Decentralized Exchange

DMarket ICO Starts in 8 Days: Decentralized Exchange for In-game Items

After gathering nearly $11M in previous funding rounds and having sold 36M tokens to over 4000 contributors, DMarket is gearing up for the second stage of its token presale. The stage 2 pre-sale will start 9 days from now, on the 14th of November and will last until the 28th of November. During the funding campaign, users will be able to purchase DMarket Tokens (DMC) which will allow them to interact with the first ever global in-game item exchange.

During the campaign, users will be able to contribute to Ether, Bitcoin, Litecoin and Ether Classic after registering an account on the ICO platform. Adhering to all the necessary compliance rules, DMarket has passed the Howey test with flying colors, ensuring that its DMC token is not considered a security in the eyes of the SEC

Project supporters can already get a glimpse of what DMarket will offer through the Dmarket DEMO where 170 items from 8 different games are currently available for trading and exchange. These games include CS: GO, Dota 2 and Metro: Exodus, games that are widely popular amongst players who actively engage in secondary trading markets.

Although the demo gives users an idea of what’s to come, both items and the DMC used are only for testing purposes. The website reads:

“This DMarket version is a testing environment (demo) where you can perform any kind of trading operations using test items and test DMC. All items and DMC that have been gained in this testing environment will be eliminated after production environment creation.”

The DMarket Platform

In case you’re not familiar with DMarket, the team behind the project is currently building a “decentralized marketplace for turning every virtual item into a real commodity.” An ambitious goal that, if accomplished, can change the way we look at virtual items and their respective owners.

Focused on the online gaming industry, DMarket will allow users to buy, sell and trade virtual assets like in-game items and currency in a safe and trustless environment. Through the use of blockchain technology and smart contracts, items will be tokenized, giving them a unique ID and transaction history.

After the tokenization process is complete, users can exchange their items for DMC tokens through a smart contract escrow that checks if the items have changed hands on the game itself, ensuring that the transaction is only complete once the item has been transferred. The DMarket system is able to connect to several games and developers can plug this service into their own games. The white paper reads:

“Using our API, every game developer will easily connect their game to DMarket and gain from the increased value, revenue and time spent on their games.”

No longer will gamers need to schedule meetings or conduct trust-based exchanges online. Instead, from Q1 2018 onward, they will be able to enjoy a safe trading environment provided by DMarket. In 2020, DMarket hopes to have integrated its API with ~2000 games with 100M users.

To learn more about DMarket, visit the official website and read the white paper.