Whether it’s aligning on the content side or providing technology which underpins the games, blockchain within gaming is one of the most interesting use cases. Last month Forte and Ripple announced a $100 million fund for developers who make games based on blockchain technology, while September saw Chinese blockchain gaming platform Cocos-BCX land $40m in funding.
DMarket, which is participating at the Blockchain Expo Global event later this month, aims to provide users with a ‘reliable way of trading where they can finally make money off virtual goods from their favourite games’, in the company’s own words. The Block spoke with founder and CEO Vlad Panchenko (left) on DMarket’s vision, challenges, and opportunities in the market.
The Block: Hi Vlad. What does DMarket do and how does it differ from other companies in the blockchain space?
Vlad Panchenko: DMarket is a platform for skins trading and exchange. Our technology makes in-game trading easy, secure, and beneficial for both gamers and developers. DMarket is a big step ahead in its field: our platform is up-and-running, our technology is ready-to-use, and we are supported by big names in gaming such as Unity and Xsolla.
TB: How did the idea for the company come about?
VP: I’ve been in the gaming industry for more than a decade. DMarket is a result of all the knowledge, expertise, and data I acquired during these years. It addresses all digital trading issues that I faced as a gamer and entrepreneur in the gaming industry. The issues obviously include massive fraud and general market insecurity but also a total disconnection between different virtual worlds and a limited selection of games that give players an opportunity to trade their items, monetise their efforts and have more fun while playing their favourite titles. DMarket was created to address all those issues.
TB: How have the benefits of DMarket’s solution been translated to both gamers and game developers as potential customers? Have there been any challenges in this regard?
VP: Gamers’ and developers’ benefits are interconnected. Players trade skins, monetise their gaming time, express themselves and have more fun while playing. Developers get fees from each trade, boost player engagement, and strengthen their game communities. It’s a win-win play. The challenge is to assure developers and publishers that it actually works and more revenue for them doesn’t mean less fun for players. Fortunately, we have all the figures and numbers to back up our words.
TB: Where do you see the state of blockchain in gaming today – particularly with regard to various investors increasing their stakes in the space? (Source: Bitcoinist)
VP: Significant venture investments in various blockchain gaming projects are yet more evidence that blockchain is becoming a mainstream technology in gaming. One of the recent examples is blockchain game developer Lucid Sight that raised $11 million in total and is going to launch its Scarcity Engine that can take blockchain games to traditional platforms.
TB: What – personally or professionally – is the most exciting use case you have seen with blockchain technologies to date?
VP: It’s fascinating to think of how blockchain can change the world with its payment, banking, or supply chain solutions but I firmly believe that gaming is a gateway for blockchain mass adoption. This industry is always open to innovations and thrives on them. An immutable identity and true ownership of digital in-game items secured by blockchain will definitely push the gaming industry forward.
TB: What should we expect from DMarket in terms of strategy/general roadmap for the rest of 2019?
VP: A big upgrade of the DMarket platform is coming soon. We gathered a great deal of data on the current product workflow, analysed loads of user requests, and took into account suggestions from game developers. We have also combined the results with the data from our previous projects to create the ultimate trading ecosystem that reflects the needs of the entire gaming community. We will announce more big news very soon.
TB: What are you looking forward to most at Blockchain Expo and what are you hoping to get out of the event?
VP: Blockchain Expo is a great opportunity to share our ideas, show our solutions, and win new supporters for DMarket. It’s amazing networking and a favourable occasion to get new insights on blockchain.
Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.