The gaming industry has come a long way since the days of arcades. From Super Mario to Grand Theft Auto, the gaming industry has undergone many transformations in terms of improving the gaming experience. It has made great strides in recent decades. In fact, the global gaming industry, valued at $173.70 billion in 2020, is expected to hit the USD 314.40 billion by 2026, with a 9.64% CAGR between 2021 and 2026.
Most of the credit goes to advancements in technology. The rise of virtual reality (VR), artificial intelligence (AI) and augmented reality (AR), along with their integrations with game consoles such as Xbox and PS5, has radically transformed the gaming experience into something completely unimaginable. Moreover, with the mass adoption of blockchain technology, the gaming industry will now be massively transformed.
Blockchain and crypto are already shaping the gaming industry with innovations and utilities, while also benefiting gamers and gaming companies immensely. A new wave of disruption is coming.
Evolution of the game industry
Games were first considered to be just a leisure activity. They were designed by computer engineers to pass the time. People then quickly realized the importance of playing games and this was the turning point where new names started popping up. Although Atari, Fairchild Channel F, Bally Astrocade and Mattel Intellivision started the era, Mario was a smashing blockbuster that paved the way for designers to develop a $200 billion gaming company.
While Mario remains the best-selling franchise in the world, games like League of Legends, Call of Duty and PUBG have developed gaming into an experience beyond imagination. Games are no longer just a leisure activity. They have become a national pastime, with games world cups being held every year. Millions of dollars are invested to bring the best players from around the world to these World Cups.
Moreover, the advent of blockchain games is now giving a new framework by offering a play-to-earn model where players can earn real money through cryptocurrencies. Even NFTs and DeFi are redefining gaming by providing tokenization and decentralization features along with real-world applications.
Improving Utilities with Blockchain Gaming
The gaming industry is now using blockchain solutions such as crypto and NFTs to enhance the gaming experience along with huge benefits for players. Some of these include improving the security of the gaming market, increasing ownership of in-game assets, improving the value projection of intangibles, having more control over games, improving payment methods and trading resources, as well as earning of rewards. While these are some of the few, there are many more benefits that blockchain technology can provide.
In fact, a few projects already offer these benefits, and one of them is 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 by creating a value-driven ecosystem. It aims to enhance the interaction between the gaming community and operators for an enhanced gaming experience.
The Xchange Monster token, $MXCH, is the platform’s native cryptocurrency. It offers a wide range of utilities including token burn, collateral, trade fee discount, OTC burns and rebates, socialized gains, and future extensions. The Xchange Monster ecosystem is powered by the $MXCH token which provides stability to the ecosystem.
Redefining Industry Standards with Blockchain Solutions
Blockchain is blurring barriers and pushing the gaming industry into a decentralized future. It allows players to own decentralized assets, play anywhere and with anyone in the world, 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 providing new revenue streams for players and online gaming platforms.
Fortunately, blockchain-based gaming is the next step in protecting video games and creating a long-term industry standard. And with platforms like Xchange Monster transforming the gaming landscape into a one-of-a-kind experience, the world can see a new version revolution take place. The combination of crypto and gaming will prove to be a disruption in the gaming landscape. The world must be ready for this evolution. Let’s play the future.