Blockchain technology continues to see increased utilization in the gaming industry with the novel tech providing a robust base layer for monetizing in-game assets. Developers are also able to leverage decentralized ledger technology (DLT) in maintaining full control of their digital metaverses without recourse to third-party publishers and hosting services.
Simplex and Bitrue Partner for GALA Trading
According to a press release shared with Blockonomi, Simplex is now providing a fiat on-ramp for the purchase and sale of GALA tokens via a collaboration with Bitrue crypto exchange. GALA which is an ERC-20 token can be traded inside Townstar, a blockchain-based game developed Zynga co-founder Eric Schiermeyer.
By providing a fiat gateway for GALA token trading Simplex is broadening the utility for the token. GALA tokens were previously only used as a reward for running a Gala Games Soft Node.
Commenting on the implication of broadening the utility for GALA tokens, Simplex CEO Nimrod Lehavi remarked:
We’re excited to announce our partnership with GALA, who are leading the way in connecting crypto and casual games. Casual games are an innovative application that will open up the ecosystem to many new users. Simplex is thrilled to work alongside GALA and Bitrue to enable billions of people to easily and securely onramp to the community.
By introducing a token economy for GALA “coins,” Simplex and Bitrue might be creating an avenue for expanding the adoption of crypto and blockchain in the gaming space. Such a trend may also be net positive for the blockchain industry as the gaming arena offers another expansion vector for the nascent technology.
Simplex continues to provide fiat on-ramps for numerous cryptocurrencies. As previously reported by Blockonomi, the company removed know-your-customer (KYC) verification requirement for transactions below $150 back in May.
Blockchain and In-game Token Monetization
Trading in-game assets is only one of the developmental activities occurring within the intersection of the blockchain and gaming industries. With advancements in supporting protocols like virtual reality (VR) and augmented reality, gaming enthusiasts can now enjoy truly immersive and interactive virtual worlds on their favorite titles.
Blockchain and crypto offer a viable path to monetizing the gaming industry where in-game assets can now economic value in the real-world. Non-fungible tokens (NFT) are already becoming popular with companies developing assets like rare trading cards, digitized fashion items, and even virtual land.
Indeed, virtual land platforms like Decentraland and The Sandbox have seen massive buy orders from individuals and corporations alike. Earlier in September, crypto exchange behemoth Binance announced the acquisition of over 4,000 LAND tokens which is the native coin of The Sandbox virtual world.
DLT can even offer a bridge that connects different gaming metaverses allowing the transfer of assets across games. Such transfers can even be made seamless once Web 3.0 becomes fully realized.