More power to the gamer! Imagine a blockchain-powered, cross-universe, in-game currency paired with a multi-game marketplace that turns in-game items into digital assets of true transferable value. Introducing GamerToken.
As the gaming industry continues to boom, in-game economies are growing at incredible rates. Billions of dollars-worth of virtual items are sold inside games annually. This is largely thanks to ‘skins’ — purely cosmetic game items that can sell from $1 to more than $60,000. It’s had such an effect that publishers are increasingly opting to release games for free so that they can generate income off these cosmetic-based economies. The rise is fuelled further by the growth of live-streaming, and esports. Despite this boom, the market has developed inefficiencies and oddities: several companies monopolise the market, third party marketplaces capture all of the value in secondary trading, non-professional gamers are rarely able to monetize their gameplay; and gamers’ valuable in-game assets are trapped inside specific game-worlds with no way to transfer them elsewhere. Using blockchain technology, GamerToken aims to ‘change the game’ so that the industry’s growth benefits everyone, not just a select few.
What’s the Problem?
The status quo currently only works for a few big publishers, not for smaller publishers, game developers, or gamers themselves. Gamers dedicate huge amounts of time to improving their characters’ appearances, which then becomes insignificant when they change games. Despite putting countless hours into acquiring valuable in-game items, the opportunities to sell, trade, or transfer these virtual assets are either non-existent, inefficient, or insecure. We don’t think that’s right — we can sell assets in the real world, but when it comes to in-game assets, players are largely powerless. It’s like having a full bank account that you’re only allowed to spend on fishing equipment, even though you’ve moved onto golf. With the advent of GamerToken and our later introduction of a ‘Global Marketplace’, that’s all going to change.
What is GamerToken?
GamerToken is an ERC-20-compatible, Ethereum-based, utility token powered by smart contracts. They will be earnable through in-game achievements, the sale of items/accounts, and direct purchase on a multi-universe, global marketplace. GamerToken will become the cross-game currency that unifies game economies and allows for hassle-free, secure trading of in-game items and virtual assets. Just as we can sell and trade unwanted items for money in the real world, gamers will be able to sell and trade items for GamerToken across gaming worlds.
“GamerToken will become the cross-game currency that unifies game economies”
We also want to provide developers the ability to enhance the security and uniqueness ofrare and high-value items. To accompish this goal, the GamerToken ecosystem will adopt the ERC-721 non-fungible (NFT) token standard. Non-fungibility is akin to uniqueness, just as rare pieces of art are described as ‘one-of-a-kind’, ERC-721 allows for the same verified rarity for high-value virtual assets. There is a booming market for high-value skins and other cosmetic items, with some selling for as much as $60,000 dollars. Unsurprisingly, these large price tags attract scam artists and the trade of them is insecure, opaque, and burdened with high fees. Whereas in the art world, collectors could hire experts to authenticate purchases, collectors of rare digital assets do not have access to the same service.
Using ERC-721 tokens, we can provide that service. The adoption of the NFT standard protects items’ value and allows for whole new dimensions of trade. Non-fungible in-game skins’ value will be heightened and ensured because gamers can trust in their verifiable scarcity, no longer burdened with worries about fraudulent trades or publishers creating copies thereby diluting their value. For many gamers, the option of being able to buy a verifiable skin worn by an esports pro in a championship game is a pretty exciting prospect. That can now be a reality with smart contract powered trading and non-fungible items.
The Global Marketplace
To unify in-game spending and trading, we have a bold vision. We’re creating a ‘Global Marketplace’ where gamers and developers will be able to list, buy, sell, and even design in-game items in a neutral, decentralized marketplace, powered by a single, global cryptocurrency — GamerToken. With Ethereum’s blockchain technology, we’ll ensure that the system is trustworthy, secured, transparent, and community oriented.
On the GamerToken marketplace, our use of the ERC-721 standard allows the marketplace to be used with unique, non-fungible digital assets, giving gamers the opportunity to have a superior sense of ownership and security over their valuable in-game items. Non-fungible assets can be issued by developers in limited quantities and are verifiably scarce, making them the perfect use case for exclusive in-game items.
What are the Advantages of GamerToken?
GamerToken gives the power back to gamers. They’ll gain the ability to exchange hard-earned, in-game wealth between games. GamerToken provides a way of monetizing gamers’ passion and rewarding their achievements. Items earned in games, will become value earned in life.
The benefits of the GamerToken do not only help gamers, it will also benefit game developers and publishers by allowing them to create enhanced items and capture additional value that has been lost to third party markets. GamerToken will be industry-wide, allowing any game developer and publisher to join the ecosystem.
When gamers spend, publishers and developers benefit. When virtual assets are transferable, gamers will experience less friction when migrating between games, making them more likely to do so, ergo spending money in the process. What’s more, players will be more likely to buy items, knowing that they can sell or trade them later. Furthermore, every time an item is sold, a portion of the proceeds of that sale will be transferred back to the original creators, thus incentivising creativity and the further growth of this cross-game economy.
“The GamerToken will be industry-wide, allowing any game developer and publisher to join the ecosystem.”
GamerToken has the potential to revolutionise the gaming ecosystem. Gamers will acquire the ability to earn real in-game rewards from selling game items while providing financial value for developers and publishers. By adding verifiability to the rare-item trade, developers can create true digital scarcity in their in-game economies. GamerToken will create a unified, global, gaming community that benefits all parties. The way people pay and play for games is changing, GamerToken is going to be at the forefront of that trend.
Visit the homepage to learn more and try out the prototypes: https://gamertoken.com