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New Study Shows Gamers & Game Developers Eager for a Free Market Virtual Item Economy
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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Thankfully, the inception of blockchain technology is radically changing the status quo of video gaming and outdated ownership protocols.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
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Esports Entertainment Group Appoints John Brackens, Former Activision Blizzard Manager of Network Operations, As Chief Information Officer
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Esports Entertainment Group, Inc., a licensed online gambling company with a specific focus on esports wagering and 18+ gaming, is pleased to announce the appointment of John Brackens as Chief Information Officer. Mr. Brackens is a senior level professional with extensive experience in startups, high-tech companies and the gaming industry, holding positions that have included CIO, COO and CTO.
During his time at Activision Blizzard, Mr. Brackens served as Manager of Network Operations, where he directed IT service management and hardware support for 4,500+ servers and 50+ million monthly active players. In addition to reducing server maintenance costs by 35%, he also improved system uptime from 97.81% to 99.99%. Moreover, he managed technology projects including the automated detection and repair of online services and infrastructure using artificial intelligence.
Other key achievements by Mr. Brackens include the creation, execution, and monetization of the League of Gods Asia eSports series, as well as, managing a licensing application for Malta Gaming Authority and Curacao eGaming License.
Mr. Brackens stated, “I joined Esports Entertainment Group because of Grant Johnson’s commitment to providing a best in class betting experience to esports fans. Esports is going to be the leading source of entertainment in the next few years eclipsing many major traditional sports. I want to be a part of this movement. I look forward to helping drive the growth of VIE.gg through cost-effective technologies that deliver value and innovation to players and fans alike, so that everyone can enjoy all of our services as intended.”
Grant Johnson, CEO of Esports Entertainment Group stated, “We are very pleased with the addition of John to our senior management team. His experience at the highest levels of information technology and network operations, especially within different licensing regimes, will be invaluable as the Company embarks on its aggressive growth plans within the global esports industry.”
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Esports Entertainment Group Appoints John Brackens, Former Activision Blizzard Manager of Network Operations, As Chief Information Officer
Check out this week’s latest slot game releases!
Blueprint Gaming has released the newest addition to its portfolio, Legacy of Ra MegawaysTM, a shimmering adventure set deep in the Egyptian desert. Set in the imposing and mysterious pyramids, stunning visuals and an immersive soundtrack create an intriguing gameplay experience, while the Megaways mechanic, under licence from Big Time Gaming, provides players with up to 15,625 ways to win. Jo Purvis, Director of Marketing and Relationships at Blueprint Gaming, said: “Legacy of Ra MegawaysTM takes players on a journey through the Egyptian pyramids where big wins can be found if players can successfully raid the tomb.”
Microgaming, has introduced Lara Croft® Temples and Tombs
, the latest, five-reel, 243 ways online slot developed by Triple Edge Studios. “The release of Lara Croft® Temples and Tombs
is a tremendously exciting moment for Microgaming, building on our longstanding branded relationship with Square Enix. The game reflects Triple Edge Studios’ passion and enthusiasm, making it a powerfully attractive product for new and established players,” Jean-Luc Ferriere, Chief Commercial Officer at Microgaming said.
Pragmatic Play, wishes players good fortune with latest release, Caishen’s Cash. The 5×3 video slot features symbols from Chinese folklore, with hoards of coins littering the sides of the reels and an oriental soundtrack adding an immersive feel to the game. Once the bonus feature is triggered, players can choose between a Money Respin round or Free Spins. The Money Respin sees a number of different coloured coins hitting the reels, which can lead to huge wins.
Quickspin, has released the new game “Hall of the Mountain King”. The game combines Nordic folklore with new game mechanics, extremely volatile gameplay and the chance to win more than 7000x bet. Players can reach their maximum win potential by upgrading all their symbols, increase the multipliers to the max, collect all 6 whirling wilds and then watch it all play out in the last 3 spins. “I would recommend promoting Hall of the Mountain King with the Feature Trigger. The big highlight in this slot is to experience the bonus game and all its exciting features and game events, with a Troll King who’s waving his big hammer around,” Erik Gullstrand, Chief Product Officer at Quickspin said.
Kalamba Games’ latest slot Doctor Electro amps up the excitement with an expanding reel offering players the chance to unlock electrifying wins. Starring the eccentric character Doctor Electro, the game sees the return of the player favourite HyperBonus feature that presents slot fans with a shortcut to free spins rounds, as well as two levels of bonus jackpots. Players collect column expansion symbols to trigger the all new HyperSpins feature that reveals expanding reels and increases the win potential. The game is a 5-column, 4-row base game, increasing to seven rows and up to 16,807 ways pays.
Relax and unwind with the latest SYNOT Games release 8 Flowers, standing out from other classic slots both with its reel format as well as a fresh floral theme. Number 8 has a special significance in the Asian culture, representing prosperity and success. To underline the symbolism, 8 Flowers has a unique 3×3 format with 9 reels, 8 paylines and a full bouquet of features!
Play’n GO have released their latest title into the market, a simple yet engaging slot entitled Inferno Star. Inferno Star is an easy to play 5×3 video slot made more engaging with its innovative re-spin feature and the decision to make the game payout with a minimum of only two matching symbols, as opposed to the usual three.
Set in a dystopian futuristic world, and steeped in the occult, NetEnt’s latest release is a 5-reel, 3-row, 20-line video slot where four fearless friends set out to protect their city from the wicked Deep Pockets – and destroy the scatter symbol that turned him into an evil maniac. “Combining a proven, player-favourite math model with rich, comic-like graphics and a compelling superhero storyline, Arcane Reel Chaos has the ingredients needed to be a success. I have no doubts that it will be a hugely popular new addition to our portfolio,” said Bryan Upton, NetEnt director of games.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Week 20 slot games releases
Reading Time: 1 minute
Spelinspektionen, the Swedish regulator, has imposed fine on Mandalorian Technologies and Betway for violating gambling regulations.
According to the Swedish regulations, license holders are only permitted to offer customers a single bonus, however, an investigation found that customers were continually offered bonuses by Mandalorian and Betway.
Mandalorian and Betway have been handed warning from the regulator and issued with penalty fees of SEK9m (£730k) and SEK5m (£406k) respectively.
“As the Spelinspektionen already had indications at the beginning of the year that some gaming companies did not comply with the legislation, on February 19, the authorities issued a letter to all licensees regarding bonus offers. After the letter, the Gaming Inspectorate noted some compliance from the licensees, but the assessment is that further measures must also be taken to achieve full compliance,” Spelinspektionen stated.
“The main purpose of the new gambling regulation, which came into force on January 1, 2019, is to strengthen consumer protection and reduce the negative effects of gambling. The limitation on bonuses is contained in the law to reduce social and economic damage and problem playing. The Gaming Inspectorate will therefore continue to focus on supervision of this area,” Spelinspektionen continued.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Swedish Regulator Imposes Fine on Betway and Mandalorian Technologies
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