Millennial gamers represent a huge source of pent-up demand for using cryptocurrency as part of their gaming experience, according to a study released today by Worldwide Asset eXchange (WAX), a blockchain platform for trading online video game assets.
According to the WAX survey of 1,000 US-based millennial gamers, some 55 percent said they had already used cryptocurrencies. However, the vast majority (87 percent) had not yet used cryptocurrency in gaming, although 80 percent said they are interested in doing so, while close to two-thirds want more opportunities to do so, WAX said in a press release.
The global nature of the online gaming community coupled with the tech-savviness of the millennial generation means the adoption rate of cryptocurrencies within gaming can only increase with time, said the company.
Additionally, according to WAX, issues that plague the virtual gaming assets market — such as high fees and exchange rates, rampant fraud, inefficient intermediaries and slow transaction times — could be solved by the widespread adoption of cryptocurrency.
Drilling down further into the survey, useful insights include:
- 75 percent of gamers said they felt cryptocurrencies would be easier to use in gaming
- 66 percent welcomed the heightened security cryptocurrencies offer as a benefit
- 49 percent cited the faster processing speed cryptocurrencies offer
- 42 percent said they liked how cryptocurrencies reduced exchange rates and
- 44 percent said they thought gaming asset transaction fees should be lower
Website link: https://wax.io
WAX Gaming Infographic (1)