When did digital game currencies originate and what are the most prominent types?
When did digital game currencies originate and what are the most prominent types?
1 What are digital game currencies?
2 When and how did gaming coins originate?
2 When and how did gaming coins originate?
Did you know that the points and cash that can be earned from some digital and video games can actually be worthwhile and traded like any other digital currency? In the following article, we will learn about game currencies, which are another type of digital currency.
1. What are digital game currencies?
Game currencies (Gaming Coins or GameFi Tokens) are a type of digital currency, which is acquired and used in decentralized games based on the blockchain and is traded and subject to price changes as in the case of other digital currencies, and game currencies are used to buy and sell various game items, within Compounds in which one usually contains several games, and the method of playing games to acquire game coins and thus the material value they enjoy is called “play-to-earn”.
2. When and how did gaming coins originate?
In general, the concept of game currencies is not new, since the beginning of video games, and the player can acquire currencies or points within the game to use later to purchase various items, such as characters, weapons, clothes... etc. But nowadays, the intent to talk about game currencies is to refer to blockchain game currencies, also known as decentralized games. The first known blockchain game was CryptoKitties, developed by Dapper Labs, which basically involves purchasing pet cats marked as Non-Fungible Tokens (NFTs), and the player raises and breeds them, thus upgrading them from Then sell them, and the player gets 80% of the proceeds from selling cats in this game, while the company gets a 20% “breeding fee.”This game has attracted attention since December 2017, when a cat was sold for more than $100,000.[3] But the renaissance of decentralized games, along with game currencies, occurred remarkably with the outbreak of Covid-19, and the accompanying growth of the gaming sector, as the “Invest” report notes. Jim (InvestGame) for the first half of 2021 indicates that private investments in the gaming sector amounted to $4.6 billion, compared to $1.4 billion in the same period of 2020. The same report indicates a remarkable rise in blockchain-based games, and the monitoring of 24 transactions for blockchain game companies – compared to 12 in the fiscal year 2021 - at a value of $ 476 million. [4] Today, gaming currencies are the real investment behind blockchain games, as most of the blockchain games do not have great fun, but rather the purpose for players is to earn currencies and non-transferable tokens for the associated replacement, and for game makers to develop and expand the investments made in them.