Crytek, a Germany-based video game company, has decided to launch its very own gaming cryptocurrency in order to create an incentive for the wider gamer community to go ahead and try out its new game Warface.
Warface is a free-to-play game, but the fact of the matter is that it faces a tremendous degree of competition from the rest of the other free games out there, which is why Crytek decided to create a special gaming cryptocurrency token called Crycash to attract players.
While one could ask why Crytek doesn't just use existing cryptocurrencies such as Bitcoin to pay players, the reason has to do with the extreme price volatility of Bitcoin, the value of which fluctuates hugely. By instead using a native cryptocurrency in the form of Crycash, the game developers position themselves as better equipped to compensate trial players. More broadly, this venture shows the utility of cryptocurrency payments to increase the trial and adoption of games and new technologies.
Incentivized Gaming Cryptocurrencies
The 'Crycash' Currency Rewards Gamers for Testing Video Games
Trend Themes
1. Incentivized Gaming Cryptocurrencies - Creating gaming cryptocurrencies to incentivize players to try out new games and technologies.
2. Native Cryptocurrency Payments - Using native cryptocurrencies for game compensation to avoid extreme price volatility.
3. Trial and Adoption of Games - Utilizing cryptocurrency payments to increase trial and adoption of new games and technologies.
Industry Implications
1. Video Game - Creating gaming cryptocurrencies to incentivize players and increase trial of new games.
2. Cryptocurrency - Using native cryptocurrencies for compensation to stabilize payments and increase adoption.
3. Technology - Utilizing cryptocurrency payments to increase trial and adoption of new technologies.