This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below.
It may come as a surprise to many of those who are not in the gaming sector, but there is a huge marketplace for digital goods that are sourced and created within games. These goods are almost worth their weight in gold; except they’re not. Since they’re locked within specific games, they lose all value once a gamer stops playing.
Platforms like the Steam marketplace and Reddit forums have tried to address this challenge, but were only as successful as the unsecured and platform-specific transactions allowed. Enter Gameflip, the thriving online marketplace that’s taking the buying and selling of digital goods to the blockchain.
To take this on, Gameflip created FLIP, its Ethereum blockchain-based crypto token for buying and selling digital goods. Through smart contract-enabled transparency and security, the platform is securing and streamlining the process of selling goods, like guns, knifes and skins, and turning them into liquid assets. As they build out their network, they’ve become the first marketplace to focus on creating a win-win scenario for gamers and game publishers alike. A win for both? How is that possible?
Flexibility in flipping digital goods
Despite the preconceived idea of gaming as a solo endeavor, it’s actually become a very social affair where people meet online to share an experience. But it has also evolved to a point where these same people want to have the flexibility to buy and sell their hard-earned goods.
Gaming is becoming a revenue-producing activity, and as such, is being taken quite seriously by gamers everywhere. But, as it stands, trying to flip your items in the traditional sense has many issues.
While the sale of direct-from-publisher digital goods generates healthy revenue of $94.4 billion, there’s a $1 trillion opportunity in enabling a liquid market for gamer-earned digital goods. In a centralized network where publishers are the gatekeepers to the majority of revenue, direct-from-publisher revenue streams are optimized, while peer-to-peer marketplaces remain weak and limited.
This is the niche that Gameflip is looking to fill. By moving its trusted marketplace to the blockchain and enabling a secure peer-to-peer marketplace where gamers can liquidize their goods, gamers will be incentivized to purchase more digital goods, which will increase publisher revenue.
Publisher incentivization for greater revenue
Publishers have been traditionally overlooked in the digital goods equation. As the gatekeepers, they control where their goods can be used, and whether or not they can be transferred. As such, it has been more profitable for them to keep goods locked in a game so that gamers have to continually purchase new goods. But Gameflip is incentivizing publishers to put their goods on the blockchain and get commission for every transaction of those goods. This winning move is making the transaction of digital goods profitable for everyone involved—and enabling uncapped revenue potential and a free-flowing marketplace.
Burgeoning technology for a burgeoning market
Like many things in the new age of blockchain, the technology is taking aim at different sectors that are in need of disruption. From the banking sector and investments being hit hard by Bitcoin to Ripple integration in banking system and Ethereum cutting out the middleman with smart contracts, blockchain is evolving markets.
The gaming market and its digital assets are growing. However, the marketplace itself has lagged behind the demand for a more flexible infrastructure. Now, Gameflip is changing all that, and giving hope that the Blockchain will open up even more opportunities for gamers in the future.