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Following news over the weekend that leaks are indicating that Microsoft will be enabling the use of crypto wallets in the next generation of Xbox, Michael Silberberg, Head of Investor Relations at AltTabCapital, commented on how this will impact the market.
Michael commented “Digital assets and gaming have always been closely tied in concept. Vitalik claimed a lack of control over his digital goods in World of Warcraft led him to develop Ethereum. In-game value is not a minor commercial consideration for just some die-hard players. At its peak, the grey market for in-game gold and magic items was north of 100M a year for that game alone. This isn’t just about this one niche of the game ecosystem either. Across the gaming industry, in-game micro-transactions account for nearly ⅓ of all gaming revenue globally.
“Microsoft’s inclusion of cross-chain wallets in Xbox will allow the next generation of game developers to enable players to create and retain real value from in-game worlds, facilitating actual digital asset ownership, decentralized player-driven markets, and reduced fraud in digital economies. It opens the door to cross-game interoperability of assets and the ability to transfer value from games back to the real world. Rather than siloed ecosystems dictated by developers, games can become player-driven economies. Microsoft’s crypto integration can disrupt and supercharge the $76B (2023) in-game microtransaction market. Opening the gaming digital marketplace to crypto assets has the potential to increase the number of participants by 2.5 billion gamers in the digital assets market, which will not only increase the number of transactions but strengthen the position of digital assets in the global economy.”
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