The landscape of gaming has vastly changed in recent years and a new concept, known as the virtual goods economy, is gaining traction. It involves trading and gambling on in-game items such as skins, avatars and weapons. These digital goods, which are highly valued by players for either their aesthetic significance or in-game benefits, are now making their way to online casinos, being used as alternative gambling tokens. This shift begs the question of whether game items and skins could really be the new currency of the casino. Let’s find out.
The Rise of Game Skins & Items
Game inventory items and skins are virtual goods that gamers can gain from within the gameplay or buy from 3rd Party markets. In particular, these elements usually include skins, used for changing the look of characters, access to locked maps, special weapons, or anything else that can help you customize the gameplay.
This trend is mostly being pushed by immensely popular games, such as Counter-Strike: Global Offensive (CS:GO), Dota 2 and Fortnite, which feature hundreds of skins for collectors for their rarity levels.
The most intriguing thing is that due to high demand, these virtual goods carry real-life value and can be sold or purchased for real money. This perceived value opens up the gates for these virtual items to be used as gambling tokens.
Adding Game Inventory Items to Online Gambling
Third-party websites have already started integrating game items and skins into online gambling. These platforms enable players to gamble their in-game items into a number of different gambling games. In CS:GO gambling, players are allowed to wager their skins on roulette-style games or coin flips—or even betting them on professional virtual sports matches. Players bet their skins with a value that defines the stakes; they can win other valuable skins in return or money if it is allowed by the platform.
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With respect to the process of these sites, they essentially operate as full-blown gambling platforms. Users put their items up for deposit via a trade with the website and can bet those items on various games of chance. It shows a working example of a game as a viable solution for gambling transactions.
The Advantages of Using In-Game Items as Gambling Money
Betting with game items and skins as credits has many advantages. For one, it offers a unique and fun new thing for players to do with their digital goods. Players usually hold large collections of skins and items; turning those into gambling chips gives another fun aspect to playing.
Additionally, this tactic can bring in a young adult crowd more accustomed to digital goods and their usage. By allowing the use of game items on gambling platforms, you can attract both gamers and gamblers onto these platforms, improving user retention and benefiting both the gaming and gambling industries.
Furthermore, it opens up new revenue opportunities for game developers. Developers can also monetise their games by sharing revenues with gambling platforms based on the transaction volume of game items related to that game and charging commissions or fees for every such transaction.
The Future of Game Items as Gambling Currency
As technology improves, the integration of game items within the gambling sector is likely to expand. Blockchain technology and non-fungible tokens (NFTs) offer the potential for true ownership and transferability of digital assets, legitimizing and expanding the market for game items. These technologies can provide a secure and transparent framework for gambling transactions, enhancing trust and reducing fraud.
With the integration of blockchain-based protocols within the skin economy, players could gamble their skins with each other around the world in a decentralized and fair environment. This would not only attract more users but also provide a transparent window for regulatory bodies in order to oversee and regulate these activities.
