Cryptocurrency Usage in Gaming Is Going Mainstream
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In the past 12 months, the promise of the gaming industry has continued to materialise while some challenges have appeared on the horizon. In 2017, the value of the industry was up 10.7% to $116 bln and is expected to reach $150 bln by 2020. However, there has been a lot of controversy surrounding the way game platforms have been monetising their business models, particularly regarding EA’s extensive use of pay-for-progress rewards.
Many gamers have become increasingly dissatisfied with the ripoff nature of the industry, with endless cash-grabs used to making the hobby deceptively expensive. Gamers are also spending longer and longer in-game these days, in many cases leading to a vast store of in-game rewards being amassed. This all leads to a situation where many impatient fans have a lot of value locked up in each game.
This is where cryptocurrency and the Tap Project come in. Crypto is perfect for managing digital value across different ecosystems, and the Tap Project is aiming to make rewards and currency garnered in one game exchangeable for value in another game. This has the potential to increase user interest in gaming and reward the most dedicated gamers by allowing them to leverage their time spent in one game when they move onto the next.
Tap have started ramping up their platform in recent months and have a very precisely planned roadmap to get to full adoption by the end of the year. In recent weeks they have revamped their website offering, been preparing for an MVP launch, and have established crucial patent rights to their offering. It is an exciting time for Tap, and it will be interesting to see how the coming months pan out for the company.
Refining their vision
Tap’s presentation and messaging have gone into overdrive in the past few weeks, which has netted them significant publicity in the crypto world. Their pitch has been refined and the accompanying website reflects this:
“Imagine being able to transfer currency locked into games you no longer play into a wallet that is connected to your universal dashboard on the Tap Platform. With Tap Coin, your money belongs to you, not the game, and you choose which game you use it in… we are using one of the most versatile blockchain platforms, Ethereum, which when combined with the Tap Project enables gamers to achieve what was only a dream.”
Tap are making it possible to easily cash out your in-game rewards, or cash them over to other games. They are also enthusiastic about their upcoming releases:
“As indicated above, Q2 will see the release of our MVP, Unity and Unreal Plugins, POS Drip Bonus, Platform API, Smart contract Core, and Exclusive Platform Game releases, and of course high level backend fixes and developments.”
In an industry which has seen a lot of ICOs based nothing but promises, the Tap Project’s release of an MVP should please investors in the platform by showing tangible proof of product. While for gamers and non-investors it seems like a project worth keeping an eye on. The project team also provide further announcement, airdrop and referral program details on their telegram channel.