Industry execs debate crypto challenges

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Updated September 21, 2022 | Published December 9, 2020

2 mins read

Industry leaders have revealed that, while mainstream interest in crypto has never been higher, conditions remain challenging on a number of fronts.

The World Gaming Executive Summit (WGES) saw CalvinAyre reporter, Becky Liggero Fontana, engage with a number of blockchain igaming industry insiders who have successfully pivoted crypto gaming projects over recent years.

Lack of Public Trust

Commenting on the current state of affairs in blockchain gaming, CEO and Founder of Hold Gaming, Phillip Runyan, argued that the industry had a bad reputation because of the unregulated bad players which were in to make a quick buck from unwitting consumers.

Bad actors, Runyan said, were the reason why adoption was difficult for the genuine companies out there. Each time an exchange is hacked, he continued, this public trust drains a little further.

Fees Get in the Way

Liggero Fontana had the opportunity to speak with FunFair Technologies COO Lloyd Purser who argued that the industry was now facing another problem – high fees. Gambling started small, but as demand for not just gambling, but the entire ecosystem, keeps soaring so have fees.

This, Purser believes, has been one of the biggest spanners in works of mass adoption of crypto gaming recently. Big fees mean consumers are often only able to withdraw less than they win, which makes them look for alternatives elsewhere.

Onboarding Can Prove Difficult

BitBoss CEO and co-founder Matt Dickson pitched into the discussion, arguing that getting consumers familiar with digital currency was quite difficult.

In fact, it was the reason why most blockchain gaming portals still rely on FIAT and traditional payment methods to help consumers make the transition as painlessly as possible.

Everyone has been coming up with their own solution, said Dickson, whether through a proprietor integrated wallet or some external payment solution. Meanwhile, many brands have been able to onboard a substantial number of people.

Alex

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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