DMarket is about to change in-game item economy
DISCLAIMER: This is a guest post by DMarket. The information provided in this post is the responsibility of the writer.
Every day, about 2.3 billion people all over the world use their gadgets to play games. This community is forming an industry that reached $100 billion in turnover in 2016 and continues to boom.
A distinct sector of the whole game industry economy is in-game item trading. Veteran gamers are taking the process of hunting for new skins, armors, weapons, and other treasures very seriously, but not everyone can make a profit off the time they spend in-game. Only 6% of players have access to trading opportunities, because only a few games offer them such a function. Even fewer platforms provide cross-gaming trade between those games. There are currently thousands of games where people can potentially trade and exchange digital items. But they don’t, as game developers are not able to provide local trading markets for each game.
It might seem weird that this market gap stood empty until now. But there are a few key issues that locked the in-game item market before. The first one is the lack of technology. During a typical trade, hundreds of thousands of databases from every game and every publisher have to be synchronized with each other. Who could possibly guarantee that things go smoothly during this process?
And the second issue is the risk of third-party interference. How do you ensure the security of transactions if trading platforms are like magnets for scams?
DMarket’s project found a loophole to resolve both issues. Using blockchain technology and smart contracts, DMarket created the first decentralized, global marketplace for trading digital items.
Blockchain technology is used as a decentralized data storage unit, and at the moment the system is being developed on Etherium, but in the future this platform will be replaced by the company’s own blockchain solution.
DMarket is developed as a very high-load system ready to offer its services to billions of users—the owners of thousands of virtual items.
Like every other ICO project, DMarket has its own currency: DMarket tokens. This will be the only currency for in-game trading, and the number of tokens will be limited.
The first DMarket token sale launched in August 2017 and brought $10.9 million in investments, with the exchange rate of 1000 DMarket tokens for 1 ETH. The community demonstrated significant demand and interest in the project.
The second token sale phase will start on November 3rd. It would be the main and final sale after which tokens won’t be launched for sale anymore.
When 2.2 billion gamers join the economy, the annual turnover of game content will exceed $450 billion in monetary terms. With every new trader and every new game coming to the platform, the DMarket token capitalization rate will rise.
Future of the virtual item market
DMarket is building a new economic segment where collaboration between gamers and game developers will be naturally regulated by market demand. Within such a framework, gamers have their own interest in collecting rare items, and game developers are interested in creating and maintaining unique, relevant, and tradable gaming content.
DMarket aims to give each gamer an opportunity to buy, sell, or exchange any item from any game he or she wishes. That’s why the project is actively working on signing contracts with leading game developers and publishers. Recently, a number of prominent game studios have joined the project, including 4A Games (Metro 2033, Metro: Last Light), GSC Game World (S.T.A.L.K.E.R, Cossacks series), and Tatem Games (Carnivores, Vivisector, Cryostatis).
What is more, the digital trading space won’t be limited to the DMarket site only. The project will share its API with businesses to be integrated into popular online stores, used as payment for goods or services, as a loan, or as an exchange instrument.
With the development of DMarket, the whole in-game item economy will change. Virtual items that couldn’t been sold will turn into valuable assets. Gamers who spend their time mining rare armor will get the feeling that their time is not wasted anymore, and therefore, they will be ready to dedicate more time to their favorite games.
DMarket creates an economy in which investors have to consider deeply what they should to invest in: a real ancient vase in a museum or virtual collectible skins.