Blockchain and gaming seem to mix quite well on today’s market. More publishers than ever gain the heftyest of revenue out of in-game purchases. This also opens some doors for gamers to sell items and digital goods inside online communities. What has been so far missing in this equation is a zero-fraud marketplace for them to trade these products. Enters blockchain.
The Gameflip platform already exists and allows users to trade in-game products and games among themselves. Digital products on their platform range from small items like weaponry, avatars and actions in some of the popular online games to games and game accounts and loads. So far, the most expensive items available on the platform are sold for 2 500 USD for all obtainable items in Rocket League. The trades can be made for actual cash or for other valuables inside popular games.
They are just now turning towards blockchain to create a more steady and liquid market for digital goods. The development team is based in Sillicon Valley.
First and foremost, you need to consider Gameflip is already an established niche market, with over 2 million users who buy and sell gaming products.
“Globally, gamers purchase over US$100 billion of digital goods each year. Most of these digital goods are locked within individual games, and gamers lose all of their value when they stop playing that game.” the website of the ICO explains. Within their platform, they allow gamers to make an extra buck for playing some of the popular games with high demand on the market. The developpers plan to introduce their platform to blockchain on an ERC-20 token interface to allow for better transparency and avoid fraud. “Game developers and publishers will be given open-sourced plug-ins and software development kits (SDKs) from Gameflip for integration.” they explain.
This opens up great potential, as it creates a “zero fraud environment” for users, which also makes the token a utilitarian currency. Moreover, with the extra degree of security and reliability, game publishers will be able to sell in-game products on this platform.
“Gameflip has already been at the forefront addressing the largely unmet demand for liquidity for digital goods. Prior to the advent of blockchain technology, we have already built the most comprehensive centralized digital goods marketplace platform and have witnessed tremendous growth in the platform for the last two years. Now, with blockchain technology, our new decentralized ecosystem will enable ubiquitous liquidity for digital goods, unlocking exponentially more value for the gaming market and its participants.” They state in their whitepaper.
We are talking about a sizeable market. According to Newzoo’s latest study, 2.2 billion gamers will generate 108.9 billion USD in 2017. Projections for 2020 are at 128.5 billion dollars.
GameFlip – The token
The token is called FLIP and will start the main sale on the 28th of November and ends of the 30th of December. FLIPS are not available to US citizens.
They accept ether, with a minimum purchase of 0.1ETH and hope to raise 30 000 ETH by the end of the sale in order to develop their product.
Their bonus system ranges from 10 to 20%. One ether can buy early birds up to 240 FLIPS (the price of one FLIP will be 0.005ETH)
The supply will be capped at 100 million coins, with 43 200 000 coins available during the presale and ICO. The company will retain 14 million coins for themselves. Most of the tokens sold will fuel their network growth and promote adoption, with 40% dedicated to product development (including smart contracts, wallets, SDKs, plugins and other updates).
It is important to note that the 14 million coins retained by Gameflip will be unlocked in 3 slates, starting January 2018.
Considering the platform is already available and is only missing the smart contracts integration, the product should be out relatively soon. The portal for game publishers will be launched by the third or fourth quarter of next year.
Benefits of the FLIP decentralized ecosystem
Real Ownership of Digital Goods
- Gamers can own and securely store their digital goods on the blockchain
Transact Instantly without Fraud
- Gamers can freely buy and sell their digital goods instantly and safely with smart contracts
Substantial Incentives for Game Publishers
- Game developers and publishers will have new revenue streams and substantial incentives to adopt FLIP
Free and Open-sourced SDKs
- Developers can independently build tools and benefit from having their tools adopted by users
The most important thing to keep in mind about Gameflip is probably that it’s already an established market covering a real need. Translate all of the items gamers gather inside a game like WoW into hours and hours of gameplay, and you will understand the value they have on this out of the ordinary market. The introduction of a blockchain could really be a great addition for these players, as they have more secure means to sell these products for actual money and turn those hours of play into revenue, without the fear of being scammed.