Study: Cryptocurrencies to dominate online video gaming
March 2, 2018
Worldwide Asset eXchange (WAX) has revealed the results of a study showing online gamers’ pent up demand for using cryptocurrency to enhance their video gaming experience. WAX surveyed 1,000 gamers in the US who have previously purchased, sold or traded virtual items online.
Around 5 per cent of millennials have invested in various cryptocurrencies, according to a recent London Block Exchange report. WAX found that an incredible 55 per cent of millennial gamers have already used cryptocurrencies.
WAX’s study found that greater than 50 per cent of respondents in the U.S. already own cryptocurrency. However, 87 per cent have not used it in video gaming before and 80 per cent are interested in using cryptocurrency to make transactions within video gaming. Close to two-thirds wish there were more opportunities to do so. The global nature of the online video gaming community coupled with the tech-savviness of the millennial generation means the adoption rate of cryptocurrencies within video gaming should only increase with time.
“The widespread usage of cryptocurrency in online video gaming is imminent,” said William Quigley, CEO of WAX Token. “Video gamers are tech-savvy members of a global community with the desire to make frequent, small transactions across borders. The results of the study could not be clearer: video gamers want to be able to use cryptocurrency to make low cost gaming-related transactions.”
The virtual video gaming items market is plagued by high fees and exchange rates, inefficient intermediaries, and slow transaction times — issues that could be solved by the widespread adoption of a purpose-built cryptocurrency.
Gamers see many potential benefits to be gained from using cryptocurrency in video gaming, with over 75 per cent of gamers citing increased ease of use as a major benefit. Additionally, 66 per cent expressed interest in the heightened security and 49 per cent would enjoy the faster processing speeds. Furthermore, 42 per cent like how cryptocurrency radically reduces exchange rates and 44 per cent desire lower transaction fees.
Other interesting facts include:
- 75 per cent wish they could exchange their virtual goods into currency they could use to buy/sell on other platforms
- Over 69 per cent are interested in converting their virtual goods into tokens they could then exchange for other cryptocurrencies
- Around 64 per cent of gamers believe the current methods of buying, selling and/or trading online video gaming items need improvement