BITGUILD: The Blockchain Comes to Gaming
For a global industry that was worth nearly 75 billion dollars in 2016, the video game market is surprisingly underserved in some ways. In fact, so vast is the growth potential here that the total global revenue is estimated to reach $108.9 billion in 2017. That’s a level of growth rarely seen in most sectors.
But the founders of a new crypto project, BitGuild see an even greater potential for gaming and they plan to take full advantage of the lack of mainstream attention that video game investing receives.
Their project is a brand new blockchain gaming platform and they intend to revolutionize video games. In the words of the company, their goal is “changing games forever”.
Although video games generate a lot of revenue, the real complaint that the founders of BitGuild have is that it’s a market that has become too commercialized and specifically, too centralized. That means that a few big gaming companies, focusing on mobile games, have come to dominate the market.
The founder of Reality Squared Games and Livestar, a development studio focused on building live streaming for a global audience, Psigoda knows video games.
Because of this centralization and focus on profit optimization, smaller independent studios can often have a hard time getting the funding they need to develop new and innovative games. And the ones that do succeed focus almost completely on generating revenue through constant upsells and in-game purchases, rather than on quality gameplay.
It’s a fair complaint. Any gamer of old who has experienced the shift in gaming culture all the way back to Pong has probably thought to themselves at least once that most modern phone games are frustrating experiences. As a “pay-to-play” system, player skills or focus mean little when barriers are set up that must be paid to be passed. Often, the only way to survive or develop your character past a certain point is by purchasing a specific upgrade.
Even PC games are not immune to this constant barrage of upselling. Traditional strategy games now sell downloadable content or DLCs on a regular release schedule, often offering little in the way of value.
But is it a problem that the blockchain can solve? BitGuild intends to try. By creating their own gaming platform, they want to decentralize ownership of video game assets and encourage funding for a different model of video games.
The plan has several components. Like most blockchain projects, BitGuild revolves around a token. PLAT, built on the Ethereum network, will become the backbone of the BitGuild system. Players will use it to trade or pay for virtual items within games. The goal of this system is to move ownership of purchased in-game assets to the players, not the owners of the game.
But that’s not where the vision ends. In fact, the development of a token system has a larger goal with BitGuild: it will serve as the backbone of a funding system to help develop the kinds of video gaming experiences that many gamers feel is sorely missing from the marketplace today, but aren’t being developed because they’re not judged to be sufficiently commercially viable.
By selling tokens (strictly limited to 10 billion and to be used for microtransactions on the platform) the project team hopes to found the BitGuild Design House, to which game developers can submit plans. Players will then review these plans and choose projects to support using their PLAT.
The project timeline includes a token sale in Q1 of 2018, a beta launch in Q2 of 2018, and an official launch of the marketplace and wallet in Q3. They hope to have 15-30 blockchain games on their platform by the end of 2019.
To discover more about Bitguild's ICO, visit their portal here: https://www.bitguild.io/