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