Study finds gamers want to use cryptocurrency for virtual purchases

According to a new study by WAX (Worldwide Asset eXchange,) there’s a huge demand from gamers that want to use cryptocurrency when making purchases in online games. This study was derived from surveying one thousand gamers that have actively engaged in an online gaming economy.

Around 5 percent of millennials have already invested in varying cryptocurrencies like Bitcoin or Ethereum, according to this recent London Block Exchange report, and that number is only expected to increase dramatically. But check this out: WAX also discovered that 55 percent of millennial gamers have already used cryptocurrencies in some capacity or another.

High numbers

According to a press release, “WAX’s study found that greater than 50 percent of gamers of all ages in the U.S. already own cryptocurrency. However, 87 percent have not used it in gaming before and 80 percent are interested in using cryptocurrency to make transactions within gaming. Close to two-thirds wish there were more opportunities to do so.”

There are a few reasons behind this, but the primary one is that many virtual good markets are often rife with exorbitant fees, fraud, and overarching inefficiency. It’s theorized that these issues could be solved with the adoption of cryptocurrency as the primary form of completing transactions.  

According to the study, more than 75 percent of gamers surveyed said that cryptocurrency would increase transactional efficiency, and around 66 percent are interested in the increased security that blockchain technology provides.  

It’s not hugely surprising that tech-centric gamers understand how to utilize cryptocurrency at rates higher than average, but these numbers show that cryptocurrency in virtual marketplaces, and probably games at large eventually, is probably right around the corner.

You can check out all this info in a nifty infographic here. 

What do you think? Would you use cryptocurrency when making in game purchases if the opportunity were provided?