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The future of Fintech lies in the inroads it’s making into the gaming industry right now.
According to Global Industry Analysts Inc., the global gaming industry was valued at $876 billion in 2021.
Source: Unsplash
In this huge market, a category of video games that is a big segment in the industry is now boosted by the robust optimization offered by FinTech: Play to earn games.
Play to earn games are a more competitive form of entertainment where players can compete for various prizes such as cash, in-game collectibles, merchandise, NFTs and other rewards.
For some, they’re even used to draw sizable incomes, enough to be considered a full-time job.
Axie Infinity is probably the biggest name in the category of play-to-earn games.
Although it has a horrible gaming experience as described by many users.
How it works is the following: In order to participate, players must buy 3 NFT-based creatures called “Axies” which they can then use to pitch against other players.
The currency used to buy these creatures and reward players for their victories is called smooth love portion or SLP.
So where does FinTech, a word we all hear a lot, come into all of this?
How does it fit into play to earn games?
Just like stocks and ETFs you see on the market, in-game currencies like SLP and others are listed on the stock exchange.
FinTech is what allows listing of currencies and stocks. Most of the trading platforms and apps you see today, the modern stock exchanges, online and mobile banking; all of these creations wouldn’t be possible without FinTech.
This level of technology in the financial world allows video games to leverage FinTech to add an extra element of interaction into their user experience, like Axie Infinity.
Similar to other currencies, Axie Infinity’s token is tradeable and can be bought for investment purposes.
As of now, the smooth love portion token is valued at $0.003862.
That’s not the only category of gaming infiltrated by FinTech.
Online casinos are now turning to the world of financial technology to help them strengthen their security system.
Most have already leaned on FinTech for secure wallet technology such as PayPal, Neteller, Trustly etc; but with the invention of Blockchain, casinos can now use cryptocurrency to strengthen their payment security.
Source: GulfBusiness
Using a custom-made currency on the blockchain can differentiate each gambling token from the other, allowing new online casinos to stand out from their competition.
Casinos that cannot establish a level of trust with players will never be able to attract new clients or keep old ones. Using FinTech can help a budding online casino go a long way in establishing safe, transparent payments.
The same goes for Axie Infinity.
Since players rely on Play to earn games to make money, FinTech can be of a huge help by implementing payment systems in these kinds of games.
A gaming company called YGG was formed with the idea of hiring professional players to earn money when playing Axie Infinity.
In return, the company would fund whatever money was required to buy Axies for their players. Gabby Dizon, the founder, started the company when he noticed that players were interested in Axie Infinity but couldn’t afford the starting amount required to play.
In the future, if more games based on the blockchain become popular, FinTech could go a long way towards establishing secure forms of payment, especially for gaming companies like YGG and others..
This article is sourced from the following links:
Video games are the new frontier of fintech - Digital Finance (digfingroup.com)
To See Into The Future Of Fintech Look To The Gaming Industry | Tech Times
Smooth Love Potion price today, SLP to USD live, marketcap and chart | CoinMarketCap
Fintech products are revolutionizing the gaming industry - Motonewstoday.com
