DMarket Blockchain Marketplace Founder Talks Booming In-Game Item Purchasing Industry
Earlier this year, a Counter-Strike: Global Offensive player spent 60,000 US dollars on an in-game item which seems crazy to non-gamers, long-time members of the gaming community understand the appeal of in-game skins, especially when it comes to games like the hugely popular Counter Strike: Global Offensive, which sold more than 25 million copies since its release in August 2012.
“People trade up to 50,000 times per day on one of our platforms. There is a huge demand,” explains Vlad Panchenko, founder of DMarket and Skins.Сash. DMarket is blockchain-based marketplace for buying, selling, exchanging and collecting in-game items, and Skins. Cash is a global market for instant in-game skins sales.
Just like a highly demanded comic book, dedicated gamers will pay a hefty price for a rare in-game item. The skin that sold for a cool sixty grand may be an extreme example but that is just the tip of the iceberg.
Hidden Demand for In-Game Items
There is a hidden demand for in-game items trading, and hundreds of billions of dollars behind it that “wolves from Wall Street” haven't identified yet. Newzoo latest Global Games Market Report forecasts that 2.3 billion gamers across the globe will spend 137.9 billion US dollars on games in 2018. These numbers include in-game assets buying and selling. At the same time, only 6% of the global video game population, or up to 150 million players trade in-game items. Most of them belong to ecosystems like Steam.
Currently hundreds of millions of gamers are looking for an open way of trading where they can finally make money off the virtual goods from their favorite games. Their voices, which grow daily, have largely been silenced – until now.
This is where Panchenko's in-game marketplace comes into play. Utilizing blockchain technology, his latest company DMarket is giving an opportunity to the gamers worldwide to monetize their time spent in game. Blockchain technology and the solution based on it they offer bring the gaming industry to a whole new level, where the developers gain an additional source of revenue, entrepreneurs pioneer digital ventures, and gamers trade across platforms and titles, bringing different groups together while evolving to the demand of games as a service.
Unlike traditional game marketplaces, thanks to blockchain users have full ownership of their in-game items. As every blochainized virtual asset on DMarket is assigned a proprietary hash, which tracks your item's history. This is all fully visible and open to the public, which prevent scams from taking place, and with Steam dedicating an entire webpage to the topic of trade scams, this is evidently something gamers worry a lot about.
And signs point to his vision succeeding. DMarket captured the attention of high-profile companies, with big names in the gaming industry like Unity Technologies, 4A Games and Xsolla agreeing to partner with him raising 19 million dollars and Panchenko points out that this led to “a huge boom of gaming ICOs around the same time.”
“We will do many amazing things for the gaming industry as Visa did for banking sector long time ago,” adds Vlad Panchenko.
Virtual Reality in Real World
Today the gaming industry occupies 2.3 billion people's minds across the globe. With VR technology becoming increasingly accessible and non-gamers becoming more enthralled with the idea of virtual reality systems like the Oculus Rift, it may not be too far of a stretch to say that we are on the cusp of a new reality, one where in-game assets could be treated and traded like stocks just like in the movie Ready Player One. Are you Ready?