The last few years in the crypto markets have been like riding a roller coaster. There was period of pure euphoria, mainly during 2017. And, now, we are stuck, perpetually it seems, in a period of doom and gloom. It’s unclear when things will turn around. Because of the bear market that appears to have no end in sight, many cryptocurrency projects will likely fail during the next few years. Bearing that in mind, it would behoove traders/investors to start researching projects that have a high probability of real world adoption. One project that appears to be making all the right moves is MobileGo (MGO).
Increased Adoption of MGO Token
There is no doubt that gaming has been a global phenomenon for years. Video games, computer games, multi-gaming experiences, and e-sports have all been woven into the fabric of society. And while typical financial analysis focuses on the growth of the industry, game developers are the ones who make everything possible.
One of the largest platforms that game developers now belong to is Xsolla.
Xsolla offers significant advantages that include the following:
A pay station that accepts more than 700 payment types from more than 200 countries.
Industry leading fraud protection.
A partner network that assists publishers with growing their respective businesses.
An extremely popular store where gamers can purchase in-game goods, subscriptions, and currencies.
The last point is probably the most important as it relates to this article. When gamers make purchases, such as in-game purchases, the developers are rewarded with earnings. And, in order to run their businesses successfully, they are able to withdraw those earnings.
Until recently, the only option was a traditional FIAT withdrawal, such as USD or EUR. But that is all changing thanks to MobileGo’s native currency, MGO.
Why are Developers Selecting MGO for Withdrawals?
During the last few weeks, game developers and publishers that utilize the Xsolla platform have begun selecting MGO as their preferred withdrawal method. The current expectation is that MGO will account for roughly 30% of Xsolla’s monthly volume in the near future. With Xsolla’s monthly turnover nearing $100 million, this would be a massive development. This begs the question of why the sudden rise in MGO’s popularity.
Cryptocurrency, specifically MGO, offers several advantages over traditional FIAT payments. With FIAT, it normally takes quite a bit of time for developers to actually receive their payments. Occasionally, this burdensome process can drag out for weeks to months. This is critically important as some developers are responsible for running large companies. The earnings, on a platform like Xsolla, need to be withdrawn in a timely manner in order to pay employee salaries, purchases necessary technological equipment, meet rent and loan obligations, etc. Therefore, waiting for weeks on end to receive earnings isn’t going to work.
Additionally, FIAT withdrawals are normally subject to significant transaction fees and commissions.
When one factors all that in, it’s not really a surprise that MGO is quickly becoming the currency of choice for game developers. MGO payouts are faster, cost-efficient, extremely secure, and very simple to use. Once funds are received, the withdrawal process is as easy as a few mouse clicks. MGO tokens can be sent to most cryptocurrency wallets that are ERC-223 integrated. Another option is to withdraw the tokens direct to crypto exchanges such as Bitfinex and Bitforex.
As soon as the MGO tokens are received, users are in full control of them. The tokens can then be converted to popular cryptocurrencies such as ETH, BTC, USDT on exchanges that support MGO tokens, or swapped directly for FIAT currencies.
The past 12 months have certainly been a depressing time for many. A lot of traders have lost money and many crypto executives have seen their projects fail. And although quite a few projects will face the same fate, one that won’t is MobileGo. As MGO continues to see increased adoption within the development and gaming communities, it’s very likely that the token price could see a significant increase as well.
Disclosure: Chris Matthews owns MGO tokens.
Featured image courtesy of Shutterstock.