“With the announcement of two working demos, we’re proud to say we have just taken two large steps closer to our end-goal — unifying gaming economies with a universal marketplace. We hope to empower gamers with the ability to earn blockchain-powered, Ethereum-based tokens through both in-game achievements and the sale of unique virtual assets. In preparation for our upcoming crowdsale, we’ve release working demos to showcase key features of the GamerToken vision.” — Jens Knauber: CEO
GamerToken — The Brief
GamerToken is a ERC-20 compatible token that will be used to reward players, improve the security of in-game transactions, and provide new revenue streams across the gaming ecosystem. Time spent advancing characters, stimulating in-game economies, and being an active presence in online worlds increases the network value of games and we believe gamers should be rewarded for this effort.
In addition, we are building a decentralized ‘Global Marketplace’ for the exchange of virtual gaming assets. As well as our standard token, we are introducing ERC-721 tokens for game developers to be able to create enhanced cosmetic items. ERC-721 powered assets allow for the verification of unique items, thereby creating new value to the multi-billion-dollar, in-game-item economy by introducing true digital scarcity.
Working In-Game Prototype
Gamigo Group, one of the most established game publishers in Europe, is a GamerToken launch partner. While Gamigo eventually plans to integrate GamerToken across its portfolio, it has started with creating a playable test server on one of its most long-standing titles — Fiesta Online. Fiesta Online is a popular, fantasy MMORPG. All play/progress on the test server will exist independently of the original game.
On this test server, players will receive a demo wallet, credited with free demo tokens. Further tokens can be earned through in-game actions like character creation, finishing the tutorial, logging in, slaying monsters, and completing quests. Once players receive demo tokens, their wallets will be automatically updated. They can then spend these tokens in the in-game shop and exchange them for in-game currency. Any transactions made will be viewable on the blockchain.
The second demo gives a taste of our ultimate goal, a universal marketplace for the virtual design and exchange of goods. Whereas current mediums for exchange are unreliable, inefficient, and insecure, the global marketplace will be a neutral, decentralized, online market that promotes free trade and returns power to the players. Players will be able to transfer their digital wealth as they try new games in the GamerToken ecosystem. This digital assets marketplace will function based on a traditional API, giving game industry participants the backend tools they need for creating and listing unique (non-fungible) game items. A portion of the proceeds from item sales will be allocated to the game developers or publisher who originally created or licensed the item.
We want to provide game developers with the ability to enhance the security and uniqueness of their game’s cosmetic items. This use of tokenized virtual assets relies on the ERC-721 token standard. By using ERC-721, game developers are able to provide cryptographic verification of items that are non-fungible. Non-fungible token (NFTs) are uniquely scarce and identifiable on the blockchain. Rare items, such as legendary skins, will be able to be issued in limited quantities, making their value dependent on their supply and unique history. By offering a mechanism for verifiability, we empower traders with the ability to ensure scarcity in an ecosystem that is currently awash with fraud and uncertainty.
Additionally, traders of rare items will no longer need to worry about the dilution of their items’ value through the creation of copies; their items will be truly distinct and their security tied to ownership of a wallet. Powered by smart contracts, users will be able to securely buy, sell, and trade in-game assets with full confidence in the trade’s execution and item’s rarity. Rare items, like ‘skins’ worn by esports professionals, will be tradable in a secure, transparent setting. Legendary skins could be created in honor of world champions or popular Twitch streamers which can then be tracked as they’re traded throughout the community.
Demo-users will gain the ability to buy, sell, and trade these unique tokenized assets, thereby getting a flavour of the future of in-game asset trading.
We hope you’re as excited about GamerToken as we are. We’ll be posting blogs regularly showcasing future Marketplaces features and upcoming partnerships . If you would like to join the GamerToken movement, you can try the demos at GamerToken.io.