Cryptocurrencies have long been a natural instrument for virtual goods exchange. The use of blockchain assets is increasing day by day, and one of the biggest proof of this is that the transaction volume in the virtual world has exceeded 1 million dollars in the last 7 days only.
As reported by Bitcoinist, Blockchain technology has been used in video game infrastructure for a long time, and players thus become a major supporter of the cryptocurrency economy. There seems to be a serious link between the recovery in the market and the use of cryptocurrencies on the playing field.
A tremendous level has been achieved in the investment made in virtual goods platforms in the last week. The trading volume in Decentraland, the largest crypto-based virtual world, has exceeded 600 thousand dollars. Users are struggling to buy land and real estate in this virtual world. Investors are also putting substantial amounts of money on platforms like The Sandbox and Cryptovoxels, and the volume is almost reaching 7-digit numbers.
In the video game industry, there are different types of crypto money integrations. Earlier this month, a new Minecraft server called SatoshiQuest was launched. Minecraft allows its players to participate in the Bitcoin treasure hunt game. To win the prize, you need to deposit and start playing Bitcoin for 1 dollar.
Cryptocurrencies are now frequently used to buy and sell virtual game items, and we are starting to see more and more of the crypto money option within the games.
The gaming industry is aware that the old infrastructure is no longer suitable for the new system. The most important of these is that the fees cut from shopping with credit or debit cards remain high for small purchases. Also, there is no limit in the virtual game world, and some currencies cause problems in these games. It is no surprise that developers are now turning to blockchain technology to overcome such problems.
A Nano plug-in for the Unreal Engine was released last October. Nano payments will now be accepted for every game built on this platform. As nano is free, this is a very valuable development in terms of micro transactions. Similar developments are being implemented for Bitcoin's Lightning Network.
Combining cryptocurrencies with the gaming industry opens the door to a number of regulations and taxations. The U.S. Internal Revenue Department recently removed the obligation to report transactions with game tokens, but transactions with blockchain-based currencies such as Bitcoin are still subject to notification.
On the other hand; In-game crypto money usage may violate certain laws or KYC regulations against gambling. Some cryptocurrency critics claim that the gaming industry can be used to break the law or launder money.
There is no doubt that the virtual gaming industry will carry the adaptation of cryptocurrencies to the mainstream, but this will surely pose new challenges in the future.
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