In 2016, the global gaming industry revenue was $99.6 billion dollars. By 2024, the industry is expected to grow to over $218 billion dollars. On average, millions of people around the world devote a minimum of 6-20 hours a week playing video games, not to mention any mobile platforms. With this growth, gaming is ready to surpass all other entertainment industries as the major form of entertainment and pleasure for all consumers. Despite a healthy market, consumer expectations have changed so dramatically that old revenue models have become outdated, forcing production companies to scramble to find value in new markets. In a world where consumers expect someone else to pay for their content, production companies are struggling to find avenues that allow them to monetize the digital age.

There are currently millions of in-game currencies that are restricted to individual games and ecosystems. Game X Change makes it possible for the new realization of NFT gaming and connectedness between games.

What are NFT's

NFTs, or Non-Fungible Tokens, are units of data stored on a blockchain that certify the uniqueness and ownership of digital assets. In other words, NFTs can be thought of as certificates for authenticity to verify unique crypto-collectibles such as art cards, fashion items etc…

Why Are They Important?

In recent times, player’s characters or aliases have not had a way to truly own their in-game items. Instead, these assets were technically “for use by the player.” Most items and cosmetics marketed towards mainstream games are typically only available for one game and thus would lose all value if used outside of that particular title. As an example: A mount obtained within World of Warcraft cannot be used on Minecraft servers — where many other mounts exist as well!

Secondary marketplaces often pop up in games without official auction systems. This is often done despite violating the game’s Terms and Conditions, which can result in gamers being scammed or banned from playing on their accounts.

NFTs allow players to claim full, undisputed ownership of in-game assets by allowing them to be used not just within one game but potentially several games and even outside of a specific video game. This disrupts the grey markets that thrive despite these risks because it creates legal ways for digital assets to retain their value and allows them to be used across multiple platforms.

The metaverse ideal of identity and ownership that exists between games, not just inside individual game silos aligns closely with this.

What is the Impact?

Gamers may place more value in NFTs because digital items are truly theirs. Furthermore, players might be encouraged to spend additional money on games if they believe their investment can retain value outside the game. Lastly, opening up secondary market activities with legal implications could boost engagement spending levels within certain games.

NFTs open the door to more unique, one-of-a-kind items (the scarcity is real capped), and importantly, they come with their history. Unlike regular “items” which any gamer can obtain through enough effort (artificial rarity determined by players’ luck in loot boxes), NFTs provide truly limited collectibles that cannot be duplicated or forged while offering you its item’s entire transaction history on the blockchain.

Imagine if you were able to use the unique cosmetic item that was used by a well-known esports player in their game-winning tournament. Another possibility is that persistent items can potentially take different forms across several games, depending on developer support.

While there are not many games that use NFTs, several publishers have begun to experiment with them. True digital ownership has the potential to impact how we play and interact online in awesome ways!

Game X Change's goal is to create a unique network of games connected by their in-game currencies and NFTs. A gaming ecosystem where your time and experience are paid and all stakeholders on both sides are rewarded.

Game X Change provides increased live ops and user engagement by no longer restricting the mechanical uses of virtual currencies but further exploring a new venue of customization when players import and export from a nucleus of connected games.

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