Which are the Emerging Trends in Crypto iGaming for the Year 2021

The Exciting Trends in Crypto iGaming That Are Redefining the Industry in 2021

The year 2021 has already revealed seismic shifts and novel trends in the world of cryptocurrency. In equal measure, the internet gaming sector, colloquially referred to as iGaming, has been most susceptible to these advancements, triggering incredible changes within the industry. As a result, the intersection of the thriving domains of cryptocurrency and online gaming has given rise to some of the most exciting trends in crypto iGaming. Here, we delve into the reverberating trends in crypto iGaming that are redefining the industry in 2021.

1. The Advent of Gaming Specific Cryptocurrencies

The digital gaming industry's unprecedented growth has coincided with the surging popularity of cryptocurrencies. The amalgamation of the two has given rise to gaming-specific cryptocurrencies such as Enjin Coin (ENJ), RevolutionVR (RVR), and GameCredits (GAME). They are designed exclusively to cater to the requirements of the iGaming community. These cryptocurrencies boast faster transaction speed, lower fees, and a more seamless and secure experience.

2. The Metamorphosis of NFTs

Non-fungible tokens (NFTs) have played a significant role in the crypto space in 2021. In the gaming environment, players are given a unique chance to own game assets in the form of NFTs. These tokens have introduced the element of rarity and exclusivity to digital items, creating a value proposition for virtual goods, previously perceived as merely digital in-game items with no real-world worth.

3. DeFi Integration in iGaming

The integration of Decentralized Finance (DeFi) with gaming platforms has emerged as a buzzword in the crypto iGaming sector. It offers significant advantages including decentralized betting, removing the need for intermediaries, offering better odds to players, and even yielding opportunities. The trend of DeFi-powered and blockchain-based platforms where gamblers can stake their tokens to earn interest is rapidly growing.

4. Blockchain-Powered Games

Blockchain technology’s integration into gaming platforms is becoming increasingly widespread. Due to its inherent transparency and security, blockchain provides a trustworthy foundation for game builds, ensuring fairness and temper-proof outcomes. Games powered by smart contracts automatically execute transactions upon certain gameplay triggers ensuring transparency and trust.

5. Adoption of Crypto Payment Solutions

Cryptocurrencies as a payment mechanism can solve numerous problems associated with traditional betting platforms. High transaction costs, slow processing times, and lack of privacy are some of the challenges that can be mitigated by adopting cryptocurrencies. This trend of enabling crypto payments is gaining traction, with several elite gaming platforms already welcoming bets placed using Bitcoin, Ethereum, and other digital currencies.

6. Regulatory Evolution

With the growing legalization and acceptance of cryptocurrencies in various countries, the prospects for iGaming in crypto have increased markedly. This trend is expected to continue as more governments globally recognize and regulate cryptocurrencies as a legitimate form of transaction. Legal clarity will be a significant driving factor in the growth of the industry.

7. Peer-to-Peer Betting

The era of Peer-to-Peer (P2P) sports betting has begun! 2021 has seen numerous blockchain-powered betting platforms offer players the ability to place bets against each other directly, removing the need for a bookmaker or betting agency. This decentralization empowers players with fair betting odds and higher payout potentials.

8. eSports Betting with Cryptos

eSports, an already booming sector, is welcoming cryptocurrencies with open arms. An increasing number of eSports betting platforms are now allowing players to place bets using cryptocurrencies. This is not just limited to Bitcoin but extends to a wide range of digital coins.

These diverse but interconnected trends highlight the thrilling possibilities that emerge when the dynamism of the cryptocurrency realm enhances the excitement of internet gaming. They also predict a future where these technological innovations could lead to a more secure, transparent, efficient, and inclusive iGaming world. However, it is also essential for the stakeholders to understand the volatility related to cryptocurrencies and the need for robust legal frameworks to ensure the sustainability of these trends. The path to the mainstreaming of crypto iGaming is a thrilling ride, and 2021 seems to have alighted us upon it.