The gaming industry is the fastest growing form of entertainment globally. Currently worth 180 billion usd, gaming is one the industries that benefited the most from the COVID-19 pandemic. To get a grasp of the astonishing size of the gaming industry consider the following, the global film industry is worth 100 billion usd, and all North American sports are worth 73 billion usd annually.
The average investor might not be aware of the following growth figures:
- The global gaming market is set to reach $256.97 billion by 2025.
- More than 2.5 billion people worldwide play games, this number is projected to increase to 3 billion players by 2023.
- eSports enjoys an audience of around 456 million people, which is on track to reach 646 million viewers by 2023.
- Three of the top four most-viewed United States sporting events were not traditional sporting events, they were esporting events.
- According to recent studies the emergent crypto gaming industry had a market revenue of US$321 million in 2020 with around 41.9 million gamers owning crypto, 38% of them are Millennials aged between 21–38 years old, and they are the biggest age group.
- There is a massive opportunity for crypto to be more involved in the gaming industry. Among gamers who own crypto, 80% of them are interested in using cryptocurrency for in-game purchases, and 67% hope there are more opportunities for using cryptocurrency in gaming overall.
Gaming has been leading the way of cryptocurrency adoption, the earliest crypto apps developed as payments for digital goods within games. A more recent trend is the ability to own in-game items powered by the emergence of non-fungible tokens (NFTs). Nonetheless the gaming industry has been missing a reliable, cross-platform enabled in-game currency that can be used outside the game’s infrastructure.
At Gaugecash we are pretty excited to enhance the gaming industry by providing seamless, borderless and stable payments for a global network of participants. There is a real need for this, while traditional sports are tied to a city or region, esports were designed without borders, bringing with it several execution challenges. For instance Epic Games recently faced several challenges distributing a $100 million usd tournament prize for its flagship game Fortnite due to its international client base. These challenges were derived from their use of traditional payment channels. Gaugecash can streamline this process and enhance the experience.
These are some of the ways that Gaugecash can enhance the gaming industry:
- In-game currency can’t be used as a medium of exchange in the real world. Integrating Gaugecash would enable a native way of monetizing in-game currency seamlessly. This fact paves the way for business model innovation in a very significant way.
- Developing in-game payment infrastructure that enables on the one hand game developers to make mass programmed payments, and game players to buy, sell and trade virtual items on the other, is a highly complex and time consuming process. With Gaugecash game developers can build payment infrastructures more quickly and at a much lower cost when compared to building the same infrastructure with traditional technology.
- Integrating Gaugecash as in-game currency would enable players to spend their earned currency outside of the game’s infrastructure, creating the opportunity to monetize their gaming activities. This provides more incentives for players to keep on playing, generating a self reinforcing system.
- There are a plethora of examples of ways that game developers can add new revenue streams once a decentralized, micro-payment enabled, low cost economic layer is added to their game infrastructure. From charging commissions for in-game economic activity to low cost in-game purchases, game developers can easily get creative once they are powered by Gaugecash.
Gaguecash is ready to enhance game development, with upcoming trends such as micro transactions and micro payments, Gaugecash is a perfect fit for this emergent industry. Decentralization, transparency, and the best price stability available on the market, uniquely positions Gaugecash to become the go-to in-game currency for next generation gaming.
