BitGuild, the decentralized gaming platform has managed to raise over $20 million in only 6 hours through its initial coin offering (ICO). These are great news for the company, considering it was just launched last week.
Blockchain technology enables BitGuild to empower users with ownership of in-game items and also allows them to maintain the digital possessions in an event an online game shuts down. The fact that economies and marketplaces in Blockchain become streamlined allows the ability of users to trade and sell creative products.
PLAT, which is the name of the token, will be used by gamers and developers to verify and complete transactions. The token is an advantage for both developers and gamers. The former can use it to receive quick payouts while the later can use PLAT to buy in-game items and services
Through public crowd sale, the BitGuild platform managed to sell more than 75 percent of its tokens. A total of over 10 billion PLAT coins were made available for purchase. They make up an equivalent of 45,000 Ethereum coins.
PLAT, The Solution To Deteriorating Gaming
Jared Psigoda, the founder of BitGuild, thanked the public for their robust responsiveness and trust in the token. Psigoda lamented on the deterioration of the gaming industry over the years with developers having to create more profitable and addicting games at the cost of the player’s experience and the game’s lifespan. He added that the industry was still young and they still had a long way to go in making significant milestones in the industry.
He hopes that the PLAT token would enable a turnaround of this unfortunate prevalence. The lauded the fact that progress was being made and giving gamer’s ownership and pride in their in-game accomplishments was a starting point.
The ICO pre-sale good news followed recent developments in BitGuild when they announced a partnership with Tron. The symbiotic association will see BitGuild supply a limited edition of in-game property for Tron. BitGuild would, in turn, benefit from the Tron, which aims at building unfastened global content material leisure gadgets.
Psigoda, who has been a pioneer in the gaming industry, started off buying and selling games in 1999. In the past, he admitted to being an admirer of Tron’s active and engaging community. He thinks the fact that Tron’s community is young and tech-savvy will be an added advantage to the partnership.
It was not a surprise that BitGuild reached 20 million dollars in a concise period. It has in fact confirmed the predictions of gaming being a 140 billion dollar international market in 2020. The fact that Blockchain technology is entering the gaming market will accelerate the forecast.
How It Works
The idea behind gaming tokenization is simple. Allow players to engage in the promotion and purchasing of the in-game possessions. That is where the BitGuild platform comes in handy by making the in-game items tangible and tradable as well. Games that use this platform enable users to trade and transfer assets between players and – incredibly – other games as well.
Besides the public token event, BitGuild also recently ran an ICO pre-sale campaign where it raised over 25 million dollars. A few contributors that enabled the campaign to hit these incredible numbers incredible numbers include Tron’s own Justin sun and Brok Pierce of Blockchain capital.