Cryptocurrency markets in South Korea have long distinguished themselves from the rest of the world, largely due to the “kimchi premium” that often forces Bitcoins (BTC) to trade on local exchanges at prices much higher than those elsewhere.
The flagship platform now aims to capitalize on the country’s keen interest in digital assets, with the ambitious expansion of services at the crossroads of cryptocurrencies and games.
GamerHash claims to have more than 570,000 users in three years and is now planning to enter the South Korean market. It is estimated that it will have a user base of 1.5 million customers by the end of 2021.
GamerHash focuses on the games, digital goods, and NFT markets, and allows players to extend the cryptocurrency with their computers. When cryptocurrency miners and players compete against each other in the race for Nvidia graphics cards in the face of global scarcity, it can be seen as a good example of how you can eat and eat your cake.
The numbers from GamerHash indicate that the business model is well-established to unleash a lot of untapped potential as well. There are an estimated 2.5 billion gamers worldwide and the data shows that video game sales reach hundreds of billions of dollars annually.
How it works
GamerHash allows users to share their extra computing power by running the app in the background. This program then determines the best cryptocurrency for me and then rewards players. The project’s founders say this helps remove some of the technical hurdles that may exist in the coding processes and ensure that the tools can be used at no additional cost.
All this is complemented by a marketplace where games, gift cards, and collectibles can be purchased without the need for a bank account or credit card. More than 600 products can actually be found in the GamerHash Store, and a peer-to-peer marketplace for non-exchangeable tokens also appears.
The company is also well aware that not all players have the equipment to profitably mine cryptocurrencies. As a result, a separate feature called Play & Earn allows users to participate by completing tasks such as downloading mobile apps and playing specific games.
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GamerHash recently announced that it has become a silver partner in the Blockchain Game Alliance, one of the world’s most influential crypto and game consortia, which works closely with the likes of Sandbox and Enjin. The platform hopes this will open up more partnerships in the future, such as GamerHash’s collaboration with Chainlink and Aeternity.
Another milestone happened when GamerCoin, the platform’s original cryptocurrency, was listed on Bithumb. The cryptocurrency for this player has been licensed in the European Union and the technical document for the project has been registered with the Malta Financial Office in 2020.
GamerHash Marketing Director Artur Pszczolkowski said, “The country is famous for adopting cryptocurrency, as well as being a ‘mecca for gamers’ with a large share of players in society and the ancestry of many sporting heroes. This is where GamerHash will be most realistic.”
The GamerHash concept debuted in early 2017 and several milestones have been achieved over the past four years. Looking ahead, the platform plans to launch a beta version of the macOS desktop app, which is an NFT market focused on games and esports, as well as accelerating mobile app download.