The gaming industry has come a long way from the days of arcades. From Super Mario to Grand Theft Auto, the gaming industry has seen quite a lot of transformation in terms of enhancing the gaming experience. It has made great strides in the last several decades. In fact, the worldwide gaming industry, which was valued at USD 173.70 billion in 2020, is expected to reach USD 314.40 billion by 2026, with a 9.64% CAGR between 2021 and 2026.
Most of the credit goes to the advancement in technology. The emergence of virtual reality (VR), artificial intelligence (AI), and augmented reality (AR) along with their integrations with gaming consoles like Xbox and PS5 has revolutionized the gaming experience into something completely unimaginable. Moreover, with the mass adoption of blockchain technology happening, the gaming industry is now set to transform massively.
Blockchain and crypto are already shaping the gaming sector with innovations and utilities while also massively benefiting gamers and gaming companies. A new wave of disruption is emerging.
Evolution of the Gaming Industry
Games were first regarded as only a leisure pastime. They were designed by computer engineers to kill time. People then soon realized the importance of playing games and this was the turning point where new names started to pop out. Although Atari, Fairchild channel F, Bally Astrocade, and Mattel Intellivision started the era, Nintendo’s Mario was a smashing blockbuster that opened the way for designers to develop a $200 billion gaming business.
Although Mario remains the world’s best-selling franchise, games such as League of Legends, Call of Duty, and PUBG have evolved gaming into an unimaginable experience. Games are no longer only a leisure pastime. They have become a national pastime, with gaming world cups being held every year. Millions of dollars are invested to bring the greatest players from across the world to these world cups.
Furthermore, the advent of blockchain is now giving games a new framework by offering a play-to-earn model in which players may make real money via cryptocurrencies. Even NFTs and DeFi are redefining gaming by providing tokenization and decentralization features along with real-world applications.
Enhancing Utilities with Blockchain Gaming
The gaming sector is now adopting blockchain solutions like crypto and NFTs to enhance the gaming experience along with massive benefits to players. Some of these include enhancing the security of the gaming market, enhancing ownership of in-game assets, enhancing the value projection of intangible assets, having more control over games, improving paying methods and trade resources, as well as earning rewards. Although these are some of the few, there are many more benefits that blockchain technology can provide.
In fact, a few projects are already offering these benefits and one of them being Xchange Monster. This platform provides numerous solutions to the gaming community and providers through its exchange platform, decentralized payment gateway, and other features. Xchange Monster is an easy-to-use crypto platform that brings together both the gaming community and operators/publishers through the creation of a value-driven ecosystem. It intends to strengthen the interaction between the gaming community and operators for an enhanced gaming experience.
The Xchange Monster token, $MXCH is the native cryptocurrency of the platform. It offers a wide range of utilities including token burn, collateralization, discount on trading fees, OTC burns and rebates, socialized gains, and future expansions. The Xchange Monster ecosystem will be powered by the $MXCH token providing stability to the ecosystem.
Redefining Industry Standards with Blockchain Solutions
Blockchain is blurring barriers and pushing the gaming sector towards a decentralized future. It will allow players to own decentralized assets, play anywhere and with anyone on the globe, enjoy better levels of security, and monetize their time and in-game knowledge in the future of gaming. The blockchain gaming economy has the potential to improve players’ gaming experiences while also providing new revenue streams for players and online gaming platforms.
Fortunately, blockchain-based gaming is the next step in safeguarding video games and creating a long-term industry standard. And, with platforms like Xchange Monster transforming the gaming landscape into a unique experience, the world may see a new version revolution taking place. The combination of crypto and gaming will prove to be a disruption in the gaming landscape. The world has to be ready for this evolution. Let’s play the future.
Source: https://www.newsbtc.com/news/company/how-crypto-platforms-are-transforming-online-gaming-industry/