Positive Uptrend for MGO As Game Developers Favor It Over Fiat Currency
Over the last two weeks, game developers and publishers using the Xsolla platform are able to withdraw the profits directly from MobileGo (MGO) tokens rather than in fiat currency. It is important to note that Xsolla supports several payment systems and assets. So why there is a sudden rise in popularity of MGO among game developers and publishers?
Where the action is taking place.
Before we deepen the popularity of MGO, it is worth looking at what Xsolla is and what makes it unique. Xsolla began more than a decade ago as a platform that allowed players to purchase items in the game using fiat currencies. During its existence, Xsolla has grown into a gaming industry powerhouse. The platform currently has a monthly turnover of nearly $100 million, accommodating about half a billion users from over 200 countries, giving them access to more than 500 games and 100 different currencies, alongside MGOs, which can be used through 700 payment systems, and processes more than 40 million transactions annually. Xsolla is basically a gaming company that provides the game publishers and developers access to billing, payment, game distribution and marketing tools.
Although the platform supports MGO and more than 100 other currencies that can be used by 700 different payment providers
Who all are using MGO today?
More than a dozen different teams are currently actively converting and benefiting from the use of MobileGo tokens on the Xsolla platform. Till date, the volume of MGO that is being moved is close to one quarter million dollars regularly. More teams are expected to favor operations involving MGO tokens, rather than fiat, as the popularity of MobileGo and global awareness increase. It is therefore quite probable that MGO will account for nearly 30% of the monthly volume of Xsolla in the very near future. As already mentioned, Xsollas has a monthly turnover of nearly 100 million dollars.
Let’s take a closer look at why teams and game developers prefer MGO over other options.
Why MGO is the preferred currency for game developers.
Generally speaking, when it comes to fiat currencies, game developers and producers take a while to actually get the money they earned through their hard work. It is not unusual for this process to drag out and finish for weeks or even months. In addition to the occasionally enormous time frames, it is important to consider that contractors, salaries and equipment must also be paid. Add the heavy transaction fees and commissions that accompany all fiat-based operations on top of the waiting game and you have game developers who walk away much less than they earned.
In contrast, using MGO for payouts is much faster, more cost-effective, safer and easier than other commonly used payment methods. Once funds have been received, the withdrawal process is as easy as making a few mouse clicks, requires little know-how in technology and you have your funds within 20 minutes. The best part of it? No embarrassing fees and commissions. MGO tokens may be sent to most Ethereum-based asset supporting cryptocurrency wallets. However, many people prefer to remove MGO directly from crypto exchanges, mainly Bitforex and Bitfinex behemoths.
Once the MGO tokens have been removed, users have complete control of their assets. They can be converted to popular cryptocurrencies like Ethereum, Bitcoin, USDT on exchanges that support or swap MGO tokens directly to fiat currencies.
What’s the future for MGO?
During the past year, MGO tokens have become extremely popular with game developers and cryptocurrency enthusiasts. The token volume has steadily increased alongside the projects overall market capitalization ($25 million at the time of this writing) and developers around the world are have started relying more and more on the currency on a daily basis.
This undeniably sets a precedent and gives both the MGO and the Xsolla ecosystems a bright future. As the token shows more and more demand from game devs for their profits, the price of tokens is expected to continue to rise. The value currently held by MGO tokens is based on actual cash flow, use cases and real-world applications in the thriving gaming industry, which together with MGO continues to gain momentum and grow in popularity and value every day.