GamerToken: Our Token and its Utility
GamerToken — ‘The Global Gaming Currency’ is unifying in-game economies, allowing everyday gamers to earn meaningful rewards from their passion, and providing benefits for everyone surrounding the gaming community, here’s how it works.
Gamers dedicated hundreds of hours into earning aesthetic in-game items or ‘skins’; their efforts have created a multi-billion dollar industry in the trade of virtual assets. Yet these items are trapped in individual game inventories with no reliable way to trade them securely between games. We’ve created a blockchain-powered multi-game utility token that players can earn, use, buy, and sell. GamerToken creates a global marketplace for buying and selling unique in-game items on the blockchain. Gamers can finally earn meaningful rewards for in-game activities within a developer-friendly ecosystem. Game universes will be unified with a secure, transparent, shared currency that works for players around the world. The GamerToken returns power to the gamer while providing immense benefits to developers and publishers.
How can Gamers Acquire Tokens?
Gamers will be able to acquire GamerToken in multiple ways. The most common route will be through in-game actions and achievements. Players will be rewarded tokens for skilled actions, gaming milestones, actions that are beneficial to the community, and any other action that developers deem prize-worthy. The second method of GamerToken acquisition will be through the sale of in-game items and accounts. Have a dragon-hilted, golden katana skin on a game you’re not playing anymore? Don’t let it collect virtual dust, sell it for GamerToken. Unlocked a super-rare rainbow-unicorn decal for a shotgun, when you want to play as a sniper? Sell it for GamerToken. Spent years acquiring virtual assets for your account in a space-age MMORPG, but you’re looking to get medieval? Sell it for…you get the gist. The final method of acquiring GamerToken is the most straight forward, you can buy it on an in-development global marketplace packed with easily-made virtual stores.
What can GamerToken be used for?
Once you’ve acquired some GamerToken, it’s time to use them. GamerTokens can be used to interact with games through the purchase of accounts, beta-keys, and cosmetic items. Any game developer will be able to join the ecosystem; in time, you’ll be able to spend this currency in MMORPGs, first person shooters, strategy games, casual games, and more. Your new currency will be stored in your GamerToken wallet. Any transactions you make from this wallet will be secure, verifiable, and transparent — thanks to the benefits of blockchain.
GamerToken is an ERC20 compatible utility token powered by smart contracts. It uses a universal API and works with transaction fees lower than any fee for current payment service providers. This ensures ease of integration in new and established games. It will be the medium of exchange on the world’s first, decentralized, multi-game marketplace. We know that pay-to-win is damaging games, GamerToken will not be for items that give players a tactical, gameplay advantage.
Creating Truly Unique Digital Assets
While the transactional currency is ERC20 compatible, we recognise that some gaming items are truly unique and should be treated as such. For rare and special items we’re using a different system, a ‘non-fungible’ ERC721 token. For those of you without a dictionary to hand, ‘fungible’ means something that is freely exchangeable and/or interchangeable; fungible item tokens have the same value as other in-game items in a set. By contrast, non-fungible items are truly unique — even though there may be similar items out there or items of similar value, each piece has an exclusive history and its value will reflect that.
Consider an original piece of art as the perfect example of a ‘non-fungible’ item, it cannot be valued as the exact equivalent of any other piece of art. We will assign certain in-game items with non-fungible tokens on the Ethereum blockchain, giving them unique and independent value. For an example of one of these items, consider a unique skin worn by an eSports pro in a championship match, by using our non-fungible token standard, you’ll be able to verify that you’re purchasing that exact skin. Tokenizing valuable in-game items will create true digital scarcity.
By using smart contracts, publishers and developers will be able to dictate the rarity of these items. They’ll be able to cryptographically verify proprietorship and will have full visibility into ownership history, item-usage within games, and secondary markets. That allows for the forging of trust, vastly reducing the chances of scams. This system allows gamers to be confident in the verifiable scarcity of in-game items, they can make purchases without fear that the publisher will create more (thereby diluting that item’s value). This will create a whole new type of value in the ecosystem.
Who Benefits from GamerToken?
By receiving compensation for the tremendous effort and skill they put into games, gamers themselves will be the main beneficiaries of GamerToken. The use of cryptocurrency and a universal API ensures that all gamers will have access to the GamerToken system, no matter where they are in the world. Gamers from all countries will no longer have to keep track of specific in-game currencies, they’ll have simplified in-game spending, while experienceing more value for gameplay. But gamers won’t be alone in benefiting.
Developers and publishers will benefit from this enhanced cosmetic item infrastructure.Beyond increased security and transparency, they’ll have low transaction fees, easily integrated systems, and access to an open market containing a huge ecosystem of gamers. These tailored reward systems will keep players engaged and stimulated. GamerToken is going to make developers’/publishers’ lives a lot easier, including but not limited to managing in-game economies; tracking purchases/revenue; setting up online stores; increasing user-acquisition, player retention, and player spend; reducing grey market trading; and getting players to try new titles in their catalogue.
Furthermore, when items are sold for GamerToken, a portion of the proceeds will be returned to the developer as a reward for their creativity — creating new revenue streams for those who make our games and adding a further stimulative injection into this multi-game economy.
GamerToken creates methods of generating rewards and benefits for all agents in the gaming sphere. It adds value, power, unity, and flexibility to in-game spending, and uses blockchain technology to guarantee security and transparency. It’s previously been unthinkable to have an in-game currency with access to multiple games and marketplaces and true digital scarcity among rare cosmetic items. Using cutting edge technology and low-fee borderless payments, GamerToken is going to enhance in-game economies and give gamers the ability to benefit from their passion for playing games.
Visit our homepage to learn more and try our demo: https://gamertoken.com