The gaming and bitcoin industries are both verticals that entrepreneurs have made a lot of money in. However, those opportunities are no longer as promising as they used to be. Fortunately, a host of big data tools are helping offset the challenges they are facing. While some of the financial opportunities might be starting to dry up, tech-savvy business people can use big data to get more value out of them.
Big Data is Opening the Door for New Monetization Avenues
Opportunities for easy money in the gaming and bitcoin mining professions are starting to disappear. One of the biggest examples is with people that tried making money farming gold on World of Warcraft. PC Magazine reports that people used to be able to make quite a bit of money with this approach. The potential earnings started to dry up as WoW gold farmers faced growing competition from China and other parts of the world.
The same can be said about bitcoin mining. In the early days of bitcoin mining, there was quite a bit of money to be made. Investopedia has reported that this isn’t the case anymore. As the payoff drops, some people are finding that they can barely cover their energy costs with the proceeds from mining bitcoins. Some companies make more money if they are more scalable, but the revenue isn’t what it used to be. It is no wonder that bitcoin miners celebrated when profits recently rose for the first time in almost a year.
Fortunately, big data is creating a number of new opportunities for entrepreneurs. However, they are going to have to be more ambitious. The days of easy money by mining bitcoins or farming currencies for online games might be over. However, there are different ways that big data is making it easier to monetize new bitcoin platforms or digital games. Companies need to be aware of these options and take advantage of them.
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Here are some ways big data is creating new monetization options.
Helping Players Earn More Through Games of Chance
There are a number of games of chance that players can earn money from. The estimated payoff of most of these games is slightly negative. However, there are some exceptions. A number of players are starting to take advantage of AI tools that help them outwit the system and get the most possible money from them. As often seen in games of chance, customers that are most knowledgeable have the best odds of success. Big data gives them the advantage they need.
Squeezing More Money Out of Pay to Play Games
DataFloq wrote an article about the different ways to monetize games with big data. One of the best ways they can scale their revenue is by getting more value from the same number of customers using pay to play games.
Companies can segment players according to demographic, the amount of time they spend on the game, the level of interaction and their social media activity. This helps them identify the players that offer the best payouts, which allows them to charge more.
Better Ad Targeting
Pay to play games are still popular, but a growing number of games are monetized through in-game ads these days. Big data has made it easier for them to get the most value from these ads. They can use known information about customers and extrapolate other information with big data. This enables them to target ads more precisely, so advertisers will be willing to pay more.
Scalability with Cryptocurrency Exchanges from Machine Learning
New cryptocurrency exchanges are discovering that there are a lot of new opportunities to make money. Although there is a large barrier to entry in this line of business, the payoff can be great for companies that know what they are doing.
There are a lot of machine learning tools that help new cryptocurrency exchanges get the most value from their patrons. This helps them break even more quickly, raise more capital to expand and penetrate new markets with ease.
Big Data is Creating a Host of New Opportunities in the Gaming and Cryptocurrency Sectors
Some of the traditional options for people to make money through gaming and cryptocurrency are starting to dry up. However, big data is opening new doors for smart businesspeople to make more money.