These 5 Cryptocurrencies Are Actually Poised To Revolutionize Online Gaming (and Here's How)

What's up, Steemit Community? My name is Tom Popomaronis -- I'm serial commerce entrepreneur turned viral content creator and I currently cover innovation and trends with Inc. Magazine & Forbes. I just got married this past December and successfully unplugged on my honeymoon and I wanted to expand my digital content footprint a bit. Steemit is awesome so it's great to contribute with you all here and I'm excited to share my first post. 

Like most of you, I'm one of the many that is captivated by all things crypto -- with an undeniable allure that keeps rising. When you add psychological triggers in the mix like FOMO and urgency, the frenzy is no joke. As such, I've been on a quest to dig a bit deeper at the industry-specific utility and try to cut through some of the clutter. I cover a ton of industries with my publications, but I intentionally wanted to go outside what I typically look at and focus more on what I'm simply a fan of: gaming.

Why Gaming?

While more hardcore gamers might prefer home consoles like an Xbox, PS4, or Nintendo Switch, mobile games have become a force to be reckoned with. Newzoo estimated that mobile games would account for 42% of overall video game sales last year -- $46.1 billion in an industry worth $108.9 billion. They're also predicting that smartphone and tablet games will take over half the market by 2020. 

It’s almost impossible not to notice the immense popularity of mobile games. Back in 2014, Candy Crush generated over $1 billion in sales, despite the fact that only about 4% of players regularly made in-game purchases. Other viral titles such as Clash of Clans and Angry Birds became household names, even to non-gamer. Familiar franchises such as Super Mario, Fire Emblem, Animal Crossing, Sonic the Hedgehog, and Hearthstone found their way onto the app store and countless smartphones. 

How else would you explain that the fastest-growing private company in America is an eSports company? Many embrace this trend with open arms, including the cryptocurrency world. Game developers intend to use their digital currency for in-game transactions such as purchasing virtual goods, making bets, and joining eSports tournaments. Here are a few altcoins both gamers and crypto fans should keep an eye on: 

Annoying but necessary disclosure: to get this out of the way real quick, please do not take this as investment advice. If you're reading this, you're well aware of the unfathomable volatility that is crypto, but I highly suggest doing research prior to making any decision (along with only investing a nominal amount or something you can afford to lose). I do not hold any coin referenced below.  

Enjin Coin (ENJ) 

Enjin is the world’s largest guild hosting service – a fancy way of saying a social community for gamers. People who love everything from Minecraft to Clash of Clans can find other players and form guilds or groups of like-minded gamers. With over 18 million members and 250,000 communities, Enjin plays a powerful role in the online gaming world.

Enjin Coin will be used to buy in-game items and trade assets between different games. Its platform promises software development kits (SDKs) for game developers that will be available in different languages and accept various currencies. Furthermore, Enjin Coin is a way to protect against high fees and fraudulent purchases. Its website claims that for every legitimate virtual sale, 7.5 goods are lost to scams. Enjin claims that its users spend millions of dollars each month on virtual goods, so this coin may represent some great upside and opportunity. 📈

GameCredits (GAME)

GameCredits is another soon-to-be major force in the billion-dollar video game industry. The company behind this coin aims to revolutionize how payments are made and processed. Currently, gamers who make in-game purchases have very little security and are often subject to bank fees. As a result, those fees unfortunately mean that developers also take a hit. Additionally, developers also must be wary of deceitful purchases. Luckily, GameCredits utilizes blockchain tech to help alleviate many of these problems. Their values express that 'makers and players come first', promising more rewards to developers who bring games to market, where storefronts/intermediaries can't take as large of a fee. It's a good ethos -- I dig it.

Their transactions are also incredibly fast and only take a few minutes to process. User identities are kept anonymous and their funds are hidden behind several layers of encryption. Additionally, the coin works for multiple video games, so gamers will have plenty of options to choose from.  Huzzah! 🤗

TapCoin (TTT) 

Currently, most video games have their own version of in-game unique currency, aka microtransactions. Players often spend hours in games like World of Warcraft trying to get more in-game currency to purchase new items (Don't even get me started on Destiny 2 and the mess that they call 'Eververse'). Unfortunately, it can be difficult for players who switch between multiple games (and platforms). Building up a large fortune in one game won’t help when playing any other game.

TapCoin’s solution is to bridge the gap between different game currencies by allowing players to convert in-game money to TapCoin and vice-versa. Players can finally see the fruits of their labor come to life and stretch some pretty valuable mileage doing so. Additionally, TapCoin gives game developers 70% of revenue from transaction fees, meaning that any partnered title can lead to a steady stream of passive income, which is pretty sweet.  🍬

Ethbet (EBET) 

Perhaps you’re more of a gambling man or woman, versus a traditional gamer. Fear not, there’s still a cryptocurrency out there for you. Ethbet runs on Ethereum and a 'provably fair system' where there’s no house edge (I'm sure many of you know of 'faucets'). If the house has an edge of at least 1%, players will eventually lose all their money unless they get really lucky. However, the differentiator that I'm intrigued by here is that Ethbet allows gamers to compete against other live players, not against a stacked system. This method offers higher returns on investment than any other cryptocurrency gambling platform.

Ethbet comes with all the capabilities one would expect from a decentralized cryptocurrency. Users don’t need to register at all and winnings are paid instantly. All transactions and bets are incredibly transparent and available on the public blockchain. Could they be the faucet to end all faucets!? 🤔

BitCrystals (BCY) 

Collectible card games began over 20 years ago with the advent of Magic: the Gathering (come on, you know you dabbled). Since then, countless popular titles such as Yu-Gi-Oh, Pokémon, and Legend of the Five Rings have emerged. Many other card games came along as technology evolved. Hearthstone is the most notable online card game, but Gwent, Hex: Shards of Fate, Shadowverse, and Solforge have built up a sizeable audience. 

Spells of Genesis is another contender in the world of online card games. It’s the first blockchain-based card game and uses BitCrystals for its in-game currency. The company behind it originally created another card game, Moonga, in 2009. It was a free-to-play game, but its creators noticed that many players were trying to sell their rare cards for up to $1,000. With Spells of Genesis, game developers have established a unique in-game economy which thrives on blockchain technology. 🧙

The Tip of the [Gaming] Iceberg

In an industry worth over $100 billion, it’s no wonder that cyrptos are fiercely emerging with many a fan and investors eager to get in early (#FOMO). Countless developers are finding unique ways to utilize blockchain technology to innovate and transform the gaming industry. There’s enormous potential for any of these coins due to the sheer popularity of gaming and the industry as a whole. People spend three billion hours a week playing online games, so finding an audience won’t be difficult at all -- you just have to carve out that niche and build something amazing that people want. Easy, right? 🤓

Hope you guys enjoyed this first piece and was even the slightest bit informative. If not, my apologies, and perhaps the emoji's served as an enjoyable visual buffer. For those who feel compelled, I'd love to hear your feedback. Which do you like, if any? Any others that you're all excited about? 

I'll be doing a series of these and focusing on other industries -- thinking about retail & fintech, but please let me know below. 

Photo Credit: Getty Images