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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Thankfully, the inception of blockchain technology is radically changing the status quo of video gaming and outdated ownership protocols.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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Week 50 slot games releases

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Week 50 slot games releasesReading Time: 4 minutes

 

Check out this week’s latest slot releases from across the industry!

 

First up we’re gonna sail to glory in Blueprint Gaming’s Vikings Unleashed Megaways™! Set in the hazardous waters of the North Sea, Blueprint’s latest release sees the fearsome Viking warriors unleash their fury onto the reels, with 117,649 ways to win thanks to the MegaWays™ mechanic, under licence from Big Time Gaming.  “Players will need to be fearless in the face of battle in our latest slots release, Vikings Unleashed Megaways™. – said Jo Purvis, Director of Marketing and Relationships at Blueprint Gaming.

 

 Blueprint Gaming’s Vikings Unleashed Megaways™

 

This week Konami Gaming, Inc. announced the launch of its Concerto Opus cabinet following documented success at trial locations. “Konami has hit the jackpot on the new Opus cabinet. With the large single screen display, the graphics and bonus rounds really provide our players with an exciting experience,” – added Stacey Young, vice president of slot operations at Motor City Casino Hotel in Detroit, Michigan.

Konami's Big Screen Opus Machine slot

 

 

NetEnt released a super sci-fi slot called: Wild-O-Tron 3000 !Set in a 1960s robot lab, Wild-O-Tron 3000TM is a science fiction-themed video slot that transports players to a time when the genre was popularised. “Packed with cyborgs and transforming robots, Wild-O-Tron 3000 will resonate with sci-fi fans and gamers that love stacks and Wild symbol driven games,” – commented Bryan Upton, NetEnt Director of Game Products.

NetEnt's super sci-fi slot Wild-O-Tron 3000

 

 

We’re gonna explore the Russian folklore with the help of Quickspin in their latest slot: Ivan and the Immortal King! The video slot takes players back into the enchanted past of ancient Russian folklore.

Quickspin - Ivan and the Immortal King slot

 

 

Wazdan’s 19th HTML5 game release of the year, Slot Jam, is packed with fruity goodness. This is another new generation slot from the innovative slots-manufacturer which is attracting the attention of all the top operators and aggregators. Slot Jam showcases Wazdan’s world’s-first Volatility Levels™ that allow players to set the game to a low variance where the game has more frequent but smaller wins.

 Slot Jam from Wazdan

 

 

With Endorphina’s latest releases back to back, they definitely now how to keep us all on our toes. With this latest Lucky Streak 2 release, the ice and snow in these winter days can’t compete with Endorphina’s fire and hot wins! This game is absolutely perfect for those players who prefer easy game mathematics and some juicy and fruitilicous wins.

Lucky Streak 2 slot

 

 

Realistic Games is offering players the chance to explore the enchanted forest with its exciting new slot, Spin Dizzy. Filled with woodland magic including toadstools, pots of gold, and four-leaf clovers, the game promises to keep players spellbound with its mysterious features.

Realistic Games Spin Dizzy slot

 

 

Microgaming takes players to a world filled with magic and enchanted riches with Book of Oz slot! Brimming with fantasy, magic and adventure, the game welcomes players into a world filled with enchanted riches. Featuring Wilds, Scatters, Free Spins and Re-Spins, the fantasy themed slot encompasses whimsical art and captivating symbols. “We are extremely excited to release Book of Oz, our fifth game this year under the Triple Edge Studios brand. This has been the most fun we’ve had developing a game and the Re-spin feature is a brilliantly fun addition.” – explained Brendan Walton, Design Lead at Triple Edge Studios.

Microgaming's Book of Oz

 

 

Blockchain casino platform provider FunFair Technologies, is setting sail on the high seas in search of pirate plunder with the release of its newest title Bounty on the High Seas. Bounty on the High Seas sits alongside FunFair’s growing portfolio of smart-contract based games, including Fate of Thrones and Treasures From the Crypto, offering the same high-spec animation, mechanics and audio that players have come to expect from a FunFair title.

 FunFair's Bounty on the High Seas

 

Bgaming will make slot players smile broadly with their slot release: Bob’s coffee shop! The idea of the slot totally inspired by the famous Amsterdam coffeeshops, if you have ever been to Amsterdam and it’s your favorite place in the world, Bob’s Coffee shop will definitely be the “love at first sight”. The game runs on an HTML framework, supports cryptocurrencies and fiat currencies.

Bgaming-Bob’s coffee shop

Source: Latest News at European Gaming Media

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Online sports betting legalized in Brazil

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Online sports betting legalized in BrazilReading Time: 1 minute

 

In a significant development in South America, the continent’s largest country Brazil has passed a bill to legalize sports betting in the country. President of Brazil Michel Temer passed Bill MP 846/2018  to effect income redistribution from federal lotteries and legalize online sports betting.

The new bill will offer directions on how to divide the revenues from lotteries among the Culture, Sports and Security portfolios.

It should be noted that the bill observes a two-year term for the Ministry of Finance to regulate the conditions needed for the exploitation of online sports betting through licenses, and estimates that the annual collection reaches USD 255M for Public Safety, USD 161M for Sports and USD 113M for Culture.

For several analysts, the approval of this law represents a great victory for the sector and a possible first step for the regulation of all types of games of chance. Currently, two projects are waiting to be analyzed by Congress; although the new authorities headed by the elect president Jair Bolsonaro do not seem to be particularly predisposed to a wider opening of the game in the country.

Source: Latest News at European Gaming Media

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GAN plc: New Jersey’s online gambling revenue rises in November

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GAN plc: New Jersey’s online gambling revenue rises in NovemberReading Time: 1 minute

 

GAN plc, an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, updated the market following the publication on December 12, 2018 by the New Jerseys Division of Gaming Enforcement (DGE) of Internet gaming and Internet sports betting financial information for the calendar month of November 2018 in New Jersey.

According to the latest financial report of the New Jersey’s Division of Gaming Enforcement,  online gaming win for November in was $26.9 million in November, which represents a 30.7% hike year-on-year.

The total revenue from internet sports wagering was about $238.6 million for the month of November 2018, a rise of 36.8% from from the previous month.

Sports wagering gross revenue was $21.2 million, $11.7 million more than the previous month’s revenue.

GAN is a leading business-to-business (B2B) supplier of internet gambling software-as-a-service solutions (SaaS) to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK„¢, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.

Source: Latest News at European Gaming Media

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