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New Study Shows Gamers & Game Developers Eager for a Free Market Virtual Item Economy

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New Study Shows Gamers & Game Developers Eager for a Free Market Virtual Item EconomyReading Time: 4 minutes

 

86% of Game Developers Believe Tradeable Virtual Items Will Be Even More Important in Future Games

 

Video gaming has become much more than a hobby for players worldwide. From professional eSports teams to lucrative streaming careers, the gaming industry has evolved tremendously over the past decade. Today, there are roughly 2 billion global gamers who spend over $100 billion on gaming every year, and the majority of this revenue stems from the purchase of in-game items. For example, Fortnite has generated $1 billion in revenue entirely from in-game purchases. While the amount of money players spend on these digital items is staggering, in most cases, the game creators retain ultimate control over what players can and cannot do with the items they purchase. For example, many prohibit the transfer of item ownership and restrict item’s use to a certain game or platform. They can also revoke or ban access to the gamer’s items at their discretion – regardless of how much money the player spent on them. In the end, gamers do not truly own the content that they purchase.

True Ownership – A Future that Appeals to Both Players and Game Creators
To examine this ecosystem in-depth, Worldwide Asset eXchange™ (WAX) commissioned a study of 500 game developers and 1,000 video gamers in the United States. WAX’s study found that the video gaming community wants more freedom and flexibility over their in-game virtual items, a concept known as true ownership of in-game items. Interestingly, it is not just gamers – game developers want this future too.

True ownership of in-game items – defined as allowing players to buy, sell, trade and use their items with no restrictions from third parties – enables a free-moving virtual items market.

Blockchain Technology Makes True Ownership Possible – and Billions of Dollars’ Worth of Items Even More Valuable
Thankfully, the inception of blockchain technology is radically changing the status quo of video gaming and outdated ownership protocols. And the WAX Blockchain is purpose-built to make true ownership of in-game items a reality. WAX’s study found that game creators are currently missing out on a valuable market segment by failing to enable true ownership of digital items.

For example, 68% of gamers said that they feel players deserve to truly own the items they purchase. Combine that with the 66% of game developers who said virtual items are a pivotal component of their game’s monetization strategy and item value is being suppressed by publisher or developer control. While in-game items currently play a key role for game developers, 86% believe tradeable virtual items will be even more important in future games than they are today.

Gamers and game developers alike see the benefits of allowing players to freely buy, sell and trade their virtual items. According to the survey, 69% of game developers believe when items are freely tradeable, it increases the value of those items, and 62% of gamers feel having the flexibility to transfer virtual items from game-to-game would make spending money on those items more worth it.

And, nearly three-fourths of gamers said they would purchase virtual items if they could use them in multiple games – which is made possible by true ownership. Of game developers surveyed, 84% would create cross-compatible in-game items if the technology allowed them to do so.

“True ownership of digital items is the future of video games. Players and game developers are both eager for a free-moving virtual item market, and the community’s interest will shift towards games that offer this,” said William Quigley, CEO of WAX. “By enabling cross-compatibility, which is made possible by true ownership, game developers can stand out from the millions of free-to-play games created every month and attract the most valuable segment of players to try out their game.”

The Future of True Ownership
WAX found that over half of game developers cited marketing as the highest unforeseen expense in game development. Developers are starting to see true ownership of items for what they could be in the future – the perfect customer acquisition tool. Developers of free-to-play games that enable cross-compatibility of items will attract players who are already proven to purchase in-game items. Since they’re proven to be purchasers of in-game items, they have a much higher propensity to buy more from a new game than players who never spend money on in-game items.

Moving forward, as companies search for new ways to keep their community engaged, it is clear their adoption of blockchain technology and true ownership will play a key role in their success. WAX’s study shows that the emerging market for true ownership of digital items is too important to ignore and the video game community is looking for platforms that offer these opportunities. With WAX’s purpose-built blockchain technology, this future is finally becoming a reality.

 

About WAX (Worldwide Asset eXchange)
WAX is the world’s first blockchain built for global e-commerce. WAX’s patent-pending blockchain e-commerce platform is the safest and most convenient way to create, buy, sell, and trade virtual items – to anyone, anywhere in the world. The world of digital ownership today is defined by its restrictions. WAX is building a future to where it will be redefined by its freedom. WAX is creating a full suite of blockchain-based tools that allows anyone to trade digital or even physical items instantly and securely, to anyone, anywhere. Participants of the Worldwide Asset eXchange gain access to a global community of collectors and traders, buyers and sellers, creators and gamers, merchants and game developers.

Worldwide Asset eXchange™, WAX are trademarks and the sole property of Worldwide Asset eXchange. All other registered or unregistered trademarks are the sole property of their respective owners.

 

Source: WAX

Source: Latest News at European Gaming Media

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Breaking News: Dutch Senate votes to legalize online gambling

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The Netherlands Senate voted today in favor of the country’s long-awaited online gaming legislation, which was approved by the House of Representatives back in 2014.

The new regulatory regime will allow operators to secure online sports betting and casino gaming licenses to serve Dutch consumers, subject to secondary legislation that is yet to be submitted for European Commission approval.

Today, the Dutch Senate voted in favor of legislation to legalize internet-based gambling, clearing the way for foreign and Dutch firms to apply for licenses.

On Monday, the Financieele Dagblad said some 300 companies have expressed interest in running a gambling website in the Netherlands and about 50 are expected to make a formal application for a license when they are up for grabs next year. Tuesday’s vote comes two years after the lower house voted in favor of allowing third parties to legally offer online gambling.

Holland Casino is the Netherlands’ only state-regulated gambling establishment but foreign firms widely flout the ban and continue to target Dutch punters.

The two Christian parties in the ruling coalition voted against the legislation. They claim allowing more companies to offer online betting will lead to more problems with addiction.

Source: DutchNews.nl

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Breaking News: Dutch Senate votes to legalize online gambling

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BetConstruct attained a partnership with SA Gaming

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BetConstruct announces a new strategic partnership with an online entertainment platform provider in Asia – SA Gaming.

As a result of the agreement, SA Gaming’s various slots and live casino solutions will be integrated into BetConstruct’s platform. Around 30 slots such as The Guard, World Cup Fever, Red Dragon, Saint of Mahjong, Indiana’s Quest, Dragon Tiger, and others currently fulfill their gaming catalog.

“This is an important partnership for us, as a result of which our gaming portfolio will be enhanced with more Asian themed slots and live casino games, ” says BetConstruct regional director Lusine Khudaverdyan.

 

Apart from the slots, SA Gaming has a wide portfolio of live casino games famous in Asia. Following the partnership, we already support such games as Baccarat, Roulette, Sic Bo, Fan Tan and Speed Baccarat from our new Asian 3rd party provider. Together with SA Gaming we believe to provide premium gaming solutions for all our partner operators.

 

About BetConstruct

BetConstruct is an award-winning developer and provider of online and land-based gaming solutions with development, sales, and service centers around the globe.

BetConstruct’s innovative and proven offerings include an extensive range of products and services, including Sportsbook, Sports Data Solutions, Retail Solutions, RNG & Live Dealer Casino, VR Casino, Poker, Skill Games, Fantasy Sports, Social Platform and more. The latest addition is the industry-first complete management infrastructure, SpringBME (Business Management Environment).

All partners benefit from the BetConstruct Spring platform with its powerful back-office tools and all-inclusive services that empower operators’ growth and help contain their costs. From stand-alone set up to turn-key and white label solutions, BetConstruct offers its partners unfettered opportunity to succeed.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: BetConstruct attained a partnership with SA Gaming

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Bangladesh bans online gambling websites

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Bangladesh Telecommunication Regulatory Commission (BTRC) has asked all the internet gateway providers and Telecom department to run an internet safety solution programme to block online gambling websites. BTRC is believed to have received an instruction to effect the same from the country’s government.

The telecom regulator has sent the order to block the websites so that these websites will not be accessible in Bangladesh again.

“It might take few more hours to block all the sites completely as blocking any site is so technical,” said Md Emdadul Hoque, general secretary of Internet Service Provider Association of Bangladesh (ISPAB).

A top official of the BTRC said they have often found complaints from different sides about online gambling and that needs to block for the sake of safe internet.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Bangladesh bans online gambling websites

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