We’re excited to announce GamerToken’s token sale registration begins September 10th, with the sale commencing September 27th.
GamerToken has a big goal: they’re building a unified marketplace for in-game items on the blockchain. As any gamer can imagine, this would be a major boon to the current system of centralized, siloed in-game item trading and secondary markets controlled by 3rd party black markets outside the control of game developers. For those outside the gaming industry, digital asset trading within games has revolutionized the revenue model for the industry, resulting in many of the world’s most popular games being free-to-play.
The $100B Gaming Industry
In 2016, the global games market surpassed $100 billion in revenue, making it worth more than both the music and movie markets combined. This is on top of the fact that many of the world’s most popular games are free-to-play; instead of a traditional pay-as-you-go model, these games rely on in-game economies to generate revenue.
In-game assets, namely consumable items and cosmetic items, generate some of the world’s most popular free-to-play games upwards of $1 billion annually.
Despite this trend, the current market for in-game items is riddled with inefficiencies and the benefits are not being shared equally. Currently, a few large companies control the market and receive the lion’s share of this value. Gamers don’t benefit much either; they put countless hours into games they love (including into sometimes designing in-game items) but monetization is impossible for all but a select few.
To unify these forces at play, GamerToken is building a global marketplace for buying and selling unique in-game items on the blockchain. Gamers will be able to earn meaningful rewards for in-game activities, within a developer-friendly ecosystem.
In this marketplace, gamers can buy, sell and design unique in-game items. As with any token-powered network, their token GTX will be a transactional currency for the gaming world, which rewards players for their activities in-game. Their Marketplace API will allow large, traditional game developers to tokenize their rare items which will then be promoted by popular Twitch streamers and esports professional players.
The GTX Token
The unique digital assets on the marketplace, such as rare skins, will be powered by the ERC-721 token standard, giving gamers the ability to have verifiable scarcity and secure ownership of their valuable in-game items.
Both rewards in-game and items on the marketplace are priced in GTX, an ERC-20 compatible token powered by open-source smart contracts. GTX will power an industry-wide, open ecosystem that benefits publishers, developers, and gamers. Players can also choose to stake tokens to pre-purchase items and crowdfund new content.
GamerToken has already established key partners such as Gamigo, who publishes a number of RPGs and FPS games that use virtual in-game currencies, as well as international esports team Tempo Storm. In the coming weeks, GamerToken plans to announce additional game developer and esports partnerships to further strengthen its marketplace ecosystem.
To learn more about GamerToken’s mission, and the current state of video game economies, read their whitepaper.
To prepare for GamerToken registration, you can set up your account on the Token Foundry platform here.
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