How Gamers Will Change the Future of Cryptocurrency and Forex Trading?
While forex trading may be a relatively tried-and-tested investment concept, the same cannot be said for cryptocurrencies such as Bitcoin. Digital currencies certainly take volatility and dramatic price shifts onto a new level, with Bitcoin’s historic price run from $1,000 to $20,000 (and back again) in 2017 offering a relevant case in point.
There’s no doubt that cryptocurrency is at the cutting edge of innovation in the financial marketplace, while it continues to be driven by change and brand new applications. One of the latest is gaming, with various titles such as TradeStarts offering unique opportunities for players to trade virtual assets on the growing Ethereum platform.
In this post, we’ll explore the links between gaming, cryptocurrency and forex trading, while asking whether gamers could ultimately dictate the future of these markets in the future.
The Inherent Links Between Gaming, Cryptocurrency and Forex Trading
Strategy or so-called ‘Massively Multiplayer Online Role-playing Games’ (MMORPGs) are well-represented in the digital age, although it’s fair to surmise that innovation in this vertical has tailed off since the halcyon days of World of Warcraft and Diablo.
While gamers have bemoaned the lack of a genuinely impressive MMORPG launch since 2010, this drop-off in the market coincided with the emergence of Bitcoin.
There are certainly similarities between strategy and role-playing games and cryptocurrency, particularly in terms of individual components. For example, you can draw a direct link between the clans or armies that you see in MMORPG titles and the growing range of token available to investors, which boast a cumulative market capitalisation of $237.1 billion.
On and offline services can also be represented by the individual exchanges in the crypto space, and these subtle similarities are undoubtedly attractive to a demographic of gamers who are actively looking for something new and exciting.
Interestingly, you can apply the same logic and comparisons to the forex market, which also features a wide array of major and minor currency pairings and features several alternative exchanges and platforms such as the MT4.
Beyond These Comparisons – The Future for Gaming, Crypto and Forex
Of course, the blockchain technology that underpins cryptocurrency is already impacting forex and a raft of other marketplaces, with this technology offering autonomy, transparency and the removal of central control from specific platforms.
Even on a fundamental level in the world of gaming, blockchain is being used to create more convenient real-time payment methods on subscription based games and the freemium business model.
At the Game Developers Conference (GDC) recently, crypto and blockchain were hot-button topics for discussion, particularly in terms of the examples referenced above and how these new technologies will contribute to a $143 billion global industry.
In the case of the aforementioned TradeStars, this Ethereum-backed fantasy sports platform combines gaming and crypto in an even more engaging and obvious way. More specifically, it allows users to own, create, trade and monetise digital assets across an array of different sports, creating the opportunity to win huge prizes in a secure digital environment.
The takeaway here is clear; as the boundaries between gaming and cryptocurrency (and forex) become increasingly blurred and the level of collaboration between such entities continues to intensify over time.
We should definitely expect this trend to continue at pace for the foreseeable future, while gamers may also become one of the seminal crypto trading demographics and they become increasingly familiar with the underlying technology.