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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Thankfully, the inception of blockchain technology is radically changing the status quo of video gaming and outdated ownership protocols.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 on European Gaming Media Network

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Stats Widgets Introducing H2H Widget for Land-Based Terminals

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FeedConstruct’s Stats Widgets is excited to introduce its new type of H2H widget for Land-Based terminals, designed to enhance user interaction and interface. This widget simplifies the presentation of head-to-head (H2H) data, providing deep insights into team performances with its non-clickable and screen-optimized design.

The H2H widget showcases detailed analysis across various metrics, including team performances, H2H comparison data, and recent match results. Here is the data you can find in this widget:

· H2H Comparison Data: Detailed comparisons between two teams, including historical matchups and relevant statistics.

· Team Performances: Highlighting the recent form and efficiency of both teams.

· Last 5 Matches: Reviewing the outcomes of the last five matches of the teams.

· Current Standings: Quick reference to the teams’ positions in the current league.

The widget is a ready-to-go solution, with easy iFrame integration into the sportsbook, and individual branding to reflect a personalized touch. The introduction of the new type of H2H widget makes a big step forward in simplifying the sports data presentation for the Land-Based terminals, thus enhancing the user experience and supporting our partners.

The post Stats Widgets Introducing H2H Widget for Land-Based Terminals appeared first on European Gaming Industry News.

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Slotsjudge Expands Its Presence on Discord and Kick

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It has been announced that Slotsjudge has expanded its presence by launching on new digital platforms, including Kick and Discord. The expansion will allow the team behind the brand to reach a wider audience for valuable reviews and insights. By introducing Kick video live streaming and a social Discord server, Slotsjudge aims to foster its vibrant community and provide even more interactive ways for users to discuss and engage with their insights, reviews and recommendations.

Details of the Expansion

Slotsjudge on Kick
The video live-streaming service from Kick offers a myriad of streaming topics and interactive features. It allows users to engage with Slotsjudge streamers in real-time through chat discussions and polls. By bolstering its digital platform expansion with Kick, Slotsjudge can create a dynamic and immersive streaming experience with community engagement and interaction at the forefront.

Slotsjudge’s Discord Server
Discord is a versatile communication platform that provides users with seamless cross-device syncing. By joining the Slotsjudge Discord community, users can benefit from in-built game streaming capabilities, and a wide range of chat and voice features for collaboration and community engagement within the iGaming industry. Additionally, the Discord community from Slotsjudge provides a streamlined platform for content sharing and community support, while maintaining a focus on creating a welcoming environment without promoting iGaming activities.

Impact and Expectations

For the iGaming Entertainment Community
With its new digital platform expansion, Slotsjudge brings a host of mutual benefits to the community. These include enhanced access to information and increased opportunities for engagement. Ultimately, it broadens the platform and reaches for shared experiences, strengthening the bond between players and creating a thriving iGaming community.

Future Directions
Leveraging the community foundations already established, Slotsjudge’s Kick and Discord channels are poised to build upon previous successes and bring even more engagement and enjoyment to users. They will foster a thriving community that continuously evolves and adapts to meet the needs and interests of its members.

Closing Remarks
With the expansion onto Kick and Discord, Slotsjudge aims to bring more fun and interaction to the experience. It is consistently creating spaces where like-minded users can easily connect, engage, and interact with one another, fostering a vibrant and dynamic community.

Pauls Spakovskis, live streamer and game expert at Slotsjudge commented:

“This is amazing news as Discord is the number one community hub to have and where I and Krista can interact with everyone interested in and about Slotsjudge. And streaming on Kick was just a question of time – fast growing streamer-friendly platform where we can build an even bigger community!”

The post Slotsjudge Expands Its Presence on Discord and Kick appeared first on European Gaming Industry News.

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Play with the Ugliest, Quirkiest Pets Around in Stakelogic’s Fugly Pets

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Get your eyes ready because it’s time to take a trip to the pet centre to meet the ugliest, quirkiest, wildest-looking pets you’ve ever seen in the brand new slot, Fugly Pets, from Stakelogic.

Fugly Pets takes players to a banged-up old pet store to explore its collection of weird and charming, downright ugly pets. Meet a scruffy parrot, a catnip crazed kitty, and an unfortunate-looking little dog.

The slot uses a 5×5 grid with 3,125 ways to win on each spin and is packed with a plethora of unique and exciting bonus features.

Landing Bonus symbols trigger up to 15 Free Spins! Keep your eyes peeled for symbol multipliers of up to 64x landing on any spin. What’s more, these become persistent during the Free Spins, only adding to the game’s huge winning potential.

Roadkill might spell bad news for these fugly-looking creatures, but it is a great thing for players! The Roadkill symbol lands on reel five and will remain inactive until no cascades are possible. The Roadkill symbol then moves across the reels, destroying everything its path or turning it into Wilds.

Fugly Pets is a Stakelogic slot, so there is always something a little extra. If you thought those animals were ugly in regular size, wait until they land in super-size! Super Symbols can land in 2×2, 3×3, or 4×4, allowing players to win big!

Speaking of big wins, players can grab wins of up to 5,000x their stake in this slot, with RTP models up to 96% available.

Daniela Fricchione, Head of Account Management at Stakelogic, said: One thing we love to do at Stakelogic is to play with player expectations. When you think of a pet-themed slot, you imagine something cute and cuddly. Well, we’ve taken that rulebook and fed it to the dogs, putting a fresh spin on the genre with Fugly Pets.

It’s not just the theme that is unconventional, either. The game is jam-packed with special features, with the Roadkill bonus and Super Symbols really helping the slot stand out from the pack.

The post Play with the Ugliest, Quirkiest Pets Around in Stakelogic’s Fugly Pets appeared first on European Gaming Industry News.

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