Moxy and Upland are poised to lead the charge in the transformative gaming and esports industry.
The gaming industry has always been quick to adopt new technologies, and web3, or the decentralized web, is one such revolutionary technology set to change the gaming landscape. It offers numerous benefits to both creators and players.
eSports building momentum
The global esports market is booming, having gained over 96 million viewers between 2020 and 2023, and boasting 540 million viewers globally as of 2023. This number is predicted to balloon to 640.8 million by 2025, reflecting the industry’s enormous growth potential.
The monetary value of the esports market is also skyrocketing, estimated at $1.44 billion in 2023 and projected to rise to $5.48 billion by 2029. As the audience for eSports swells, the potential impact of incorporating web3 technology into this flourishing market cannot be understated.
Disruptive technologies make their mark
Web3 technology, notably blockchain, allows for unparalleled transparency, security, and decentralization, which has transformative potential for the gaming industry. The top blockchains supporting games in 2023 include BNB, Polygon, Ethereum, and Solana, each with varying degrees of popularity and adoption.
These blockchains, serving as the backbone of numerous gaming platforms, present multiple advantages, such as secure real-time transactions, actual asset ownership, and the facilitation of peer-to-peer interactions, which are all integral for the growth and development of the gaming industry.
In the first quarter of 2023, the blockchain gaming sector showed a bullish trend, with its dominance in the market increasing from 42.87% in Q4 of 2022 to 45.60%. The global blockchain gaming market size reached US$ 4.6 Billion in 2022 and is expected to reach US$ 117.5 Billion by 2028, exhibiting a compound annual growth rate (CAGR) of 67.40% during 2023-2028.
Successful projects push the boundaries
Projects like Moxy and Upland are already paving the way, leveraging blockchain to disrupt the gaming industry.
Moxy offers a two-fold solution for game developers. It provides an easy-to-use tech stack for integrating eSports game modes and a platform for selling and distributing eSports-enabled games. Moxy also uses blockchain technology to create a secure universal token called MOXY. This ensures real-time transactions and protects players and publishers from fraud and hacking.
Similarly, Upland has successfully brought blockchain technology to mainstream audiences through its engaging, game-based experiences. With Upland, you can buy, trade, collect, and sell virtual properties with the guarantee of owning your digital assets through blockchain technology.
Upland strives to establish a strong economy that connects the virtual and physical worlds by promoting real ownership in an open-market system. Through this decentralized market, stakeholders will have the opportunity to interact with each other directly.
An optimistic outlook
As we anticipate the future, it’s evident that the gaming industry’s development will depend significantly on the blockchain.
Moxy and Upland projects could pave the way for the industry and showcase the revolutionary potential of web3.
As more gaming companies and developers embrace these technologies, the gaming industry will continue to evolve, reshaping the landscape for players and creators alike. Ultimately, it will revolutionize how we perceive and engage with digital entertainment.
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