Could 2023 Be the Year of Crypto in Gaming?

With each new year, an entirely new chapter of our collective crypto chronicles is written. Back in 2017, it was the widespread discovery of this new form of digital asset, while 2018 saw an explosion in demand for Initial Coin Offerings. In 2021, it was the rush to snap up NFTs as everyone got excited about hoarding JPEG drawings of primates, but 2022 has opened a chapter on another crypto winter with prices dropping well below the high watermarks left in 2020 and 2021.  

But with 2023 fast approaching, it’s time to turn yet another page. What will the story have in store for us now? Could the next 12 months be the year we see crypto really take off in gaming?

 A Method for Buying Games?

The primary purpose for cryptocurrencies like Bitcoin and Ethereum is to use them to purchase goods and services. However, with a few exceptions, there has only been lukewarm interest in this within the gaming industry - at least so far. 

Back in April 2016, Steam added Bitcoin to its accepted payment methods but had removed it again by December 2017. 

The company remained tight-lipped as to why until earlier this year when Valve’s president Gabe Newell told reporters that around 50% of the company’s Bitcoin transactions were “fraudulent” and that the fluctuations in price were “a complete nightmare”. 

Five years on, many of these issues have been addressed with the wild swings in Bitcoin prices being dampened and more robust security on the blockchain to prevent issues. 

So, while Valve may be taking the approach of “once bitten, twice shy”, other companies could well be more receptive in 2023.  

iGaming

iGaming companies could also look more favorably on cryptocurrencies, but it certainly won’t be a universal acceptance. 

Firstly, not all online casino games require deposits anyway. This is because many iGaming brands offer a selection of free online games that allow players to enjoy games without even the need to top up their accounts. 

In some regions, cryptocurrencies are not yet permitted by regulators, so some iGaming companies can’t accept Bitcoin, even if they want to. For others, there have been technical challenges given that cryptocurrencies fluctuate in value so much and so frequently. 

But just like using it for buying games, wider general acceptance, less fluctuation, and easier access could mean we begin to see more crypto in iGaming next year. 

The Metaverse

The metaverse has taken a bit of a kicking in recent weeks as Mark Zuckerberg’s $10 billion venture into this new digital realm has cost the company considerably in 2022. 

That hasn’t discouraged the tech billionaire though, nor has it put off many others who still believe that there will be a future where we’re all plugged into this virtual reality matrix. 

With both Meta and Sony set to launch new VR headsets in the coming months, we could see metaverse gaming beginning to take shape in 2023. And if the forecasts are to be believed, then NFT-controlled digital items could form a key part of this.

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