Switex aims to create the first independent virtual goods market. Find out how it plans to do that today in our review.
What is Switex?
Switex, found online at Switex.io, is a decentralized marketplace for games and virtual goods. The platform was founded with the goal of creating the first independent virtual goods market. That market is designed to be fair, safe, and modern while allowing participants to buy and sell all types of games and virtual items.
Gamers, game developers, and publishers can all profit fairly from the Switex ecosystem. The marketplace is also designed to be a legal market where participants can securely transfer the ownership of virtual goods. Switex wants to “encourage the recognition of virtual goods as property and thus being fully acknowledged legally.”
Switex is being developed by a Hamburg, Germany-based team. The platform has not yet been released. However, the website has an entry form where publishers can submit their game to the platform to begin a partnership.
How Does Switex Work?
The main goal of Switex is to create a platform where gamers can buy and sell virtual items, positively converting the time and effort they have spent gaming. A number of popular games will be supported by the platform, including PC, console, and mobile games.
Game publishers, on the other hand, can connect their games to the platform to enjoy benefits. Switex offers an individual store for publishers where game makers can release new virtual items to a motivated marketplace. Publishers can also control how their virtual goods are sold. They can release certain items as a country-specific offer, for example, or only allow certain goods to be sold on the platform.
Overall, Switex aims to combine the advantages of secondary markets – like eBay – with the potential of a prime market. “Our aim is to give every Switex’ participator control over the market in order to create an independent, legal, and flourishing ground for virtual goods,” explains the official website.
The end result is an ecosystem where virtual goods across many games and platforms can be bought and sold as real, valuable assets.
Switex is emphasizing the following features in its virtual goods marketplace:
Modern & Safe Market:
Switex wants to establish a safe, fair, and modern market for all kinds of games and virtual goods, including for PC, mobile, and console games across all genres.
Easy Sell and Buy Process:
Switex emphasizes ease-of-use, making it easy for developers to sell and buy games.
Switex wants to create an ecosystem where all parties involved in the gaming industry, including gamers, publishers, and developers, can profit and participate fairly.
Objects of Value:
Switex wants to encourage the adoption of virtual goods as real items of value, with the ultimate goal being the promotion of the legal status of virtual goods.
Who’s Behind Switex?
Switex was founded in January 2017. The company was formed as a partnership between NAGA Group and Deutsche Börse. NAGA Group is a Hamburg-based fintech firm, while Deutsche Börse is one of the world’s largest exchange organizations.
The company is officially named Switex GmbH and is registered in Hamburg. Key members of the team include Chris Brück, CEO (and Executive Director at NAGA Group).
Switex is an upcoming virtual goods platform for the gaming industry. The platform was created with the goal of making it easy to buy and sell virtual goods across many different games and genres. It’s in development by NAGA Group, a Hamburg-based company, in partnership with Deutsche Börse.
To learn more about Switex, visit the platform online today at Switex.io. No details about the platform’s whitepaper, token sale, or other information have been posted online at this time.