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
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
CoinField Starts One Week SOLO Token Pre-Sale
Is Bex500 an alternative to BitMEX?
EOS now available on eToroX exchange
Trade2 weeks ago
Not-For-Profit GoodDollar Secures Funding For 2020 As UBI Project Celebrates First Birthday
Trade2 weeks ago
Trusted third parties should issue stablecoins, not Facebook
Bitcoin2 weeks ago
The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry
Featured news2 weeks ago
Five Strategies for Lowering Your Crypto Taxes
Hot Updates2 weeks ago
The Best Thing to Share with Your Family on Thanksgiving
Bitcoin6 days ago
Is Bex500 an alternative to BitMEX?
Trade1 week ago
EOS now available on eToroX exchange
Bitcoin1 week ago
How Bitcoin Has Changed Online Gaming