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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Thankfully, the inception of blockchain technology is radically changing the status quo of video gaming and outdated ownership protocols.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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Digitain Secures Greentube Distribution Deal

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Digitain Secures Greentube Distribution DealReading Time: 1 minute

 

Digitain, the multi-channel sports betting and casino platform provider, announced its new partnership with the NOVOMATIC Interactive division – Greentube. An outstanding selection of Greentube’s market-leading slots is now available on the Digitain platform, for distribution to regulated online casinos in Armenia.

Digitain’s Chief Commercial Officer, Suren Khachatryan, said: “We are delighted to secure this partnership agreement with Greentube. They are without question one of the market-leading premium slots games providers with a global reputation for innovation and quality engagement for slots players. Our first licensee to go live shall be Totogaming, one of Armenia’s leading iGaming operators and they will be able to offer classic NOVOMATIC slots such as Lucky Lady´s CharmTM deluxe, Sizzling Hot TM deluxe, Apollo God of the Sun and Book of RaTM Magic, as well as other exciting gaming content.“

Daniel Lechner, Greentube Head of Sales, added: “We are more than excited to work together with Digitain and provide our wide range of games to players in Armenia. Moreover, we are certain, that this is only the first step in a long-lasting, strategic partnership, giving us the opportunity to grow together into further markets. The speed of the technical integration was outstanding – making it one of the fastest integrations we have ever completed.”


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Digitain Secures Greentube Distribution Deal

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Microgaming makes its debut in the Czech Republic

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Microgaming makes its debut in the Czech RepublicReading Time: 2 minutes

 

Microgaming’s celebrated content has gone live in the Czech Republic, with a range of the leading software supplier’s most popular games now available through Tipsport, with more operators to follow in due course.

Microgaming’s entrance into the Czech Republic continues a well-executed strategy of expansion into key regulated markets around the world, following successful entries into Colombia, Bulgaria and Denmark in 2018, and Sweden at the beginning of the current year.

Devised specifically for the Czech Republic market, a tailored software solution will offer customers of Tipsport, one of the country’s leading operators, access to an extensive selection of titles from Microgaming’s innovative, diverse portfolio of premium casino games, with more content to be added in the near future.

“We are excited to be extending our offering into the regulated market of the Czech Republic. Tipsport are a major operator in the region, and a leader in the European sports betting industry as a whole. We are delighted to begin a partnership with them that will provide their customers with an expanding library of our best online slot gaming content.” – said Andrew Clucas, Chief Operating Officer at Microgaming.

“With the addition of Microgaming’s exceptional casino titles, we look forward to seeing players enjoy a wealth of thoroughly entertaining gaming experiences. Our partnership with Microgaming signals our commitment to diversifying our product offering, providing players in the Czech Republic with access to the largest and most diverse online gaming portfolio in the industry.” – concluded Jiří Švarc, Director of Online Casino at Tipsport.

 

For more information about the Czech market market make sure you don’t miss the 2019 edition of Prague Gaming Summit, which has the aim to give a quality report on the activity of the industry in the Czech Republic and neighboring countries such as Slovakia, Poland and a special DACH regional panel discussion.

 

About Microgaming:

Microgaming developed the first true online casino in 1994. It has been breaking records, breaking new ground and breaking its back in pursuit of original gaming ever since. Developer of thousands of unique, genre-defining casino, mobile, poker, bingo, land-based and multiplayer games, and a pioneer in virtual and wearable gaming, the software giant hosts the world’s largest progressive jackpot network. Its products include Live Dealer, Sportsbook, Business Solutions and Quickfire. Microgaming is an award winner. A millionaire maker. The father of player protection and responsible gaming. And through Microgaming PlayItForward, it is a pillar of its local community on the Isle of Man.

About Tipsport:

As the market leader, Tipsport is pushing the boundaries of sports betting, developing largest active online betting community in the region, with unique approach to its clients – encouraging them to share expertise, copy tickets and develop winning strategies. Established as a regional company in 1991 with just one branch, Tipsport quickly became an international holding company and the leading bookmaker in Central and Eastern Europe. With turnover of over EUR 2bln/year, the group currently employs more than 3,000 people at Tipsport and Chance in the Czech Republic and Tipsport in Slovakia. As the overwhelming majority of bets are placed online, the company’s main focus is technology. Thanks to its unique in-house solutions, Tipsport is now the No.1 sports betting operator in the Czech Republic and one of the major players in Europe. Recently, the company has firmly established itself also in the field of online casino games, now its fastest growing segment.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Microgaming makes its debut in the Czech Republic

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Bede Gaming set for Spanish expansion

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Bede Gaming set for Spanish expansionReading Time: 2 minutes

 

Provider is building on established market presence with fully-licensed and scalable platform

 

Bede Gaming, the award-winning supplier of software to the online gaming industry, is to kick-start 2019 with a concerted expansion in Spain.

The Bede platform is fully-licensed by the DGOJ, the Spanish gaming authority, and features a wide range of cutting-edge, proactive marketing tools alongside a portfolio of more than 3,000 games and two direct sportsbooks with Kambi and SBTech live on the platform.

Responsible gambling is central to the Bede platform, with deposit limits and automated flagging of players displaying signs of problem gambling behaviour setting it apart as the safest place to play.

Ross Haselhurst, Commercial Director, Bede Gaming, said: “Spain is a core target market for Bede as we look to capitalise on the significant commercial momentum of our platform. Spanish operator groups are well placed to take advantage of the transformative impact our vast range of high-quality content and powerful automated marketing tools can have, and we are enthused by the possibilities as we push further into the market.

“We are seeing more and more operators that are looking to expand their footprint but find themselves crippled by the resources required to service new markets while maintaining performance in their core markets. By offering a direct and single route into the Spanish market, we’re predicting significant growth for Bede and our partners in the months to come.”

The growth opportunity in the Spanish market is clear, with online GGR rising 30% year-on-year during Q3 2018 according to the DGOJ.

The provider’s technology is already live in the Spanish market with leading operator Enracha.

Bede has enjoyed a strong period of commercial growth, having been selected by the Ontario Lottery and Gaming Corporation in September 2018 to provide the lottery’s new enterprise-wide digital platform.

This agreement came alongside a series of recent content integrations with leading providers including Play’n GO and SBTech.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Bede Gaming set for Spanish expansion

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