There are nearly 2.2 billion active gamers in the world, 47 per cent of which spend money while playing games. That is nearly 1 billion people according the gaming intelligence firm Newzoo’s Global Games Market report. A lot of games involve players purchasing tokens or coins to advance in levels or to purchase special powers and such. Usually a player will pay for these in cash and then get locked into the game and not be able to either utilize the tokens across various games or gaming platforms or redeem these tokens for cash. According to an estimate, we spend nearly 3 billion hours a week playing video games. Could we make this time, which is considered by many as unproductive into something productive and meaningful? Would this lead to change in perception as to how gaming is viewed and can this lead to the enlargement of the gaming community?
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The Tap Project has created a gaming platform that wants to allow gamers to get paid to play using a ‘proof of stake’ model and its tokens called Tap Coins. Users of this platform would be able to convert in-game premium and earned currencies and convert them into Tap Coins. This has the potential to spin gaming on its head.
For the gamers by the gamers
The Tap platform has been built by gamers and is intended to be used by everyone, regardless of their gaming device of choice, it keeps into consideration the various problems and limitations of the gaming industry which the founders of the platform are familiar with. Using the Ethereum blockchain and smart contract technologies they have built a platform that is transparent, lacks any middlemen and provides gamers with the benefit of immutability. The platform benefits gamers as it provides them an avenue to transform their gaming prowess into real world money, while at the same time providing developers a new source of revenue stream. Publishers of the games can now truly focus on building games instead of worrying about monetization and revenue collection. The Tap Platform has a 65/30/10 split in transaction fee revenue with 65 percent going to the developer. Developers get immediate payouts in Tap Coin. Moreover, the more game players convert game currencies of publishers in to Tap Coins, the more the developers get paid over time.
Tapping into digital tokens
Tap Coin, the platform’s utility token is based on ERC20 technology. This token is required by users to access the Tap Platform and the games associated with it. It is also required by the publishers of the games to receive revenue on the platform. There is no commission for integration of Tap SDK into games or the platform. The token essentially helps convert all the game currencies into one single currency that can be traded, transferred or exchanged into fiat currencies and other cryptocurrencies. This finally allows gamers the ability to cash out their game currency earnings, an ability that is mostly missing at the moment. It also converts gaming into a productive activity. Furthermore for the users there is a drip bonus of 0.25 percent if they hold over 250,000 Tap Coins (TTT) on the platform.
Players, Investors, Publishers who would like to be a part of the Tap Project can head over to their telegram channel and have a chat with the team and wonderful community.The Tap Project has just recently finished a very successful crowdsale. A white paper containing technical, financial and other aspects of the project is available for download from the Tap Project’s website. Investors may find it interesting to note that Tap have already announced a partnership with Bancor (BNT), which would make it easier for users to buy and sell TTT for ETH, BNT or any other token in the Bancor ecosystem.
Future of Gaming Today
The Tap Platform has already released an Alpha of their project, which is available online. This gives the users access to a dashboard where they can look at their balances, subscriptions as well as find information on subscribed games. In order to provide quality content to users, the platform has partnered with Juego Studios, which is an award winning game studio, to produce an exclusive game that will interage the platform sdk. Haniff Knight, co-founder of the Tap Project talking about this partnership says in a blog post, “This is a great partnership for the Tap Project, it opens up the door for wonderful possibilities to integrate the tap coin into games and is a great step forward in disrupting the gaming industry utilizing blockchain technology.”
Gamers and publishers of gaming content are near a breakthrough particularly with how the industry can finally take a leap into monetization without compromise on transparency and security. The motto of the Tap Project is “Fueled by gamers, inspired by the community, disruptive to all.” Would they be able to turn perceptions about gaming? You decide.
