The crypto gaming industry covers all online games and betting with cryptocurrency. At the moment, it represents only a tiny part of the online gambling industry, which is worth more than $50 billion every year. However, it is growing by leaps and bounds. In 2021, it grew by 2,000%. And this year, companies in the sector have already raised over $10 billion.
Crypto Gaming, an industry revolution this year?
The crypto gaming industry covers all online gaming and betting with cryptocurrency. At the moment, it represents only a tiny part of the online gambling industry, which is worth more than $50 billion every year. However, it is growing by leaps and bounds. In 2021, it grew by 2,000%. And this year, companies in the sector have already raised more than $ 10 billion.
Ultra, a publisher and distributor of online games, and Xborg, one of the leading organizations in the Esports 3.0 industry, which strive to give control to players via blockchain technology, have signed a cooperation agreement for the development of crypto gaming on the web3.
The agreement calls for both parties to share key resources, with the aim of growing the crypto gaming industry more inclusively. It is part of their shared vision to dismantle unequal power asymmetries within the gaming industry.
“This agreement reinforces our mission to build a next-generation PC gaming platform and ecosystem that redefines distribution monopolies and empowers game developers, gamers and influencers,” explained a statement from Xborg.
For its part, Ultra said, “XBorg will use our tournament hosting platform to host a variety of future events. This will strengthen our presence in the eSports space.”
In addition, the agreement calls for XBorg to make its network of valuable brands, influencers, ambassadors and sponsors available to Ultra. “This part of the collaboration will be presented as a distribution channel for our games (…) Finally, XBorg will deploy some of its SBTs [Soulband Tokens, ed. note] in many of our exclusive games using the Ultra SDK,” Ultra continued.
The crypto gaming industry generates a lot of money. But very little of it is returned to the players. A state of affairs contrary to the values promoted by Xborg and Ultra, who plan to work to repair this injustice in web3.
