What are crypto games?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today, let’s talk about crypto gaming: what it is and why it has become so popular recently.

In short, crypto gaming tends to be a combination of online gaming and speculating on crypto currencies.

Let’s unpack those two things one at a time.

Online gaming can take many forms, such as apps like FarmVille where you have to make sure your farm is running well, to world of warcraft, which is a virtual reality game where you build your character over a long time and explore a massive world with thousands of other people.

Traditionally these games have their own economies, so you pay the actual company directly for in-game things like extra water for your crop or new items for your avatar.

And that’s where crypto comes in. Crypto games also have these economies, but they are crypto currency based. Instead of paying a company to play, you buy into the game’s token, and might even make money participating. Some games even have such vivid economies that people turn gaming into a full time job. An example of that is Axie Infinity, a game where you can battle against other players’ creatures. It has 2 million active users, and each player has spent roughly $400 to get started.

But it’s always a speculation on the game’s cryptocurrency retaining its value - because if it doesn’t, many players may turn around and play something different.

And that is crypto gaming. And next episode we will continue our deep dive on interesting crypto currencies.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.