As cryptocurrencies, Blockchain and NFT;’s continue to be a worldwide phenomenon, companies throughout the globe are searching for new ways to integrate these innovative technologies into their core goods and services. Online video gaming has become fertile ground for exciting innovations in this field. Developers are devising new ways to use cryptocurrencies, Blockchain and NFT’s (Non-Fungible_Tokens) to purchase and sell in-game items,, and unlock characters, among other things. The merging of the virtual and the real — our metaverse — has never been more attractive.
The evolution of video games has been substantial during the past few decades. The worldwide gaming industry, valued at USD 173.70 billion in 2020, is expected to reach USD 314.40 billion by 2026, a 9.64 percent CAGR between 2021 and 2026. Sony, Tencent, Nintendo, and Microsoft are among the largest video game firms, with over $10 billion a gaming revenue.
Sony is at the top of the list, with a colossal revenue of over $25 billion. Electronic Arts (EA Games), Epic Games, Ubisoft, Sega Games, Konami Holdings Corporations, and Gameloft are some of the world’s most renowned game firms.
Several major game developers, including Activision Blizzard, Epic Games, and Electronic Arts, have predicted a substantial increase in sales income and active user population in 2020. The increase in in-game purchases paralleled the increase in active players.
With PC and mobile gaming development, the gaming industry’s interest in cryptocurrencies, blockchain and NFT’s has increased noticeably. Unquestionably, blockchain games are now challenging the traditional gaming sector since they allow gamers and content creators to earn while playing, rewarding their time and effort.
Over 75 percent of online gamers, according to research published by the Worldwide Asset exchange, desired to trade their virtual assets for money that could be utilized across numerous platforms. Blockchain gaming has increased in popularity partly because it enables players to accumulate and sell virtual assets that can be swapped and traded globally. It has also proven an innovative method for the gaming business to generate new revenue.
GOATED is committed to providing innovative Engage-to-Earn™ products and a more fair and equitable revenue sharing mechanism to provide gamers and content creators with new earning opportunities.
In gaming, “goated” is the highest compliment, referring to a person or play acclaimed as “best of all time” by fans. On the gamer-curated GOATED platform, the reputation, fans, and followersg of GOATED Gamers build value from day one. Users “follow” their favorite competitive gamers and content creators who provide entertaining products and new methods to monetize their support.
GOATED’s Engage to Earn Gamernomics model enables fans and followers to simply watch, comment, collect, transact, stake, follow, nominate, vote, and share to earn GOATED Coins. Continuing royalty incentives provide ongoing support for their favorite GOATED Gamers while accumulating assets and earning coins for themselves. And GOATED members can enjoy advantages such as:
- Fast payments.
- Greater engagement with players.
- Fair and decentralized distribution of profits.
- Inter-game interoperability and trading of assets.
According to a report by Newzoo’s Analytics Platforms, about US$159.3 billion will likely be spent on online gaming by 2.7 billion gamers in 2020. According to estimates, the industry will exceed $200 billion by 2023. It is an enormous opportunity for the growth of NFT’s and blockchain gaming and GameFi.
Blockchain games and blockchain technology may appear technical, but their benefits for players and creators are apparent. Blockchain games enhance the gaming experience and earning potential for gamers while increasing income for creators. Even though the development of blockchain technology in online gaming is still in its infancy, the outlook is optimistic.