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Thankfully, the inception of blockchain technology is radically changing the status quo of video gaming and outdated ownership protocols.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

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Microgaming presents a world filled with magic and enchanted riches with Book of Oz

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Microgaming presents a world filled with magic and enchanted riches with Book of OzReading Time: 2 minutes

 

Microgaming releases Book of Oz, the latest slot developed by Triple Edge Studios, an independent studio creating exclusive titles, such as Wicked Tales: Dark Red, for Microgaming operators.

Book of Oz is an enchanting five-reel, ten-payline, high-volatility online 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, such as the lion of courage, the potion of love, the mystical wizard and the golden book, which are displayed on the reels to leave players spellbound as they spin to win magnificent rewards.

The Wizard’s Book acts as both a scatter and a wild, which can result in powerful wins. Three or more Book Scatter Symbols trigger 10, 12 or 25 free spins, providing players with the opportunity for more frequent feature triggers. High-paying expanding and illuminating symbols can potentially trigger wins of up to 5,000 times the initial bet in free spins.

The game’s Re-spin feature adds an element of thrill and excitement to the base game. After an initial wager, the player can pay to respin a single reel independently at an additional variable cost; for example, after a winning spin of four-of-a-kind Wizard symbols, the player can pay to spin the fifth reel to try to get five of a kind. Players can develop their own strategy within the base game after every result, including the opportunity to land more Wizard’s Book symbols to uncover the enchanted story within free spins.

Emerald riches lie in wait for players in Book of Oz, which will be available exclusively for Microgaming operators across desktop and mobile platforms from Tuesday 11 December.

“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. Bespoke hand-painted art was created to help tell our fantastical tale. Infused with fantasy and adventure, Book of Oz will leave players spellbound. Stay tuned for more exciting games from us in the future, which we will be supplying exclusively for Microgaming.” – Brendan Walton, Design Lead at Triple Edge Studios.

“Book of Oz is another fantastic creation by Triple Edge Studios enriched with magical artistry and packed with rich game mechanics. Players can listen to an intriguing soundtrack while immersing themselves in the game to uncover an enthralling storyline as they play. The Re-Spin feature adds a new dynamic twist to the overall gameplay, enhancing the level of engagement and it combines extremely well with the win potential in the game, where players can win up to 5,000 times their bet.” – David Reynolds, Games Publisher at Microgaming


Source: European Gaming Media

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Sportradar signs multi-year partnership with NASCAR

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Sportradar signs multi-year partnership with NASCARReading Time: 2 minutes

 

NASCAR has shown a strong commitment to protecting the integrity of their sport by announcing a multi-year partnership with Sportradar’s Integrity Services, the world’s leading supplier of sports betting-related monitoring, education, investigation and consultancy services.

 

As part of the agreement, Sportradar’s Fraud Detection System (FDS) will monitor domestic and global betting activity for signs of nefarious activity for all races across NASCAR’s three largest events: Monster Energy NASCAR Cup Series, NASCAR Xfinity Series and NASCAR Camping World Truck Series. Sportradar’s FDS is currently used by over 75 sports bodies around the world – including the NBA, NHL, MLS, FIFA and MotoGP.

NASCAR will also benefit from Sportradar’s Education and Prevention Services. This will include on-site workshops for NASCAR drivers, teams, officials and associated stakeholders delivered by Sportradar’s integrity and educational experts. In addition, Sportradar’s Integrity Services will also help NASCAR develop a fully-fledged betting integrity program, including robust betting-related rules and policies.

Sportradar’s Director, Global Strategy of Integrity Services, Andy Cunningham said: “We are honoured and excited to partner with NASCAR in what is an important time for US sports following the Supreme Court sports betting case decision earlier this year. We look forward to supporting NASCAR in installing a best-in-class integrity framework to protect their sport and its constituents.”

NASCAR VP of Global Media Strategy and Distribution, Brian Herbst, said: “It is critical to be proactive in developing safeguards that protect NASCAR’s on-track product from any potential integrity threats. Sportradar is the leader in this space and knowing that our races will be monitored extensively, while also equipping our industry with the tools and knowledge they require, gives us peace of mind in being able to preserve the integrity of NASCAR as the US wagering market continues to open.”

ABOUT NASCAR
The National Association for Stock Car Auto Racing, Inc. (NASCAR) is the sanctioning body for the No. 1 form of motorsports in the United States. NASCAR consists of three national series (Monster Energy NASCAR Cup Series™, NASCAR Xfinity Series™, and NASCAR Gander Outdoors Truck Series™), three regional series, one local grassroots series, three international series and the Automobile Racing Club of America (ARCA). The International Motor Sports Association™ (IMSA®) governs the IMSA WeatherTech SportsCar Championship™, the premier U.S. sports car series. Based in Daytona Beach, Fla., with offices in eight cities across North America, NASCAR sanctions more than 1,200 races in more than 30 U.S. states, Canada, Mexico and Europe. For more information visit www.NASCAR.com.


Source: European Gaming Media

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Calgary set to welcome eSports events

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Calgary set to welcome eSports eventsReading Time: 1 minute

 

The Calgary eSports League is teaming up with Telus Spark to bring competitive video-game events to Calgary. If successful, the industry can produce revenues of more than $1-billion next year.

Unlike cities including Toronto and Vancouver, Calgary has yet to establish a firm eSports community beyond a few Facebook groups and clubs.

Wes Nelson, spokesman for the Calgary eSports League, said he sees a market for the sport in Calgary.

“Almost all of the elements are in place for a healthy eSports community in Calgary, they just need to be brought together and given a boost in order to thrive,” Nelson added.

eSports offers a platform for the players to interact with the fans. On YouTube, where games are often streamed, five of the top 10 most popular and top-earning YouTubers make their money from video games.

There is a chance that eSports viewership to surpass the National Football League in total viewership by 2022, the Calgary league said.


Source: European Gaming Media

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