[Press Release]－Gamania Group announced the roadmap to its virtual item system at the 2018 Asia Blockchain Summit. The virtual item system not only offers a safer and more reliable trading experience for gamers, but also let game publishers issue their Initial Item Offerings (IIO) with valuable blockchained virtual items. Gamania aims to substantially upgrade the gaming industry on the technical and economic scale, and to promote Taiwan’s key role in the development of blockchain technology in Asia.
Creating New Business Models in the gaming industry – IIO (Initial Item Offerings) by blockchain
Taiwan is one of the driving forces behind the Asian gaming industry. As online games have become increasingly popular and an important entertainment for people, its industrial supply chain has been expanding since 2000 and the growing Internet infrastructure has also allowed many gamers to become familiar with virtual item trading. Gamania Group laid the foundation of Taiwan, has accumulated more than 12 million users per year. The company determinate to apply the blockchain technology into gaming industry and will promote IIO in Asia. By taking advantage of the blockchain technology, game publishers will be able to break through geographical restrictions and publish virtual items in the virtual item system established by GASH (a subsidiary of Gamania Group). The GASH virtual item system will make Taiwan the trading center of the gaming market, reduce potential risks in online item trading, inject new energy into the industry, and create a brand new business model for game publishers around the world.
Albert Liu, Chairman of Gamania Group, believes that the decentralized blockchain technology has the potential to free up many restrictions and eliminate potential risks of traditional online transactions. Gamania Group’s launch of the virtual item system is an application of this breakthrough technology. Liu further said, “Gamania Group has been in the gaming industry for over 20 years with professional market insight. The virtual item system scheduled to launch this year will demonstrate the value of blockchain and it has the opportunity to become a key disruptive technology within the industry. Our proposed IIO will feature blockchain technology to create the first business model with large-scale operational economic benefits in the already massive and mature global gaming market.”
Virtual item system are verified and blockchained by the game publishers to provide double protection over the online transactions. On the other hand, publishers can offer limited edition virtual items on this platform with explicit quantities. Since the items cannot be transferred between games, balance of the game and the ecosystem will not be affected. The blockchain technology offers to increase the gaming economic turnover within the originally planned product life cycle.
Features of the GASH virtual item system:
1. Publishers can issue IIO for all games on this exchange platform.
2. Publishers can easy link up the GASH virtual item system without changing game code.
3. IIO does not affect game balance settings. Publishers can simply blockchain items which already in-game.
4. Collectors of special items or gamers wanting to support the game can use the exchange platform for online transactions. Not limited to transaction between players.
5. In-game items can only be used or consumed in the original game. Items from other products will not interfere with game settings and balance.