Last Updated on 19 September, 2024
It’s a bold prediction to suggest that any niche area of the gaming market can become the next big trend. It’s fair to say that online gaming has shown what can happen when a promising niche area identifies ways to grow, develop an audience, and use the available technology to maximize its potential.
For any gaming market to become the next big thing, it needs to tick these boxes emphatically, so what’s the chance of Bitcoin gaming overcoming these obstacles and turning into a multi-billion dollar sector of its own? Let’s take a look.
Positives Of BTC Casino Gaming
One of the most notable shifts we’ve spotted in recent years has come from those gaming platforms that have switched from simply offering Bitcoin as a payment method to solely basing their business around it.
Again, this hasn’t been a meteoric rise in the way online gaming first emerged in the early part of the 21st century. However, the rise of Thunderpick Bitcoin Casino Bitcoin-based platforms has highlighted a growing demand for people looking to engage in games with their digital assets.
As more platforms adopt a strategy where the only way to participate is with Bitcoin, it’s become clear just how beneficial these strategies can be for those looking to find innovative new ways to play, especially as traditional gaming providers become more saturated and repetitive.
Ultimately, the positives that BTC-based platforms offer stem from two things: security and convenience. The blockchain provides security, and unlike traditional banking methods, no overseeing entity needs to provide security or guarantee it. The cryptography and immutable design of the blockchain ensure that each transaction is monitored, validated, and publicly logged.
From a convenience perspective, crypto gaming involves connecting a wallet and depositing funds; unlike traditional providers, it doesn’t require biometric verification or sending a raft of documents to verify your ID. Once you have Bitcoin in your wallet, you can engage in games within seconds.
Challenges to Overcome
Bitcoin-based platforms are still on the periphery of the wider gaming sector. Even in light of the explosive growth of digital assets over the last five years, which has culminated in the world’s leading asset management companies launching their own ETF products to introduce waves of new retail investors, it hasn’t meant that crypto gaming platforms have experienced the same sort of exponential growth in correlation.
It would be a surprise if it did, in all honesty. High-net-worth investors using ETFs to invest in Bitcoin, and millions of online gamers suddenly switching their allegiances to Bitcoin platforms, are events that happen on different timelines.
Likewise, suppose we zoom out of the gaming picture and include Bitcoin platforms as part of the wider entertainment industry. In that case, they don’t have the same appeal or market share as longstanding gaming dynasties, such as Fallout 4, which sold over 12 million copies within 24 hours of its launch.
So, not only are BTC-based platforms competing against the strength of the broader gaming market, but they’re also looking to establish themselves as part of an even wider entity—the entertainment industry—and both are serious challengers.
Catalysts That Will Impact BTC Gaming Growth
Bitcoin-based platforms shouldn’t have to carry these mammoth expectations on their back; other parts of the crypto world will have to contribute, too. Blackrock’s presence in Bitcoin is a welcome addition to the industry, but it will take more than that to turn Bitcoin into one of the leading payment methods in the gaming industry.
Blockchain gaming is growing, too, and just like BTC-based platforms, it still only makes up a small part of the industry. Still, crypto gaming has a huge future, and there will inevitably be a crossover with crypto-based platforms at some point. Combining these factors often results in a surge of new users; it’s rarely just one contributing factor.
At the time, online gaming was considered a niche part of the entertainment world. While the possibilities were clear, it was also emerging at a time when internet speeds were much lower, bandwidth didn’t have anywhere near the capability it does now, and there wasn’t mass adoption.
While it might seem second nature now, back in the 1990s, connecting to the internet wasn’t something we could do by just whipping out our smartphones; it was time-consuming and nowhere near the quality it is today.
Conclusion
Although the market is still in its formative years, despite Bitcoin being in the broader public conscience for the best part of a decade, it’s unlikely that Bitcoin gaming will become the next big market.
Does it have growth potential? Definitely. Will it command a more significant market share in 10 years than it does now? Almost certainly. However, when we’re weighing it up against the behemoth of the broader gaming world, truthfully, it’d have to take something colossal to start making a dent.