One of the more profound aspects of the modern-day world is the ability to monetize almost anything. All around the globe the very definition of money is being radically updated with new innovations that are causing disruption to the mainstream traditional financial establishment.
One of the biggest aspects of this financial revolution is the emergence of Blockchain technology. A lot has happened since those early days in 2008 when the Bitcoin whitepaper introduced Blockchain technology to the world. Amidst the wave of exciting new innovations that have been spurred by Blockchain Technology, Ethereum has established itself as a veritable means of expanding the sphere of applicability of the Blockchain.
Using the sophisticated application development and smart contract protocols, developers are able to create intuitive Blockchain-based applications. This influx of Blockchain-based applications has opened up several markets to the seemingly unlimited potential of the cryptocurrency and blockchain market.
Almost everything from news verification to payment processing and even music licensing and crowdfunding are being actively disrupted by this emerging blockchain phenomenon. One area of the digital world that has been identified as having a potential for being disrupted by cryptocurrency and the blockchain is the gaming industry. The Tap Project (TTT) is a blockchain-based project that is hosted on the Ethereum blockchain and aims to provide unique solutions in the gaming scene.
Overview of the Gaming Industry
The global gaming industry is believed to be 2 billion strong with over $15 Billion on content alone. The total revenue of the industry in 2017 was over $99 Billion and this figure is expected to grow to about $118 Billion which is an increase of roughly 20 percent. This is largely due to the rapid rate at which gaming technology is being revamped almost on a quarterly basis.
In-game currencies have become ubiquitous in the industry. Developers introduce digital currencies that players can purchase with fiat currency in order to make purchases and unlock resources within the game. These currencies can also be earned by completing tasks within many games.
The digital tokens do not have any real value outside of the game and there are a lot of problems associated with payments and transfers of in-game currencies. In this digital age where monetizing assets seems to have mass appeal, it does seem like the gaming world is slightly behind.
TTT is set up to be a full utility token that services the entire gaming market. Rather than having a multitude of legacy digital tokens for each title or gaming company, all in-game currencies will be decentralized into one “game currency” which can then be exchanged for other cryptocurrencies or even for fiat money.
The aim of TTT is not to have Tap Coin become a replacement for in-game tokens, rather as a conduit for the monetization of these tokens. Gamers will be able to transfer their hard-earned game coins into Tap Coins which gives them entry into the currency exchange market. In a way, TTT is providing an incentivized platform for gamers to earn rewards for playing their favorite games.
The Tap Project’s ecosystem is made up of Game Developers, Gamers, Cryptocurrency Exchanges, and the Tap Project Network. The core relationship in the ecosystem exists between TTT and Game Developers. By forming partnerships with Game Developers, blockchain-based monetization framework can be established.
The Tap Project believes that Game Developers have a lot to gain by partnering with them. For one, these Game Developers will have increased exposure for their titles. This is something that is sorely missing in the market as many don’t have the funds for executing rigorous advertising campaigns.
Developers can also introduce smart contracts into their gaming rewards framework. Milestones and Achievement Levels, when unlocked in games, can trigger the contract to release Tap Coins to the gamer’s wallet. Apart from being able to monetize their gaming experience, gamers will also enjoy multiplatform support by virtue of the Tap Project. Rather than having to keep track of dozens and scores of in-game tokens, gamers can use the TTT dashboard to manage and monitor all their gaming content. They can also transfer currencies across games making it easier to obtain enhanced capabilities in different titles.
The Tap Coin Token
The Tap Coin is the native currency of the Tap Project network. Tap Coin is an ERC20 standard token which means it is supported by a variety of wallet options and can function seamlessly in other Ethereum-based projects which incidentally account for an overwhelming percentage of all blockchain-based projects and cryptocurrencies.
Tap Coin can be purchased, sold and exchanged for fiat money on cryptocurrency exchanges. The total supply of Tap Coin is capped at 1.5 billion tokens out of which 140 million will be given to early adopters and 610 million will be issued during the ICO.
The Tap Project Team
The Tap Project team is composed of individuals with experience in the gaming industry, finance, marketing, and blockchain technology. Some of the team members include:
1. Haniff Knight
Haniff has many years of experience in the gaming industry being a founder of a gaming company. He has also provided streaming services for a number of gaming events.
2. Hugh Knight
Hugh has more than 15 years of experience in network infrastructure and computational development. He is also an avid gamer and has competed in multiple gaming tournaments.
3. Rory Piant
Rory combines experience in journalism and finance to provide expert consultancy services to many successful ICO and crowdfunding campaigns. He is a marketing specialist with a keen insight into the dynamics of the cryptocurrency economics.
Digital tokens in the gaming industry aren’t a new thing. However, The Tap Project adds a layer of innovation to the concept that sets them apart from the crowd. This difference is due to the fact that it provides gamers with the opportunity to monetize their gaming. In-game earnings will no longer have to be only useful within the game itself as they can now be exchanged for fiat money or other cryptocurrencies using Tap Coins.
While there might be issues with liquidity using this model, the idea to introduce an incentive for holding a set amount of Tap Coins can go a long way to solve the problem of liquidity. Like most blockchain projects, its success lies mainly in the degree of adoption it receives in terms of partnership with key stakeholders which in this case are Game Developers. The allure of being able to turn hours playing games into money is surely one that has the potential to resonate with a considerable percentage of that 2 billion strong gaming community.