Game Flip Token Sale
Flip crypto-token for gamers, from gaming experts
Token Sale December 4 – January 29
Globally, gamers purchase over US$100 billion of digital goods each year. Most of these digital goods are locked within individual games, and gamers lose all of their value when they stop playing that game. The current infrastructure does not promote the liquidity, transparency or security required by gamers to buy, sell and trade digital goods.
The FLIP token will leverage the Ethereum blockchain and ERC-20 token interface.
This infrastructure and the FLIP smart contracts will eliminate questions of trust and protect the transacting gamers from fraud. Game developers and publishers will be given open-sourced plug-ins and software development kits (SDKs) from Gameflip for integration.
Gameflip Token Sale Information
|Token Type||Ethereum ERC20|
|Total FLIP Supply||100 million|
|Pricing||1 FLIP = 0.005 ETH|
|Min Purchase||0.1 ETH|
|Soft Cap||15,000 ETH|
|Hard Cap||30,000 ETH|
|Dec 4 - Dec 18||25%|
|Dec 18 - Jan 1||15%|
|Jan 1 - Jan 15||10%|
|Jan 15 - Jan 29||0%|
Interview with Gameflip
BitcoinChaser: What kind of problem, market deficiency or opportunity inspired you to launch your project, and how will your project address this?
Gameflip (FLIP): Currently, most digital goods are locked within a single game. Gamers may have spent hundreds or thousands of dollars on keys to unlock mystery boxes, plus countless hours of playing time to earn rare digital goods. However, when they eventually stop playing that game, the value of all of their investments will be zero, for they cannot sell any of these digital goods, nor can they transfer their investments to another game (except with very limited exceptions within a single platform). The demand to be able to sell digital goods is huge, but so far this demand has been largely unmet.
With respect to a small subset of digital goods (e.g., those from games like CS:GO, Dota 2, and H1Z1, etc.), certain markets do exist where gamers can sell them for cash. These markets include (a) forums, (b) Steam Community Market, and (c) third party trading sites. However, each of these markets present its own challenges, and gamers face significant friction when they transact there.
1. Some gamers buy and sell digital goods on forums (e.g., Reddit), which are unofficial marketplaces. A key drawback, however, is that gamers “trade at their own risk” there. These forums do not offer the buyers or sellers any protection. Fraud is prevalent. A seller may simply not deliver the item after receiving payment. Alternatively, a buyer may pay via Paypal, but then file for a chargeback after he has received the item, leaving the seller empty handed.
2. Valve Corporation’s multiplayer gaming platform, Steam, operates a Community Market trading platform where gamers can sell and buy digital goods for games like CS:GO, Dota 2, and Team Fortress 2. Steam is a robust gaming platform, and as a whole generated $3.6 billion in revenue inthe Community Market by itself is not available, it appears to be a very active market with hundreds of thousands of postings at any given time. As this is an official marketplace where gamers transact using Steam Wallet, there are fewer problems with fraud than the unofficial forums above mentioned. Nonetheless, the Steam Community Market still has substantial shortcomings:
- It does not offer sellers any real cash out at all. After a seller has received payment into his Steam Wallet, he can only use the Steam Wallet for other games on the Steam platform. He cannot convert anything to real cash.
- Steam imposes a high transaction fee, as much as 15%.
3. A number of third party trading sites have attempted to address some of the above issues. These sites connect to Steam and facilitate transactions for the same digital goods, except that gamers can sell them for actual cash. OPSkins, the largest and probably oldest marketplace in this category, performs well financially, reportedly processing as much as $120,000 worth of transactions a day. As a class, however, many of these third-party trading sites are problematic themselves:
- Many of them operate with no transparency into their owners and managers. A number of them were allegedly associated with supporting illegal gambling, and many allegedly operate with questionable tactics.
- They only support Steam digital goods, leaving the problem with much of the gaming digital goods universe unsolved.
BC: How will your project address this problem, market deficiency or opportunity in a unique way?
FLIP: While the Gameflip platform is already succeeding and growing quickly (2M+ users, 500K monthly active users), we have only begun to scratch the surface. The new FLIP token and decentralized ecosystem will further advance our vision for a fully transparent and frictionless infrastructure for transacting digital goods. Blockchain will provide the safest storage for virtual assets, and smart contracts will create a transparent public ledger.
Gamers will have unprecedented flexibility to buy, sell and trade the digital goods at the peer-to-peer level (i.e, with other gamers), unlocking significant value for gamers from their hard-earned digital goods. Importantly, they will transact in a zero-fraud environment, one that never existed before the availability of blockchain technology.
With the new FLIP token, we aim to shift the paradigm for the industry by unlocking digital goods from each individual game and creating liquidity for them via trading in the decentralized ecosystem. Blockchain technology allows such trading to take place not only on the Gameflip platform, but also universally across any and all marketplaces, safely and securely. In turn, this will advance the entire digital goods ecosystem.
BC: How do you think competition will develop in this segment of the market following your ICO?
FLIP: There are competitors such as DMarket and WAX, but we feel our key advantages over competitors are as follows:
1. Gameflip Marketplace Platform – The Gameflip marketplace platform has been transacting gaming digital goods since the beginning of 2016 with millions of dollars processed across 2 million+ gamers. We fully understand the risks associated with managing digital goods transactions and the strategy to scale the marketplace rapidly. Our plan is to enhance our platform to provide the highest levels of transparency and security by implementing blockchain and smart contracts.
2 .Experience – Collectively, our Gameflip team has over a century of starting, operating and scaling start-up companies. This is our passion! On top of that, we have a world class team of advisors, including the co-founder of Electronic Arts, the co-founder of GREE and the founder of Bigpoint, all of which are the top global gaming companies across the globe. Also advising are senior executives of global gaming companies including Perfect World, Electronic Sports League (ESL), and Glu Mobile.
3. Incentives for Publishers and Game Developers – This is a key point we believe our competitors have missed. Clearly, there is demand from gamers to sell their digital goods but the publishers are the gatekeepers. Without providing strong and aligned incentives, something we’ve done by allocating 40% of our FLIP tokens for network growth, we don’t believe the publishers will join the decentralized network. If you step into their shoes, we are asking them to try out a new “”unproven”” technology to develop a new revenue stream. This is risky for them so we need strong incentives as well as a clear onboarding plan, something which we know well since our team previously ran a $100M publishing business called Aeria Games before starting this business. Competitors also do not have the extensive network of game developer relationships that our team has built over the last decade.
BC: For all those who have read your white paper and are still on the fence about contributing with your ICO, what can you tell them that could lead them to buy into your project?
FLIP: The ICO space is early stage and therefore somewhat risky – the investor should go with their gut and 1) choose the team she/he believes can actually execute 2) choose the team with a proven product and 3) look at the market opportunity, all in that order.
1. Gameflip has the team most experienced in the games and digital marketplace segments as well as serial entrepreneurs as advisors that have founded some of the biggest gaming companies in the world such as Electronic Arts, GREE, and Bigpoint.
2. Gameflip has a proven product – a digital marketplace transacting millions of dollars per month across 2 million+ users and 500,000 monthly active users.
3. The market opportunity in games is significant – according to Newzoo, within the global gaming market, digital game revenues account for about 87%, or $94.4 billion in 2017. The free-to-play model of gameplay, with revenue derived from the sale of digital goods, has emerged as the dominant framework. For example, Supercell, the maker of mobile games like Clash Royale and Clash of Clans, generated $2.3 billion in sales in 2016. Even though gamers can play Supercell’s games for free, they purchased $2.3 billion of digital goods to level up and compete with each other.
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