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A Mobile Gaming Revolution Explained

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The gaming market has long-since been one of the biggest earners in the entertainment industry. In fact, the global gaming market generated just under $110 billion in revenue in 2017 alone, $82 billion of which came from free-to-play games that offered in-app purchases (IAPs).

More recently, the mobile gaming industry has been growing by leaps and bounds. Part of the multi-billion dollar app economy, the mobile gaming market is believed to generate as much as 75% of the app market revenue– a market that’s expected to be worth $101 billion in 2020. According to a study by Apptopia, developer titan, Supercell (known for popular titles like Clash Royale and Clash of Clans) generated all but a million of their $145 million revenue in 2017 from IAPs; $114 million of Activision Blizzard’s $116 million earnings in the same year were attributed to IAPs as well.

The Future of Gaming

The future of gaming isn’t console and PC games – it’s mobile gaming. More specifically, mobile games built on the freemium model. The Chinese market alone consists of 500 million people – more gamers than the United States has citizens – and is expected to be worth $14.4 billion by 2021.

Freemium games allow users to play games for free but require IAPs for upgrades, rare items, unique skins, and other services that provide customizations or competitive advantages.

As the demand for freemium games like Candy Crush and Angry Birds increases, there’ll also be a need for better payment-processing solutions that are both attractive to developers and can handle wide-scale payments without experiencing downtime.

OPEN Platform Brings a New Solution to Games and IAPs

Currently, most game purchases and IAPs are processed through digital marketplaces like Google Play Store and Apple’s App Store. Innovative for their time, these platforms are widely ineffective in the modern gaming market because of:

    • Expensive middleman fees that can take as much as 30% of the developer’s earnings.
    • Payment cycles that last between 30 to 90 days.
    • Lack of cryptocurrency payment options.

The OPEN Platform solves this problem by giving developers a modern payment-processing solution that’s cheaper (3% transaction fees, all of which is recycled back into the developer pool for platform incentivization) and more effective than payment solutions on centralized marketplaces.

Thanks to the OPEN API, developers can integrate blockchain technology that supports all types of cryptocurrency transactions without having to make changes to their backend. Adding OPEN Platform to new and existing apps doesn’t require blockchain knowledge or blockchain programming languages like Solidity. OPEN processes IAPs as they happen, instantly sending money to the developer wallet where it’s converted to the developer’s currency of choice.

By providing a crypto payment infrastructure, OPEN connects developers with two important markets: the traditional market and the crypto market, the latter of which is worth approximately $400 billion.

By making cryptocurrency accessible and easy to use, OPEN helps bring mainstream blockchain adoption one step closer to becoming a reality. Visit the OPEN website today to learn more about the OPEN Platform and how it uses blockchain technology to make IAPs, subscriptions, and purchases easier for your new and existing applications and DApps. If you’re a developer interested in integrating OPEN Platform into your applications, check out the OPEN Developer Contest and the OPEN Roadshow, which is currently touring the Asian market looking for top talent.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Daniel Lee via Flickr

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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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