In Bitcoin Investment News

Bitcoin and Gaming

The recent release of online game Spells of Genesis (SoG) signals a positive transition in the usage of Bitcoin for online games, even though Spells of Genesis uses another platform called Counterparty, which powers smart contract execution and has its own assets some of the game’s success will pour over into Bitcoin as well.

In its early years, Bitcoin was used for many illicit activities, including illegal online casinos.  Recently, however, game developers have worked to integrate Bitcoin into conventional video games.  This movement is part of a greater transition, legitimizing Bitcoin in the eyes of the public, in response to growing demand for a decentralized cryptocurrency.  Recent games include Wargame, Night Becomes Butterflies but SoG is a little different in the sense that its tokens called BitCrystals which power the blockchain-based trading cards are much more representative of a free and more fair game economy where people actually owns the assets they purchase and are free to trade them in any way they want and nobody can take them from them.

Through these games, users can conduct in game purchases using Bitcoin. Bitcoin payment integration could expand the Bitcoin user base, remove barriers to entry, and help create a demand for Bitcoin in games where it is not yet present.

Spells of Genesis

spells-of-genesis-logo

EverdreamSoft, a Swiss based gaming company, created SoG as a mobile game that mixes trading card play with arcade gaming. The development team developed the game in close contact and with feedback from the developer community. This is not their first rode as EverdreamSoft experienced early success from the release of an earlier mobile game Moonga, which has had over a quarter million downloads since release.  The SoG uses the same fantasy world as Moonga, although the structure of the SoG is different.  In game play has a feel similar feel to online arcade games, much like those of miniclip.com.  These arcade games are paired with a longer storyline for users to build up a profile and develop strategic ownership of different cards. By leveraging a loyal user base, EverdreamSoft could promote the growth of SoG and the associated blockchain gaming platform.

For Bitcoin investors, the payment methods SoG could open the doors to Bitcoin for the gaming world.  Digital gaming sales reached $61 billion in 2015.  Even a fraction of $61 billion in transactions would have serious consequences for Bitcoin, which has a market cap of $10 billion.  Of the top earners, League of Legends secured the number one spot with $1.6 billion in revenue.  League of legends follows the “freemium model,” which allows users to play freely and pay for premium features.  SoG employs the same freemium model, featuring in game micro transactions.  These microtransactions use BitCrystals, part of the blockchain gaming platform, which can be exchanged for Bitcoin.  Blockchain technology’s decentralized nature enables the currency to move about, beyond the scope of the game.  If SoG can successfully replicate the growth of other online gaming models, or if BitCrystals are integrated into other systems, this could seriously increase the value of Bitcoin.

Image sourced from Spells of Genesis.

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