PSXEDo you play video games on a PlayStation or Xbox console, desktop computer, laptop, smartphone, tablet or dedicated handheld gaming device? If so, then you should already be familiar with the terms loot boxes and microtransactions by now.
If not, and you’re interested in learning about what they mean and why they have become such a huge part of the traditional video gaming and iGaming industries, you’ve come to the right place.
The purpose of this article is to delve deeper into the inner workings of microtransactions, but we will also discuss what it means for the digital entertainment sector and for people like us who like to play games online in our spare time.
What does the term ‘microtransaction’ refer to in gaming?
The easiest way for us to explain microtransactions in the digital gaming world is that they are cash transactions you can make in digital video games as you play. You can purchase or unlock additional virtual content available in those games, top up your gaming accounts, or even transfer money to and from other games.
The types of microtransaction options typically available to you will vary from game to game.
For example, in many of today’s feature-rich online slot machines from award-winning providers like Blueprint Gaming, whose slots are now widely available on hundreds of fully licensed and regulated AskGamblers UK certified online casinos, you can take advantage of in-game deposit features to top up your account using your preferred online payment method.
In other words, if your bankroll is getting low or has been drained, you can deposit using the in-game banking system instead of closing that slot you’re playing. In other words, the same in-game virtual cashier enables you to continue playing without closing the game and having to go to the casino’s banking section to top up your account, so it saves you time.
Which digital items can players buy using microtransactions?
Examples of the virtual items and services you can buy using microtransaction payments in certain video games now include:
- Loot boxes
- Virtual currency, which is also referred to as digital currency or in-game currency
- Skins (virtual outfits/costumes) for your characters
- Better weapons for your characters to use
- Access to higher levels
- Expansion packs, which sometimes include being able to unlock new storylines, in-play features, characters and environments
- Player experience points (XP)
- Extra lives/boosted health
- Single-use/limited-use items
- NFTs and other virtual assets
Microtransactions also enable players to purchase subscriptions, unlock bonuses, branded merchandise, vouchers, enter online gaming tournaments with cash prizes and pay to participate in other promotional offers, where you can win real-world prizes such as the latest electronic gadgets, cash prizes and more.
We’ve also found that most gaming sites today occasionally offer freebies and other giveaways.
What’s the point of microtransactions?
The main reason we see so many games these days with microtransaction capabilities is to provide revenue for gaming development studios and companies that own gaming sites. Microtransactions have singlehandedly fueled the exponential growth of this sector.
In the past, gamers would go to the store, purchase a game and that was it. The companies involved would only make money from that one-off purchase. Thanks to microtransactions, these same companies have created huge additional revenue streams by enabling players to spend more money as they play. In many cases, games are offered free to play and funded entirely by microtransactions.
Players aren’t forced to spend money but to truly get the most out of their gaming sessions, there are digital items you may want to purchase to increase your enjoyment, or you can only enjoy the basics that each game offers.
How do people purchase digital items?
Most microtransactions are typically carried out using cryptocurrencies such as Bitcoin (BTC) Ethereum (ETH), and countless other legitimate virtual coins, which is typically facilitated by blockchain technology.
However, gamers can also use traditional online payments to purchase these digital items, such as Visa and Mastercard credit/debit cards, e-wallets, bank transfers, prepaid cards like Paysafecard, and even direct bank transfers.
Gaming sites protect your payments just like any other e-commerce website does, and just like banks, they use sophisticated firewalls, Transport Layer Security (TLS), and Secure Socket Layer (SSL) cybersecurity measures.
These technologies ensure that your microtransactions, money, personal information, and any other sensitive data required during the transaction process are securely protected and highly encrypted. In other words, even if the cyber criminals did manage to intercept a transaction, they wouldn’t be able to decrypt that information to steal your money or sell your personal information on the dark web.
What are loot boxes?
The easiest way to describe loot boxes for those of you who are unfamiliar with them is that they are digital items that often contain randomized content, ranging from commonly available items to rare and ultra-rare items.
With loot boxes, you never know exactly what you’re going to get, so it’s a bit of a gamble purchasing them. The reason that some people are calling for them to be banned is because they view them as encouraging people to gamble.
Some at-risk players with less control than others may be inclined to keep on purchasing loot boxes in the hope of receiving ultra-rare items that most other gamers don’t have. They have also been said to add excitement to the gaming experience, and most view them as fun and harmless.
Conclusion
As video games and microtransaction technology continue to evolve, we will likely see them becoming safer and more useful in ways that we cannot yet imagine. The point is that microtransactions are here to stay for the foreseeable future anyway.
The concept has simplified online payments for gamers, taking out the stress of purchasing items or services online, and payments are now quicker and more secure than ever. Payment details can be stored securely to speed up payments even further and have added an exciting new element to the online gaming world.
On a final note, to ensure you don’t spend more money than you can afford when signing up to a licensed and regulated iGaming site to play online slots or classic table and card games, it’s important that you gamble sensibly and use any safer gambling tools that your operator may provide.
Win/loss limits, spending caps, deposit limits, and session time reminders will reduce the number of microtransactions you can make, which keeps things safe and fun each time you log in to play or place bets.
