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Binance CEO Believes in Crypto Gaming Potential

Reading Time: 2 minutes by on February 3, 2019 Adoption, Altcoins, Blockchain, Commentary, Investment, News
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In 2019, it’s hard to believe that at one point, the video game industry was struggling. The infamous “video game crash” of 1983, where many believed that video games would fade into obscurity, now seems laughable. A huge portion of Earth’s population play video games every day, and there are individuals making a successful living simply by playing video games, as well.

The bridge to crypto has also been an industry temptation for some time. Fortnite, albeit accidentally, adopted Monero (XMR) for in-game purchases and Tony Sheng, a prominent writer in the space has speculated on the use of crypto in video games.  Binance’s CEO is Changpeng Zhao, one of the most well-known figures in the cryptocurrency industry, appears to also have faith in the tokenization of the video game industry, and said so in a recent tweet.

About Steem Monsters

The reason why Zhao even spoke on gaming was that Steem Monsters announced that they now accept BNB tokens, which is the native token of Binance. The game has been marketed as a “crypto collectible” game that operates on the Steem blockchain (hence the name). The plot of the game involves a hero that sets out to unite six separate kingdoms, includes RPG elements and involves mythical creatures.

One of the reasons that Steem Monsters has gained popularity is because blockchain allows for digital assets to be truly verified on the blockchain. In the video game industry, it has been hard for an actual ecosystem to be built with regards to value, since assets were not verified for their scarcity. Steem Monsters is one of the newest games doing so, and certainly won’t be the last.

About The Tweet

Zhao, in his tweet, has not necessarily stated that this will happen overnight. In his tweet, he says specifically “fast or slow, it will happen,” indicating that it might take a certain amount of time.

It also appears as though Binance is not the type to simply state that there is a lot of potential in the gaming industry, without potentially profiting from it. For those who might have forgotten or are unaware, the blockchain gaming startup Cocos-BCX raised $40 million recently, and Binance Labs made up an investing party.

Binance isn’t the only one that is actively looking to invest in the gaming industry. This shouldn’t come as much of a surprise, especially with the success of games like Fortnite, that was able to generate more money than any other free game. In fact, 2018 was also a record year for gaming investment. 

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