One Coin to Play Them All: A Startup to Make In-game Digital Currency Available on Multiple Platforms
A brand new startup The Tap Project plans to change the existing world of online games by introducing an innovative cryptocurrency, the Tap Coin. It’s a utility token that can traverse multiple platforms and be converted to any cryptos or fiat money. With the Tap Coin, gamers will be literally getting paid to play, having the ability to build their wallets and monetize the gaming.
Bringing the partner in
On Jan. 11, 2018 the startup announced partnering with Juego Studios, international game developers based in Bangalore, India. This partnership will result in releasing the first mobile game that will pave the way for converting in-game currency to cryptocurrency through the Tap Platform, reports the Tap Project blog at Medium.
Juego Studios is a leading technology and design studio focusing on game development, art and design, AR/VR, IOT and more. Their partnerships include Disney, 20th Century Fox, Warner Brothers, Artix Entertainment, with games such as VOW, Adventure Quest, Hobbit Battle of the five armies, Hello Kitty Orchard, just to name a few, and now the Tap Project.
“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,” claims Haniff Knight, co-founder of the Tap Project.
What are the limitations in the gaming industry?
There are 2.2 bln gamers across the globe, and they are expected to generate $108.9 bln in-game revenues in 2017, says the latest Global Games Market Report by Newzoo, international market intelligence provider. The digits represent an increase of $7.8 bln, or 7.8 percent, from the year before. Newzoo expects the global market to grow by 6.2 percent in 2020 to reach $128.5 bln.
The most exciting fact about the market is that mobile becomes the most lucrative segment, with smartphone and tablet gaming growing 19 percent year over year to $46.1 bln. The mobile segment now gains not less than 42 percent of the global games market.
Although, along with the promising statistics, the gaming industry faces the new problems, with the biggest one of them related to limitations of payments and transfers of virtual currencies. So far there is no clear in-game currency exchange mechanism to solve the problem. Gamers spend hours on hours playing games and earning their in-game money, just to have them "stuck" in the virtual world.
The Tap Project breaks down those challenges and decentralizes all in-game currencies into one currency that can be traded, transferred and exchanged into all globally accepted currencies and cryptocurrencies around the world.
Let’s monetize it up!
The Tap project plans to start a new age of exchange. With the Tap Coin, gamers will be literally getting paid to play, having the ability to transfer virtual currency to another game and build their "wallet."
On the one hand, digital tokens in the gaming emerged before the Tap Project’s idea. On the other hand, The Tap Project differs from the crowd because it provides gamers with the opportunity to monetize their gaming. In-game earnings will no longer have to be only used within the game itself as they can now be exchanged, imported and exported to the Blockchain and converted into Tap Coins (an ERC20 Token) on the Tap Platform, which is currently available in its alpha development phase.
The Tap Project started its crowdfunding campaign on Dec. 20, 2017. The final day of the sale is Jan. 20, 2018. The Tap Project rewards users with a Proof of Stake drip bonus that allows a daily bonus (of 0.25 percent) if they are holding over 250,000 TTT. The conceptual alpha platform can be visited at platform.tapproject.net.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.