Complaints against game giants: Virtual currencies and their impact

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. The opacity of virtual currencies: a trap for gamers
  2. The weight of cryptos in the video game universe
  3. Calls for more transparency and legal alternatives


    4. Seven video game giants are accused of manipulating consumers through the use of virtual currencies. Consumer protection associations have filed a complaint with the European Commission, demanding action against these practices that could impact the crypto industry.

    The opacity of virtual currencies: a trap for gamers

    Activision Blizzard, Ubisoft, and other big names in gaming are accused of using well-honed tricks to encourage players to spend without being fully aware of it. These conversions make the real cost of purchases hard to grasp, and there is no way to convert these virtual currencies back into euros. Imagine wanting to buy a stylish weapon or costume for your avatar but first having to convert your euros into coins, gems, or other virtual currencies.

    The weight of cryptos in the video game universe

    The issue falls within a broader context where cryptos and virtual currencies are flooding into gaming with the rise of Play-to-Earn, a model where players can earn crypto while playing. However, not all platforms play fair. Some, like SpaceCatch, honestly reward players who catch aliens and earn cryptos, while others use dubious practices. Did you know that 42% of PC games use virtual currencies, and on mobile, this figure reaches 81%? Consumers, especially the younger ones, are easy targets.

    Calls for more transparency and legal alternatives

    Consumer associations are calling for reforms to regulate these virtual currencies, demanding greater transparency so that prices of virtual items are displayed in real currency. The use of Web3 and blockchain technologies may offer fairer solutions. Cryptos, while criticized in some cases, can also help players manage their spending better by proposing Play-to-Earn models where players earn currencies by actively participating in the game.

    Consumer associations continue to fight for more transparent regulation of virtual currencies in video games to protect players' rights and ensure fairness in the gaming industry.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Plex Media Server Vulnerabilities Exploited for Cryptojacking

Attackers are exploiting vulnerabilities in Plex Media Server to install unauthorized cryptocurrency miners and a Linux proxy backdoor.

user avatarTomas Novak

Super League Shareholders Approve Metaplanets Bitcoin Treasury Proposal

Super League shareholders approved a proposal for Metaplanets to contribute 2,100 BTC and $25 million to a new US-listed Bitcoin treasury platform.

user avatarKaterina Papadopoulou

Sophon Sets Withdrawal Deadline Ahead of Mainnet Shutdown

Sophon has set a deadline for users to withdraw their assets by November 25 ahead of the shutdown of its standalone chain.

user avatarMaya Lundqvist

Large Hyperliquid Trader Rebuilds Ethereum Short After Significant Losses

A trader on Hyperliquid rebuilt a substantial Ethereum short position worth approximately $16 million after incurring losses of around $469,000.

user avatarLeo van der Veen

Tron Surpasses Ethereum and Solana in Blockchain Fee Revenue

Tron has generated approximately $234 million in chain revenue over the past 30 days, surpassing Ethereum and Solana.

user avatarLi Weicheng

New Reporting Requirements Proposed for Crypto Holders in France

A proposed amendment would require crypto holders to declare self-custodied assets worth over €100,000, with penalties for non-compliance.

user avatarTenzin Dorje

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.