Blockchain gaming & cryptocurrency; it’s a bigger match than you think
CryptoFights, as the name would suggest, is a peer-to-peer fighting game where players use strategy, logic, and probability to win crypto rewards. In recent months a huge surge in both players (over 50,000 to date) and transactions (peaking, so far, at over 1.2 million transactions in a single day) led the company to seek out a solution to handle its ever-increasing turnover.
Fabriik Weave allows end-users to perform all actions of a crypto-to-crypto exchange in just three steps, including onboarding, trade quotes, execution, and settlement, with confirmations fully managed. When delivered via API, clients can incorporate Weave into their existing customer experience.
Weave initially supports seven cryptocurrencies including BSV, and this will be expanded to 19, along with the addition of fiat on/off-ramps, coming soon in the new year.
CryptoFights has integrated the Weave API into its platform so players can trade seamlessly, in-real time, without needing to leave the game. And they don’t need to use or install a new crypto wallet either, the Weave app will work with players’ existing wallet(s).
The ability to provide liquidity seamlessly in-app, so players can swap crypto without having to leave the platform’s experience is a key benefit for gaming sites, along with low minimum trades of just US$5 in crypto.
The availability of Weave via API gives partner businesses complete control and flexibility of how the service is integrated into their experience. Optional revenue share on all transactions also makes the integration a new revenue stream. Alternatively, embedding the Weave widget into a third-party website is a simple copy and paste of a line of code. Fabriik supports clients throughout the integration process to ensure they can successfully offer the benefits of Weave to customers quickly and easily.
Adam Kling, CEO of CryptoFights, explains: “Our very quick growth stretched our bandwidth in many areas and in this day-and-age people can move on to ‘the next big thing’ very quickly, so implementing a solution that worked and scaled rapidly was vital to us. Fabriik’s Weave product helped us solve our transaction handling issues. CryptoFights has a very complex system of transactions as players can trade weaponry as well as winning rewards for victories and then there’s also tournament prize money too.”
Weaving in the benefits
No longer the exclusive domain of basement-bound teenagers or the secret shame of countless adults, video games have fast become a massive market for mainstream entertainment, with competitive gaming – more frequently referred to as eGaming or eSports – garnering widespread attention and driving growth across the industry.
In 2018, video games generated US$131 billion, with eGaming a quickly growing vertical within that market as revenues topped US$1 billion for the first time. But it’s more than just current revenues and bottom-line figures that are getting investors excited, the potential for the sector is staggering.
As eGaming continues to mature as its own industry, more complementary businesses are expected to emerge to capitalize on the wave of future revenue. In the blockchain space, use-case examples are already beginning to emerge with solutions targeted at addressing issues related to fairness and digital ownership, with others offering new ways to generate revenue.
For blockchain solutions to be effective for online gaming, their networks must be fast and able to handle significant volumes of large transactions – but able to do so on a cost-basis that makes financial sense for players and providers alike. Only Bitcoin SV has the requisite stability and scalability to provide the platform for blockchain-based eGaming solutions.
It’s clear to see the potential growth is extremely exciting but also needs a robust solution to manage the vast array of transactions and Fabriik Weave can offer that solution right now.
For more information and to see daily transaction volumes on CryptoFights please visit BSVData.
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Risk Warning: Trading in cryptocurrencies carries a high level of risk and may not be suitable for everyone. You should consider whether you understand how cryptocurrencies work and whether you can afford to take the high risk of losing your money.