Since the earliest social networks, virtual goods have played a critical role in shaping the behaviors and business models behind many of today’s major trends in online engagement.
Virtual goods are non-physical objects and money which are purchased for use online, mostly online communities and games. They only exist online. For instance, some games require users to purchase some features of their game, like the Kim Kardasian game where users can purchase some clothes to fit the lifestyle of the real woman. These are all virtual goods.
However, virtual goods are not restricted to games and social media platforms. The amazing world of cryptocurrencies also offer lots of virtual goods.
As these products and services feel more real to users, the perceived value also increases. In fact, the virtual goods economy is found to be worth over $15Billion annually.
Virtual goods are very profitable mostly because costs of production and distribution have been eliminated.
Untapped opportunities still exist for digital platforms, social networks and messaging services to improve their product and services by producing branded virtual goods.
The major challenge in creating branded virtual goods is the issue of fragmentation, most digital platforms work as standalones. Then there is the issue of deciding the geographical location and licensing fees among other limitations.
This is where the Blockchain Licensing Market Place (BLMP) comes in.
BLMP will have a wide collaboration with brands on a global scale eliminating the location barrier and will make the licensing process easier and better.
Blockchain Licensing Market Place
BLMP is a blockchain company that pioneers the licensing of virtual goods. The BLMP mission is to connect the Intellectual property licensing industry with digital platforms. The cryptocurrency technology will be used as an easy means of producing and exchanging liquid value in digital ecosystems.
BLMP takes advantage of the disruptive blockchain technology to manage the whole virtual goods supply chain, from creation down to provenance (record of ownership history used to prove originality, authenticity or quality).
BLMP will also process end consumer transactions which makes it a business to business to consumer (B2B2C) company.
BLMP already has a beta platform “AIR” that can be used by businesses to sell licensed virtual goods.
The BLMP Solution
Every great project has to solve existing problems and needs. The major problem that BLMP will solve is that of fragmentation among different brands, accessibility, user retention, outdated licensing and high costs.
Many digital platforms work as stand alones so they can keep all the profit but they have to struggle with keeping up and creating new content that will continue to engage users overtime.
Branding costs are not exactly affordable to everyone, also each branch differs from each other in terms of demographics, targeted location, marketing power, etc. so it’s difficult for one platform to offer users access to different brands at a time.
BLMP solves these challenges by creating a platform that allows users purchase licensed virtual goods online. The BLMP platform would facilitate customer transactions and profits would be automatically split based on predetermined agreements.
BLMP will build trust, accountability and transparency with the use of blockchain.
EPIK Token – Why ERC-721?
The EPIK utility token will be used on the BLMP platform for transactions and this will allow everyone to track purchased license virtual goods indefinitely.
When digital platforms and brands come to an agreement, smart contracts are created manage the supply chain automatically.
Epik token is an ERC-721 token. ERC-721 was chosen because of it is unique in nature unlike ERC-20 tokens. Each ERC-721 token represents a single, unique virtual good item on the blockchain. Great choice!
Conclusion
The virtual goods economy is a massive one with room for more growth. BLMP is poised to be a dominating force in their chosen ecosystem through its innovative platform which will fill in the gap between brands and digital platforms while satisfying customer requirements and tastes as well as providing transparency and trust. The team has done their research and is leveraging on existing opportunities in the virtual goods ecosystem which is actually very cool.
Find out more about BlMP and Epik on the official website https://www.epiktoken.io/ and Whitepaper
Feel free to ask questions on the telegram group https://t.me/EpikToken
My Eth Address: 0xed16653E106B61Cd6157Aa040785d63937C7d131