Next Big Thing In Online Gaming
The attraction of cryptocurrencies, the metaverse, and blockchain has been growing quickly among younger age groups. Youth will swarm the metaverse and serve as the primary engine for a digital world, according to investors and major corporations. 38% of Gen Zers believe that the metaverse will significantly impact our lives during the next ten years. Recent studies in the UAE indicate that young individuals are more inclined toward cryptocurrency investment in the coming years.
Despite recent volatility, financial institutions and large investors still view cryptocurrency as a significant asset and are still waiting to receive their next big gain. Over the past year, the bitcoin price has fluctuated between $17,708 and $68,789.63 since August 2, 2022. Especially among younger generations globally, cryptocurrency is gaining popularity quickly.
● Cryptocurrencies For Online Gaming: Are They The Future?
Approximately one in seven individuals in the world, according to the latest projections, play online games. In general, the blockchain gaming market has tremendous potential. By 2026, it is expected that the gaming industry would have grown to a global value of USD 314.40 billion. The gaming experiences that gamers have with crypto games are now improved, and producers make more money. Although blockchain and crypto gaming is currently in their infancy, the future is undoubtedly promising.
● Growing Demand For Cryptocurrency Among Gamers
The most prominent trend is still the conversion to digital. Youths are flocked to cryptocurrencies and internet gaming. Young participants between the ages of 25 and 34 are the most likely to invest in cryptocurrency. The UAE government is attempting to stimulate cryptocurrency trade and develop digital money. The chance to earn money while playing is something that Bitcoin offers gamers everywhere. Several well-known gaming giants, like Microsoft Xbox, Twitch, and G2A, have entered the cryptocurrency market, increasing their appeal in the sector.
● Above 54% Of UAE, Residents Are Becoming More Crypto Receptive
The current spike in demand indicates a significant change in the perception of virtual currencies from being viewed as only an investment product to a conventional method of conducting business operations. According to a poll by global payments operator Checkout.com, over 54% of individuals in the UAE are indicating growing receptivity toward cryptocurrencies. Checkout.com noted the steadily encouraging developments in the usage of cryptocurrencies in its 2022 report. Additionally, it showed how eager customers are to use digital currencies for online shopping, particularly young and tech-savvy individuals from a panel of 30,000 people in 11 different nations.
● Is The Metaverse Boom Fueled By Young People?
Several buzzwords have been associated with the metaverse since Facebook changed its name to Meta. 7 out of 10 millennials and members of Generation Z are eager to connect with the virtual world. Generation Z will push hard for early acceptance of the metaverse. Initially, this will take the shape of cryptocurrency-backed games and P2E, but it will eventually enlarge to include practically all other facets of human activity.
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