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The Future of Blockchain Pay-to-Earn Games In Online Gambling
By Shane Addinall May 19, 2020 TechnologyPay-to-Earn gaming comes into its own with the advent of the Blockchain and its ability to create value through provable rarity and controlled cryptocurrency earnings. But will it work when added to an online casino?With the rise of interest in cryptocurrencies and their volatile values, one of the primary questions for existing investors and new adopters is how to acquire it cheaply. Whether you’re in sales or investments the best way to maximise your returns is to low and sell high.
In this scenario getting your cryptocurrency for free is the pinnacle of the ‘buy low’ side of this equation. Regardless of how much the price of a virtual coin fluctuates if you got it for free, you’re making a profit.
Play-to-Earn Games
The concept of Play-to-Earn games has long since been a part of the internet revolution, but the earning potential has been fairly limited. For the most part, these games were supported by in-game economies where you created or mined items to sell, by competing against other players (usually required a small initial investment in tokens to buy in with) or by web browsers who ran adverts and split off a small percentage of the income as a reward.
Welcome To the Blockchain
The Blockchain has brought a new dimension to the Play-to-Earn genre for two reasons.
First, Blockchain technology allows for collectable in-game items to be truly limited and thereby drive real-world value. The value of a rare baseball card is in its provable rarity. This new technology allows the same rarity to be proven for digital assets which is why interest in digital sports and pop culture trading cards are on the rise.
The highest recorded sale of a digital-only trading card has been a Topps Bunt 2015 Mike Trout Variant Signature card which sold on eBay for $440. While this is leagues away from the millions a paper card can be worth it is important to keep in mind that this is a digital-only asset.
Winning or acquiring collectable items on Blockchain-powered gaming sites could lead to a valuable return should you acquire a rare item.
Secondly, the value of virtual currencies like Bitcoin, Ethereum, Lite Coin and others lies in the fact that its value exceeds that of most fiat currencies, even more so when the market valuations spike.
This allows for free to play games which use your PC processing power as a means to mine crypto coins while you use their application to reward you with a percentage of the coins you help them acquire. Over time these can accumulate to a sum worth selling when the market prices peak or you just want your money.
Will It Work With Casino Games?
Given its security and privacy protocols hosting an online casino on the Blockchain makes perfect sense as proven by brand such as 7BitCasino and BitStarz casino, however, it has also been hypothesised that the future of online gambling could include Pay-to-Earn as an additional ongoing reward system.
The ideas raised include rare tokens and collectables as part of a gamification system, earning the platforms local or primary crypto coin for time spent, earnings based on the number of games played and a referral program that rewards players with ongoing crypto-earnings based on the gameplay of their referrals.
Niche sites and Pay-to-Earn programs have proved that the model works on the Blockchain, all we are waiting for is an online casino platform that sees the customer acquisition and player retention potential of this type of plan to make it the new normal for online gambling sites.
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