- 23 Apr 2021
- Reading time
- 3 minutes
"Video games aren't gonna make you any money." If you're a person who plays video games religiously, then you must've heard this taunt many times during your sessions, forcing you to do homework or focus elsewhere. If you succumbed to the pressures of your parents and teachers, sadly, you missed out on what could've been potential gains from gaming.
There are many ways to earn a living through gaming, but it's by no means easy. You have to be exceptional at your craft, showing talent and expertise that sweeps audiences and keeps them engaged. Gamers who take to streaming services like Twitch and YouTube gather massive revenues on their plays; however, there are other alternatives you can explore if you're not an adept player or if you're new to the market, such as trading via in-game items. Get more information regarding bitcoin trading through trustpedia.io
What are In-Game Items?
As their name implies, in-game items are virtual items found in video games. These items are digital in nature, created by the game developers in order to improve the experience of the game, improve aesthetics of a player's avatar, give them a special skill, or are simply collectibles. Like all material things in the world, their value is derived by us, but what's special about in-game items is that they can be treated like a commodity as they have value within the gaming community.
Trading In-Game Items
It should be noted that not all in-game items are tradable as developers spend time and resources building these items only to have them appear on third-party apps where they're sold and lost from the game. Ideally, they want to keep it within the game so that developers receive a share of the profits every time an item gets traded. But, the question that must be aching you right now is that how do you use Bitcoin to trade in in-game items? The simple answer is that you can't at the moment, not directly at least. You'd have to convert your Bitcoin to cash, buy the game's currency in order to buy an in-game item. Wait for its price to rise, based on the value it has in the gaming circle, and then sell it for in-game cash, then convert that to currency and then to Bitcoin.
You also have to take into account the marketplace where you sell your in-game item. You might have to rely on third-party marketplaces like PlayerAuctions and gameflip to facilitate your transactions which will surely take a commission for facilitating transactions, cutting into your profits.
Although new to the gaming scene, crypto gaming is becoming a big contender in the online gaming market. The only caveat is that it's currently more prevalent on the Ethereum Blockchain, where the ETH token is used for exchange instead of Bitcoin. However, it's much easier to trade in Bitcoin and Ethereum as both are cryptocurrencies with fast transaction times. You can buy ETH using Bitcoin via relevant online exchanges and play crypto games like Axie infinity, Crypto Kitties, or F1 Delta time. Each game may have different tokens they trade in for in-game items; however, you can convert that to ETH and then Bitcoin via your initial exchange. The profit you gain depends on your luck in finding a particular in-game item, the time you spent on the game, and the value players associate with them.
What Will You Be Able to Buy In-game Items with Bitcoin?
Currently, Bitcoin's market value is reaching $60,000, with many predicting that its price could even reach $400,000 by the end of this year. This means that Bitcoin could become a hot contender in world markets as the currency of choice for trading, owing to widespread adoption. In such a case, game developers may become forced to allow trading in Bitcoin for in-game items on account of its increasing value, but when this happens depends entirely on game developers.