What You Should Know About Digital Currencies in Gaming

Dec 12, 2023 | Articles, Finance

Games have gone beyond the boundaries of merely being an entertainment product. Traditionally, games are developed, published, then sold either on online distributor platforms or in a physical form such as discs, then the transaction ends there. However, recent trends have brought to light another business model that is rapidly being adopted by numerous game developers, owing to its great track record.


Games as a Service

Instead of treating the game as a product to be sold, developers following this business model treat their games as a service to be offered that continually grows, evolves, and generates revenue. This allows developers to profit beyond the initial purchase and provides a persuasive incentive for developers to further add more content into the game, which in turn, prolongs a player’s interest and encourages them to invest more money on microtransactions.

Microtransactions are typically small-scale in-game purchases that use real life money and are often the main sources of income for live games, along with season passes that utilize subscriptions. These options often grant the player premium digital currency that can be used to purchase special items or to speed up their progress. There are different types of digital currency, some can be earned through gameplay, while others are only exclusively obtainable through microtransactions. Whatever type it is, it’s important to know how to wisely spend your game currency as it can be just as valuable as actual cash.

1. Beware of scams

Similar to how scammers and frauds exist in real life to extract money from unsuspecting folks, the gaming community is littered with souls with ill-intent that prey on younger and newer players. Some games feature a trading mechanic where players can trade or sell items to one another. This can be tricky for newbies as they have no idea how precious an item is and can be scammed either by buying others’ trash items at a ludicrous price or selling their rarest items for dirt.

2. Take note of the conversion rate

Once you’ve successfully converted your cash into the game’s digital currency, it might be easy to overlook the actual value of the item you’re purchasing. There’s no one-size-fits-all that can compare the value of a game currency to the dollar. You have to do your due diligence and check whether or not the game’s shop is offering quality items at reasonable prices, dollar-wise.

3. Refrain from buying in bulk

Developers frequently offer discounts in their shops, with bulkier packages boasting greater discounts. It can be tempting to save money in the long run by buying 100,000 diamonds for 900$ instead of 1,000 diamonds for 10$. However, you should consider how long this game can keep you entertained and if the money is actually worth the time. With today’s era of lightning-fast technological advancements and countless developers churning out new games faster than I can type letters to this article, it’s worth considering if you will actually be able to use up all those diamonds before losing interest in the game. Most games don’t permit refunds or reconversion of digital currency back to usable money, meaning that any in-game currency left over is practically wasted.

4. Re-convertible digital currency

Contrary to the general notion that most games don’t permit refunds or reconversion of virtual funds, there are exceptions. For players who want to earn some dough out of gaming or those seeking more thrill, online casinos are there to satisfy their adrenal cravings. These games are thoroughly tested and reviewed prior to recommendation and have additional information such as welcome bonuses and wagering limits listed to help players find the one best suited for them. These games often utilize credit cards and their origin country’s respective currency, such as AUD for Australian players, (in digital form, of course), but plenty also transact with cryptocurrency such as Bitcoin, and these details are all clearly outlined on the site for each platform. It remains essential, however, to exercise restraint and discipline to ensure a gratifying gaming experience.

5. There’s nothing wrong with purchasing digital currencies

Lastly, there’s absolutely nothing improper or shameful in availing microtransactions or subscription passes. Many players, mostly free-to-play players lambast those who shell out cash to speed up their progress or acquire dazzling cosmetics. Free players often cite that paying players take shortcuts, and thereby do not deserve their status or power as they did not earn it through their own merits. However, there is no difference between a free player investing eight hours playing to grind for experience and cash and an office worker who worked for eight hours and is too tired after their shift, so they simply used a portion of their salary to skip the grind and head straight to the fun stuff. In addition, it is largely due to the contribution of paying players that the game’s servers can stay up and free players can continue to enjoy the game.

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Thomas B.