Crypto has long been considered suitable for exchanging digital objects and virtual games.

The use case for this blockchain asset is accelerating, with nearly $1 million worth of cryptocurrency trading in virtual realms related to the purchase of virtual land and real estate over the past seven days alone.

Crypto and digital games:

It has long been known that blockchain technology has many use cases in the video game sector.

Players tend to be pro-cryptocurrency.

It now appears that there is a clear link between a market boom and a significant increase in the use of cryptocurrencies in the gaming space.

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Over the past seven days, a massive level of investment has taken place in the best virtual real estate platforms.

witnessed Decentraland, the largest crypto-based virtual world, has over $600,000 in trading volume as contestants are now racing to buy virtual real estate in the digital blockchain-based world.

Investors are also making significant investments in other platforms, such as The Sandbox and Cryptovoxels, pushing the total to nearly seven figures.

Other cases of cryptocurrency integration are taking place in the video game sector.

Earlier this month, a new “Minecraft” server, SatoshiQuest, was launched.

The world of Minecraft allows players to participate in the hunt for the bitcoin treasure.

The rewards come from the game participation fee of $1 Bitcoin.

Crypto is now frequently used to buy and sell in-game items in a wide variety of virtual worlds, often on an informal basis, and game developers create cryptocurrency payment options for in-game purchases.

Games help crypto adoption:

The gaming industry has always maintained that legacy transaction infrastructure is not suitable for its products.

It is worth noting that purchases made via credit cards impose fees that make small purchases impractical.

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So it’s no surprise that some developers are now turning to the blockchain for a solution.

Last October, a Nano coin plugin was released for the Unreal Engine.

It is now possible to integrate “nano” payments into any game built on that platform.

This is notable because Nano is concerned with developing solutions to problems facing game developers, which is what makes micro-transactions possible.

Incorporating cryptocurrencies with gaming opens the door to a number of tax and regulatory challenges.

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The US Internal Revenue Service has just eliminated the requirement to report transactions involving in-game tokens, yet still require the reporting of transactions made using blockchain-based currencies such as Bitcoin.

Also, in-game crypto use may contravene anti-gambling laws, or violate Know Your Customer (KYC) regulations.

In fact, some cryptocurrency critics have asserted that video games can be used to launder money or avoid penalties.

There is no doubt that gaming can play a huge role in bringing cryptocurrency into the mainstream, and this move is clearly underway.

However, new challenges have now arisen as a result that need to be addressed.

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