The global market for video games generated a huge income in the past couple of years. As the world keeps on changing, it is only natural that cryptocurrency will have a bigger role in online gaming realms. More gamers around the globe are playing crypto games or in crypto casinos. Few games have already integrated cryptocurrency directly into their in-game economies.
Although the idea of virtual game currency is not new, the development of blockchain technology has given crypto-gaming developers the chance to incorporate real-world economics into their games. By competing in and winning a game, players can acquire non-fungible tokens (NFTs), which become the player’s personal property.
Play to Earn
Games that compensate players in cryptocurrencies or digital tokens based on their performance or time spent playing the game are called “Play to earn” or P2E games. Gamers can benefit from their talent or passion for gaming by earning cryptocurrencies.
In-game NFT sales and cryptocurrency prizes represent the two most common ways through which users can generate money as they can be converted into fiat money. The value of the game rises for the community and developers as more players sign up and expand the in-game market.
Crypto Casinos
Although they are still a relatively new idea, online gamblers are beginning to prefer crypto casinos. An online casino that accepts cryptocurrencies for deposits, withdrawals, and gameplay is known as a crypto casino. This implies that you can gamble at the casino using any cryptocurrency that is supported.
Anonymity is one of the key advantages of gaming at a crypto casino. When it comes to selecting the top online casinos that accept cryptocurrency deposits, Filipino players have different preferences. Fortunately, the Philippines has a wide selection of crypto casinos where any type of player can have fun.
It is important to know all of this about the best crypto casinos operating in the Philippines when looking for a trusted operator. There you can find casinos that are licensed, checked, and provide great customer service.
How Do Crypto Games Operate
Crypto gambling is using several different business models to generate income. Their strategies include everything from marketing and advertising to direct in-game sales of specific game requirements. They can be numerous and depend on the game mechanics. So, any kind of item, weapon, or even virtual territory can be on the in-game market.
The next step is the reward system. If you complete some objective, you earn cryptocurrency or NFTs. Rewards for completing objectives are placed to keep players longer in the game. Those missions are usually straightforward and include eliminating a specific number of enemies or gathering a certain amount of items.
The Popularity of Crypto Games in the Philippines
Currently, the adoption of cryptocurrencies by the Philippines is second only to Vietnam in the globe. They have elevated blockchain to the top of their priorities list. The Covid-19 outbreak has resulted in a dramatic rise in cryptocurrency usage, according to the nation’s central bank.
Through well-known blockchain-based games like Axie Infinity, digital tokens were presented to the Philippines’ expanding middle class and tech-savvy millennials. The game, which brought 1.3 billion USD in revenue last year, reportedly once had 40 percent of its users residing in the Philippines.
The Craze Over Axie Infinity Among the Filipino Players
Axie Infinity receives about 35% of its traffic and the majority of its 2.5 million daily active players from the Philippines. These people possess excellent English language skills, a vibrant gaming scene, and widespread smartphone usage which was the suitable foundation for the popularity of the game. It is a turn-based card game in which your Axies, or pets, fight against monsters and live opponents.
Adventure and Arena are the two game modes you can select from. The only difference between these two game modes is the enemy you will be playing against, but both versions share the same gameplay principles.
Regulations on Crypto Businesses in the Philippines
The Philippines’ regulatory authorities still view cryptocurrencies as virtual assets and not as money. The BSP has also put a three-year ban on new virtual asset provider licensing applications. The BSP’s desire to protect the public by requiring all crypto businesses operating in the Philippines to obtain licenses is understandable, but if this trend continues without clear regulatory guidance, the Philippines may lose future projects as businesses and investors move to more crypto industry-friendly countries.
Conclusion
One of the iGaming industry’s new trends is the crypto casino industry. Given how quickly cryptocurrencies are becoming popular, they will become the norm in the coming years. Crypto casinos are growing more and more well-liked as a result of all the advantages they provide.
For instance, because they employ blockchain technology, they are frequently more secure than standard internet casinos. This makes it incredibly challenging for hackers to obtain player data or tamper with game outcomes. Additionally, compared to traditional online casinos, crypto casinos frequently feature reduced costs, which appeals to gamblers more.
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