EpikToken: The future of Digital collectibles

EpikToken: The future of Digital collectibles

A virtual economy, sometimes referred to as synthetic economy describes an emergent economy existing in a virtual world, usually exchanging virtual goods in the context of an internet game. People enter these virtual economies for recreation and entertainment rather than necessity, which means that virtual economies lack the aspects of a real economy that are not considered to be “fun”. However, some people do interact with virtual economies for “real” economic benefit.

Despite primarily dealing with in-game currencies, this term also encompasses the selling of virtual currency for real money. While it is tempting to dismiss virtual goods as a niche category, constrained to online games and messaging apps, its real market impact is far larger than many might think. 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 now create more than $15 billion in annual revenue.

A Problem Worth Collecting

There is a fundamental problem in the sub-sector namely, the fragmentation between brands and digital platforms which explains the lack of profitable collaborations taking place very often. This is because in the 21st century digital platforms could be a large scale corporation, for example Facebook, an independent game studio or any large entity. Another issue is the fact a lot of the digital platforms are created to function in silos with little accessibility.

Also needing solution is that Brands are often involved in a very outdated licensing industry littered with paperwork and inefficient business models and processes. What we currently have as a process to access brands for licensing content is so slow and time consuming, archaic and is based on personal relationship plus the fact that it could require serious money. Statistics available indicate a high level failure, which discourages digital platforms from putting much time and resources to making licensing deals possible. Things are so bad here that even in situations where a particular brand wants to give their customers access to a variety of brands, it is almost impossible to persuade and work together with a collective group of brands.

The challenging question then is how brands, celebrities or intellectual property holders can remain important in the age of digitization and also earn money and royalties.

The solution with Epik Tokens  

The envisaged solution with EpikToken is to have an ecosystem that gives customers the power to purchase licensed virtual goods on the net for the same purpose when they buy in real life situation.

The idea contemplated is to enhance customer transactions when they buy items to guarantee fair reward between the IP holders and the digital platforms involved in creating the items and proceeds from such sale be divided based on already established licensing agreements.

What BLMP seeks to achieve with EpikToken will in the long run result in an exponential growth of the virtual goods economy. The present situation is one that is surrounded with frictions in deals between brands and digital platforms because of the inefficient processes.
This is a blockchain technology enterprise that seeks to solve the difficult Business to business to customer challenge by creating a balanced playing ground for all parties involved to earn their trust in the Epik ecosystem
The model covers the virtual goods retail supply chain including the creation, tokenization, and ownership of licensed virtual goods.

The use Epik utility token for doing business or transacting business will empower brands, digital platforms and customers generally to monitor each licensed virtual good continually and that, transparently because of the integration of the blockchain technology which guarantees trust.

Useful Link:           Website | Whitepaper | ANN Thread

Author Detail:

Profile Link:      OrangeSeller
ETH Address:   0x1461C3727dC461EfF7B32751dFf56c51c2218d5E

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