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Report finds millennials want to use cryptocurrency in their favorite games

Kevin Parrish
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A recent report published by Worldwide Asset Exchange states that millennials want to see cryptocurrencies become a normal part of gaming. The report stems from 1,000 gamers located in North America that have already purchased, sold, and traded virtual items online at least once.  

According to the report, 75 percent of the 1,000 gamers surveyed want to exchange virtual goods into currency they can use to buy and sell items on other platforms. Two-thirds of those surveyed want more opportunities to use cryptocurrency within popular gaming networks, such as Xbox Live and Sony’s PlayStation Network. 

The survey found that 80 percent of the millennial participants are interested in using cryptocurrency to make transactions within their favorite games. A larger 87 percent have never even attempted to use digital coins in games and online gaming networks. For those that have bought, sold, and traded virtual goods, 64 percent of those gamers feel the process needs major improvement. 

“The virtual gaming items market is plagued by high fees and exchange rates, rampant fraud, inefficient intermediaries and slow transaction times — issues that could be solved by the widespread adoption of cryptocurrency,” the company says.  

Based on the survey, 55 percent already own some form of cryptocurrency. Meanwhile, a recent London Block Exchange Report claims that a mere five percent of the entire millennial population owns cryptocurrency. That seems to indicate millennial gamers will likely purchase, sell, and trade digital currency more so than the non-gamer millennials. One in three millennials is expected to own cryptocurrency by the end of 2018. 

Finally, millennials interested in using cryptocurrency within games rate ease of use as the biggest lure followed by the platform’s heightened security and low exchange rates.  

Right now, many games offer their own currency to buy digital goods in exchange for real-world cash. For instance, by investing in Silver for Destiny 2, you can purchase cosmetic items such as weapon ornaments, emotes, armor shaders, and so on. In The Elder Scrolls Online, gamers purchase Crowns to buy virtual goods like pets, houses, mounts, and even additional content. 

On a network level, Microsoft had a virtual currency system for Xbox Live for years, called Microsoft Points or Xbox Live Points, but retired its virtual coins for real-world cash/credit in August 2013. But there is a good chance both Microsoft and Sony could jump on the cryptocurrency bandwagon given the rising popularity of digital coin investments. 

What is missing from the equation is a digital currency for use within any game. “The global nature of the online gaming community coupled with the tech-savviness of the millennial generation means the adoption rate of cryptocurrencies within gaming should only increase with time,” Worldwide Asset eXchange states. 

Worldwide Asset Exchange (WAX) provides a global, decentralized marketplace for virtual goods. Customers can sell any virtual asset on their marketplace in return for WAX Tokens that can be exchanged for cryptocurrency. The platform relies on a blockchain providing a real-time catalog of items.

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