Gameflip wants to improve their platform, which focuses on trade of game-related items and digital goods. Blockchain technology will significantly improve the quality and efficiency of such platform. This infrastructure and the FLIP smart contracts will improve the transparency and eliminate the trust issues or scam and fraud possibilities.
Trade of digital goods
With the game industry developing rapidly in the recent years and game developers adding more and more tradeable and valuable items and objects to their games, there is possibly a need for places where gamers could benefit from what they earn in games. It also promotes the idea of the general liquidity, as nowadays once the gamer stops playing the game, all of the achievement and items he have earned will become worthless. With a good trading platform, he can not only make some spare money, but also exchange digital goods and objects of value between even not related games.
Million dollar market
For most people, not familiar with the gaming industry, especially from the gamer point of view, it may sound weird that these virtual items like weapons, armor, character skins or other digital assets can be sold even for thousands of dollars. There are examples like a CS:GO weapon skin which was sold for $23.850 or a very rare Dota 2 item for $38.000. Recently, these two games have been the leading ones when it comes to producing items of value. They also have a very active userbase. Newzoos’s study states that the estimated game revenue of 2017 is $94.4 billion.
As most of the trades used to happen through game chats or game-related forums there were situations when one of the sides didn’t deliver what they had promised. Seller would send the digital good, yet not receive the payment or get a chargeback soon after. The same problem occurs when the buyer first pays for the items, yet the seller doesn’t deliver them or sends a wrong one. There there is a need for a secure trade and protection of buyer and seller.
FLIP token will act as a proof of ownership of these game-related digital goods. Gamers will be able to easily buy and sell their digital goods instantly and safely with smart contracts. It is much more convenient to conduct such trades with cryptocurrencies rather than fiat money, which would result in payment delays and significant fees.
Apart from that, the project will focus also on helping the game developers. Connecting the tokens with their games can act as an additional stream of revenue. It’s interesting that the developers tool will remain in the open source field, which can boost the trust for the Gameflip and act as a proof of caring about general transparency. Developers can independently build tools and benefit from having their tools adopted by users.
The main ICO phase starts on the 4th of December and will last until the 29th of January, 2018. The tokens can be bought with ETH, with the initial exchange rate being set at 240 FLIPs for 1 ETH. The price will slowly raise, therefore the earlier a potential investors decides to buy the tokens, the better the price. Even at such early stage, the tokens are already said to be available on exchanges such as EtherDelta, HitBTC and Livecoin.
Already established brand
It’s worth noting that Gameflip is already a working platform, with few years of experience in providing an infrastructure for buying and selling of digital game-related goods. They get over 10 million visitors monthly and over 2 million gamers have already traded on their platform. In such case, connecting the platform with the blockchain technology can only improve the whole technical part, especially when it comes to the transparency and security of transactions, which can greatly encourage new users.
The team behind Gameflip is relatively small, however the advisory board is very expanded and includes some significant experts in technology and gaming industry. It’s worth noting that the project is backed by the founder of Electronic Arts (EA). The team generally consists of people skilled with the blockchain and ICO phase, as well as general marketing and business development. The additional information and previous experience can be traced as the team links their linkedin profiles.
The sole idea of an ICO project focused on the trade of digital game-related goods unfortunately is not original and it’s even very popular. There are multiple other projects that aim to offer the same, so the competition can be hard. Gameflip will have to struggle to stay relevant right from the beginning and it may be a challenge even to successfully finish their ICO phase, as other similar projects are also being funded at the same time. On the other hand, Gameflip has the advantage of already working in the industry and providing their platform for gamers for some time.