Monero (XMR) News – Is Monero’s gaming push paying off?

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In January 2019, Monero (XMR) made the Big Bang announcement that it will be tying up with the Xbox gaming team. It will become the first official cryptocurrency for the fortnite game. Fortnite has millions of followers all over the world. It has millions of players playing the game daily. That is why it was expected to be pretty big for Monero. Finally, it was stepping into the gaming industry. Let us now understand how it has fared since then.

Is Monero’s gaming push paying off?

At the start of this year, Monero (XMR) was trading around $ 46.23. Currently, it is trading around $ 66.91. It clearly indicates that the year-to-date, it is up by 44%. While all of this cannot be attributed to the fortnite tie-up but the prices certainly moving up. On the other side, when you look at the volumes, they have risen from around $ 11 million daily to $ 40 million currently. There have been quite a few peaks in between as well. It clearly indicates that the actual use of Monero (XMR) is going up as well.

Monero (XMR) is being used by fortnite followers and players to purchase a variety of items in the game itself. It clearly indicates that Monero might gain more traction in the gaming industry. Since it is anonymous and fungible, there is simply no way to track those transactions. It is one of the main reasons why the applications of Monero (XMR) are much further than just in the fortnite game. It can appeal to gamers since it provides entirely anonymous transactions.

While fortnite pushing the gaming industry might not be bringing it some results right now but it is undoubtedly increasing its volumes as well as price. Over a while, as it partners with more players in the gaming industry, it can indeed appreciate in a significant fashion from the current levels as well.

It is already working in various industries to increase its partnerships. Another tie-up was with Trippki hotels. The hotel company will now allow its guests to pay using Monero (XMR). It will mean that the guests can pay in an anonymous transaction medium which certainly provides them with an incentive to use Monero.

With the increasing circulation of Monero (XMR), all the bets for Monero (XMR) are paying off cumulatively. It is yet to be seen whether it can expand its footprint into the gaming industry further or not. For now, however, its partnership with fortnite is certainly going strong.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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