Gaming has been central to the entertainment of billions of people worldwide. From the launch of the very first video game, “Tennis for Two,” in 1958 to the high graphics, extremely immersive games of today, the industry has had the wildest evolution imaginable. It was estimated to be worth a whopping 6 billion in 2021 and was said to reach a valuation of 1 billion by 2025. In this evolution of gaming, the most significant next step seems to be the ongoing convergence of blockchain, non-fungible tokens, and cryptocurrencies with the traditional gaming industry. Reflecting on this advancement, Justin Kan, the co-founder of the world’s largest game streaming platform, Twitch, tweeted: “Yeah i built Twitch, it has millions of users & gaming NFTs are way bigger.” This
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Gaming has been central to the entertainment of billions of people worldwide. From the launch of the very first video game, “Tennis for Two,” in 1958 to the high graphics, extremely immersive games of today, the industry has had the wildest evolution imaginable.
It was estimated to be worth a whopping $336 billion in 2021 and was said to reach a valuation of $461 billion by 2025.
In this evolution of gaming, the most significant next step seems to be the ongoing convergence of blockchain, non-fungible tokens, and cryptocurrencies with the traditional gaming industry. Reflecting on this advancement, Justin Kan, the co-founder of the world’s largest game streaming platform, Twitch, tweeted:
“Yeah i built Twitch, it has millions of users & gaming NFTs are way bigger.”
This niche industry generated $2.3 billion in the third-quarter revenue of 2021 and has been taking strides to mass adoption with games like Axie Infinity, Sandbox, and Xchange Monster. Video game giants Ubisoft and Zynga have also forayed into the crypto gaming space and have poured in massive investments to make blockchain gaming possible.
So, in this article, we will walk you through why blockchain gaming is the next big step for the gaming industry and how Xchange Monster is bridging the gap between crypto and the gaming community.
The Case for Blockchain Gaming
Blockchain and crypto have brought forth a paradigm shift in the gaming industry in dealing with perpetual issues such as centralization and the potential for the gaming experience to be lucrative.
The gaming community, in general, has had the effect of unlocking the bonds of “community” and enhancing the gaming experience of users. This has been in the form of advice, tips, gameplays, discourses about the latest or expected features, shared experiences, so on and so forth. This is what makes gaming a rich, social experience.
Blockchain games are empowering gamers to take back the reigns of the game in its true sense. Through tokenization of in-game assets, gamers are able to monetize their gaming experience through portable collectibles from the games they play & activities they undertake within the game.
However, there has been resistance and skepticism from gamers to partake in the GameFi revolution owing to Ponzi schemes, pump-and-dumps, rug pulls, and even concerns about the environmental impact of NFT gaming. Moreover, most blockchain games’ quality leaves much more to be desired and does not compare with top-rated gaming titles’ immersive gameplay, graphics, and creativity.
But that’s changing!
Xchange Monster: Making Blockchain Gaming Better For Gamers
Xchange Monster’s platform is helping the gaming community embrace crypto by strengthening game developers and empowering players while making blockchain gaming UX more gripping and riveting. It aims to enable seamless transfer and trading of in-game assets in a secure and regulated manner to reassure gamers of the authenticity of transactions.
In this sense, Xchange Monster hopes to revolutionize and bring value to blockchain gaming with a clear focus on improving gaming experiences. They envision doing this by closing the gap between the traditional games’ gameplay without letting go of the most desired traits of decentralized gaming.
The merge of the gaming community with the web 3.0 revolution has the potential to unlock and empower the gaming community, educate and inspire players to monetize gaming while retaining ownership over the assets in the game.