Bitcoin could be used to pay for mobile games
Bitcoin is gaining ground as more companies take this form of digital currency more seriously. Mobile games developer Zynga is one of the companies that has recently announced its interest in Bitcoin. The company has announced that it will be conducting a payment test with Bitcoin as the major focus. The developer has teamed with BitPay, a Bitcoin service provider, and the two companies will be working to examine the possible uses of Bitcoin in mobile games.
Bitcoin popularity continues to rise
The current market value of Bitcoin stands at approximately $1,000. The value of the digital currency spiked after Zynga made its announcement. Bitcoin is notoriously volatile, however, as it is not regulated by any government or financial organization. As such, the value of Bitcoin can drop dramatically at any given time, or skyrocket depending on certain factors. A company like Zynga announcing its support for the digital currency, for example, can help the currency become more valuable.
In-game payments remain a focus of Zynga
The payment test will focus on Zynga’s mobile games, many of which are already quite popular with consumers. These games tend to include microtransactions, small payments that can be made to unlock additional content or new features in a mobile game. In-game purchases are quite common in mobile gaming, but relatively unpopular among consumers. Indeed, Zynga’s aggressive use of in-game purchases caused many people to abandon the company’s games, seeking out less expensive and more inclusive mobile games.
Volatility of Bitcoin may make it unpopular in gaming
Zynga is requesting that gamers provide feedback for its payment test. This feedback will be used to formulate a more cohesive payment strategy for the developer’s current and future games. Zynga has issued its support for Bitcoin because of the currency’s dramatic rise in popularity. The volatility of the currency may not win it any fans among consumers, however.
China is quickly becoming a leader in the gaming market
China is well on its way to establishing itself as the most lucrative mobile games market in the world. The country has become a hub of activity when it comes to mobile gaming. Many consumers throughout the country are tethered to their mobile devices, which they use in just about every aspect of their daily lives, including gaming. Games are particular popular among those that commute to work and the majority of consumers have shown that they are quite willing to pay for the games that they enjoy.
Chinese consumers spend $13 billion on mobile games
According to data from the 2013 China Game Industry Annual Conference, Chinese consumers have paid more than $13 billion on mobile games in 2013. The majority of this money came through microtransactions. These transactions have become popular throughout the game industry and are used to provide consumers with access to new digital content. Microtransactions have become a very lucrative business model for developers and publishers alike and have begun to find their way into traditional games, expanding beyond the mobile space.
Gaming is becoming more convenient
Standalone mobile games currently account for 64% of the market in China. These games can be played on their own without having to be launched through a social media site or through a third party platform. Browser games, such as those played on social media sites, are also quite popular. Consumers appear to favor mobile games because of their convenience and the fact that they can be played anywhere and at any time. These games do not require any significant time investment, making them less stressful to play.
Developers move to take advantage of growing popularity
Growing sales of mobile devices is expected to impact the Chinese gaming market. As more consumers gain access to smartphones and tablets, more people are expected to be exposed to mobile gaming. Developers in China have been producing mobile games at a rapid rate in order to accommodate with consumer demand.
