security
A cryptocurrency transaction is only acknowledged peer-to-peer, and therefore it is the most secure form of online payment available. The blockchain transaction is clear in terms of ownership, making the potential for fraudulent activity minimal, if at all. Bitcoin, and other cryptocurrencies, are now seen as a mainstream investment, which means that it could lead to a relaxation in some of the laws around cryptocurrency in online poker, and thus online gaming in the wider world. If you are a startup in the online gaming sector, then this is a safe and attractive option to explore.
Offers
Online gaming does not only extend to poker, slots, and the like, but also the growing video game industry. It is an industry that is worth around $66bn in the US, with players taking part in online games around the world. The popular shooter Fortnite has 350m players worldwide alone, demonstrating the depth and scope of the entire market, here and in the wider world. Many online games involve in-game purchases and offer rewards to users for watching adverts or completing tasks. By using crypto as the method of payment, developers ensure a quick, smooth and safe transaction, as well as retaining a degree of anonymity for the end-user.
Conclusion
The cryptocurrency was once believed to be little more than a passing fad, a craze set to die out as quickly as it was born. Instead, it is being backed by big brands, celebrities, and platforms, which will only increase its popularity in years to come. Any budding entrepreneur in the online gaming sector needs to be aware of the benefits of it, and how that might integrate with their own offering.
