Over the last decade, the gaming industry has innovated business models and grown exponentially with a market size reaching $100 Billion in 2016.
However, it still has massive momentum and is expected to grow a further 25% by 2020.
Trading virtual assets is the next big deal in the gaming industry, however, in its current form, it is far from simple and standardised.
At Virt-U, we are creating the first decentralized trading platform for developers to accelerate the future of gaming; and an easy to use plug and play trading platform is a necessary element. Let’s compare the current state of “play” with the future with Virt-U!
The largest platform for trading is currently Steam.
Through Steam, it is only possible to trade for other games that are featured on Steam. And if a player wants to buy an item that is listed on the Steam market he has to pay a large fee. Moreover, whenever a player sells an asset all they get is a steam credit which can’t be transferred.
Secondly, if a player wants to sell their steam assets for money they need to use a third party website, such as OPskins. They would have to transfer their assets to a trading-bot, which will then get listed on the website.
All in all, it is a long and unregulated process to get assets listed on third-party websites. It is riddled with fraud and open to unregulated and underage gambling.
Finally, it does not benefit the developer.
The other big issue with the current asset trading model is that there is no cross-platform and cross-game trading. If a player wants to trade their assets from PC to console it wouldn’t be possible in the current state. Also as it a complex process which does not benefit the developer many games do not have to trade at all.
Let’s take for example Overwatch, a cross-platform game, and CS: GO, a PC game.
Currently, Overwatch, and many other games, have not implemented trading as it is a time-consuming process. This makes for it that cross-platform trading is not possible, but also not even only cross-game. What does this mean?
Trading is a largely unregulated $4 billion market. However, the total turnover when all games are enabled could be in excess of $450 billion.
So the present model fails on many fronts.
The Virt-U Network marketplace (built on the public Ethereum network) allows developers, creators and players to participate, by trading, lending, renting and selling digital assets and together with virtual patrons and sponsors can incentivize and commission creators to create virtual-assets by tokenizing assets.
Players will also be able to offer services and benefit from the skills they have learnt in the Virtual World. And equally importantly developers are rewarded allowing them to improve and enhance their games.
The Virt-U platform can essentially be used to register, trade and offer anything.
Creators will be able to list their assets. For instance, a player builds an island in a sandbox game, that person would be able to register it on the Virt-U platform and then trade or lend or rent or sell that island to someone.
Virt-U’s platform will enable users to trade cross-game and cross-platform when the simple to use API is implemented by the developers. Trading will all be executed over the blockchain ensuring trust and security.
Now the users are able to trade cross-game and cross-platform by using Virt-U.
Our protocol can be used for any given digital asset such as software, music, movies (and others) that can be created and traded online in addition to the trading of specific game assets, add-ons, and even game-collectables.
You might be asking, why would a game developer want to implement the API? First of all, it results in highly motivated players and engaged players, which will then spur the sharing economy which our founders have proved can deliver:
● An increase in organic growth
● More frequent player sessions
● A substantial increase in user retention
● More engagement and most significantly
● Increased monetization of all types
We hope this helped you to understand what we are building and that you are as excited as the Virt-U team.
For more detailed information, please visit our article on the Virt-U Platform.