Nitro - Empowering the Video Gaming Economy via Blockchain

dumindu (27)in #nitro • 7 years ago (edited)

An Overview of the Gaming Industry

When it comes to Global video games industry it's a multibillion dollar industry. When compared to the movies industry, video games industry is the winner in terms of revenue. In 2016, total revenue in video games industry accounted for $91 billion while movies industry accounted for $38.6 billion according to the Newzoo global games market report. Therefore video games industry is a lucrative market. The Newzoom market report 2017 predicts that there will be a 7.8% YoY increase in revenue for 2017 and Asia is expected to be the fastest growing region for video games in the coming years.

This clearly depicts that there is an increasing demand for video games. There are several types of games suppliers who satisfy this demand.

1. Hobbyists - produce small scale games that are non-commercial in nature

2. Large Corporates - develop games for commercial purposes backed by its own established production and funding system

3. Promising Game Studios - They can be considered as a middle of the spectrum with a mix of creative and commercial potentials. However they do not possess the scale of big companies.

There are several stakeholders in this industry. Namely, Gamer, Game Studio, Publisher and Financier.

The Problem

Currently there are imperfect and inefficient connections exist among the stakeholders. This can be illustrated as shown below.We can simply summarize that video games market is booming, promising gaming studios have great potential but difficult to access funding and average people can't participate and benefit despite the industry boom.

The Solution - Nitro Platform

Nitro platform which will be build on blockchain will address the issues illustrated above and empower the video games economy. This would be the first blockchain based cryptocurrency ecosystem backed by a publicly traded company; iCandy interactive Limited which is based in Australia.

This will empower the token holders to benefits from the video games economy via;

1. Participating in selection and funding of best games curated by experts

2. Engaging with game producers, marketers, financiers, and publishers in the video games industry and exchanging tokens for in games items or other benefits

3. Receiving rewards from the success of the games funded by Nitro platform

The NOX Token

Currently there is an ongoing crowdsale that Nitro issuing an ERC-20 token; NOX which will be used on Nitro platform. NOX token holders can vote on their favourite games and if sufficient number of votes are received such games will be funded by Nitro. NOX token holders can also receive rewards in the form of NOX tokens for participating Nitro platform's activities such as reviewing, installing games as well as playing online tournaments. NOX tokens can also exchangeable for sub token called NOD (Nitro Token Dollar) which is used for in game credits. All the games in Nitro marketplace will use NOD as an in game currency which is pegged to USD.

How Nitro Economy Works?

The following figure illustrates how the Nitro Economy works.