The multi-billion dollar gaming market is about to witness a brand new project leveraging on blockchain technology to give players the chance of cashing in ‘real money’ from their gaming tokens.
The gaming industry helped drive the internet, certainly in the social media age where social gaming and microtransactions have become a flourishing industry in their own right. Now, the industry could be helping to spur the growth of blockchain technology and increase adoption of cryptocurrencies.
Numbers indicate there are more than 25,000 e-gaming platforms worldwide, generating altogether between USD$20 to 40 billion in revenue. Online gaming is expected to grow by over 11% a year until 2020. This impressive growth is mostly down to new technologies enhancing current gaming experiences and creating niches in the market.
In 2017 alone, the gaming industry generated $108.4 billion in revenue. The good sentiment is also felt on the investment side in an increasing interest in blockchain appliances from gaming companies. Over the last few years, there have been more than 50 ICOs for gaming-focused projects, the top 10 fundraisers reaching over $323 million alone.
Among many features, the introduction of blockchain technology in games offers more security to players, can increase number and variety of elements and allows more sophisticated features.
The integration of blockchain into gaming is seen as a positive move within the crypto space. Gamers are known to be early adopters of new technologies and their familiarity with tokens and virtual currencies can help drive adoption of cryptocurrencies wider.
ULTI Coin: Exchange gaming tokens for real currencies
Aiming to reach the core of the popular and expanding gaming industry, blockchain developers decided to create ULTICoin.
The coin started to be designed in 2017 by a team of experts in gaming — and gamers themselves — who understand the market very well spotted the opportunity of deploying crypto technology to unlock the billions of dollars that are locked inside video games features and different realities.
ULTI Coin is the first-of-its-kind allowing players to get ‘real’ money’ from their games. ULTI Coin is new cryptocurrency that implements and manages in-game virtual currencies. Purpose of ULTICoin is exchanging in-game currencies for ULTI Tokens, which allows gamers to become users of ULTICoin, and exchange ULTI Tokens for FIAT currencies or any other in-game currency.
“Our aim is to partner with as many gaming companies as possible. In any game, you gather tokens which now with ULTI coin can be exchanged for real money,” said Nadja Jovovic, a consultant at ULTCoin.
“Our project is built on Ethereum blockchain, which means users get the speed, safety and transparency from Ethereum network,” said Sergej Belavin, senior consultant at ULTI Coin.
ULTI will soon be listed on different crypto exchanges around the world which will allow gamers to trade their gaming coins to other cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and eventually fiat values.