What’s interesting about this is that it’s only over the past decade — starting in around 2015 — that virtual currencies have completely exploded across the games we play. Now, they’re used for unlocking bonus content, upgrading characters, redeeming prizes, and a lot more. They’re not just a side part of the overall gaming experience — they’re right at the centre of it.
An in-game currency is a virtual currency used by video game publishers that lets you purchase items, upgrades, and more. For example, you might use an in-game currency to buy a new character skin or weapon that you like. Naturally, these currencies have zero value in the real world and can only be used in the game itself.
When it comes to how you earn these virtual coins, it’s typically done by:
- Winning matches
- Completing objectives
- Logging in daily
The idea is that you try to collect as many coins as you possibly can before eventually redeeming them for prizes. Once you meet the threshold, you then go to the main menu and choose the reward that you want in exchange for all of the coins you’ve collected.
Sometimes, online games give these coins away for free or as part of a starter pack when you first download them. This is something you see a lot of inside social casinos — one of the most popular types of gaming sites today — where players will claim the no-deposit coin bonuses from the sweepsgods website. In a nutshell, they get ‘Gold Coins’ and ‘Sweeps Coins’ for free, making it easier for them to win future prizes.
In many cases, modern games even let you purchase in-game currencies directly with your own money. This has been quite controversial and often leads to these games being tagged as “pay-to-win”. In other words, if you have the money, you can purchase in-game items to give yourself an advantage over other players. The FIFA franchise (which has now switched to EA FC) was notorious for this, as a big chunk of its player base would use their real-life money to purchase FIFA Points (the in-game currency) and then use those points to purchase player packs.
Whether you earn the currencies outright or purchase them directly with your own money, they’re now pretty much unavoidable if you download any of today’s major AAA games. The same applies with mobile, too, where microtransactions are driven by in-game currencies.
How In-Game Currencies Took Over
The Rise of Free-to-Play Games
Towards the end of the 2010s, free-to-play games started to explode. The trend first started with Facebook’s free games before eventually spreading to mobile, where lots of games (e.g., PUBG Mobile) started being released that you could download for free. When Fortnite took off on console and PC in 2018, it essentially set a new standard for the industry.
Interestingly, free-to-play games are able to make money through their in-game currencies. What happens is that players purchase virtual coins and use them to purchase items, and the cycle continues. Because the coins are virtual, it makes it feel like they’re not spending any money at all, which then encourages them to keep buying new things until they eventually stop using the game. It’s a smart business model and has ultimately allowed Epic Games and countless other companies to make huge profits.
Battle Passes
Battle passes are everywhere in today’s games, from Apex Legends to Call of Duty: Warzone. The way they work is like this: at the start of every season, players are given an option to opt-in to the battle pass by purchasing it with the in-game currency. If they decide to do this, they can then complete tasks throughout the season to unlock rewards attached to the battle pass, which has proven to be a great way to keep players hooked. Just like before, battle passes are linked to virtual currencies because they encourage players to buy them. If you see a battle pass available for ‘$20’ or ‘100 Gold Coins’, the latter option is more attractive, especially to Gen Z and Millennial players. Game developers and publishers know this, which is why the vast majority of battle passes are only purchasable using in-game currency.
The Mobile Gaming Boom
Another big reason why in-game currencies have taken over is the mobile gaming boom. There are now 3.2 billion mobile gamers around the world and revenue for the industry is expected to reach $195 billion by the time 2030 rolls around, so we’re talking explosive growth. The revenue itself is almost exclusively driven by in-game microtransactions, as most mobile games are available in the Apple App Store and Google Play Store for free. This is why Clash Royale has ‘Gold’, Candy Crush has ‘Gold Bars’, and Mobile Legends has ‘Diamonds’. Because players download these games for free (and therefore think they’ve got a bargain), they waste no time purchasing the in-game currencies. Once that first purchase is made, they generally keep making more and more after until the next popular mobile game comes along.
eSports and Streaming Influence
These days, people aren’t just playing video games: they’re watching others play them, too. When they see pro eSports players and Twitch streamers rocking the latest in-game cosmetics that they purchased using in-game currencies, it has a direct influence on the viewer. A lot of the time, viewers see these items (e.g. a Call of Duty streamer using a operator skin they like in Black Ops 6) and it makes them go out and buy those items. .
Are In-Game Currencies Age-Restricted?
A lot of the time, you’ll find that in-game currencies are age-locked, meaning you have to be over 18 to buy them. However, this only applies when it comes to purchasing them directly with real money. If you want to earn the currency yourself by completing tasks within the game and climbing up leaderboards, you can — there are typically no age restrictions on this.
Summary: Why In-Game Currencies Are Here to Stay
In-game currencies are one of the biggest money-makers ever to exist in the wider gaming industry. Ultimately, they allow publishers to release their games for free (or at extremely low price points), knowing that they’ll make all their money back through people purchasing their in-game currency, whether it’s Gold, Gems, or something similar. This is why they won’t be going anywhere anytime soon, especially now that so many of today’s games are built on these currencies.
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