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NextPlay Technologies Inc. (NXTP) is gaining in the Current Market; here is the reason

NextPlay Technologies Inc. (NXTP) stock is gaining in the current market after announcing the acquisition of goGame. NXTP stock values at $0.47, gaining more than 17% from the previous close. NXTP stock closed at $0.40 with a trading volume of 377.63K shares.


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Global Online Gaming Market Dynamics

The online gaming industry has seen a boom since the covid-19. When the pandemic happened and everyone was restricted to their homes, the gaming industry saw a significant gain. During this period, cloud gaming, Augmented and Virtual Reality technology saw a significant boom.

The rise of metaverse, cryptocurrency, and NFTS has significantly impacted this industry as some games in the future will start cryptocurrency in in-app purchases. Seeing the boom of these technologies, even Facebook has changed its name to Meta. The rise in the competition will give a boost to this industry.

In 2021 the global online gaming industry was worth around $118.19 billion. It is forecasted that the global online gaming industry will be worth around $273.9 billion in 2028, with a compound annual growth rate of around 12.8%.

NXTP Acquired goGame

NextPlay Technologies Inc. (NXTP) announced that it had finalized the purchase of goGame’s gaming assets and intellectual property.

With this acquisition, the company has access to 37 different casual games ranging from arcade to strategy on the goPlay new-generation game publishing platform. Toward the end of the year, NextPlay intends to have its HotPlay in-game advertising (IGA) technology integrated into all 37 goPlay titles.

To help game creators better collect and process user payments, NextPlay purchased from goGame an indefinite license to goPay, the company’s payment aggregation service. Carrier billing, in-person payment, e-vouchers, bank transfers, and e-wallets are included in this category. NextPlay’s current payment capabilities are further enhanced with the addition of goPay technology, which provides access to a broader range of worldwide payment providers.

Conclusion

The acquisition of goGame will help NXTP reach more audiences and increase its market share in the gaming industry. NXTP will also make good use of the newly acquired gaming payment aggregator.

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