Synthetics for Virtual Marketplaces
I am proposing that Yam develop UMA synths for virtual markets for games as a part of Degenerative.
Abstract - What am I proposing?
With UMA synthetics and the Degenerate Finance product, there is an opportunity to build synthetic assets for anything. I propose that Yam develop synthetic assets that tracks different aspects of virtual economies in video games. There are many virtual economies to target. Some examples include the Counter Strike Global Offensive item skins market, DotA 2 skins market, World of Warcraft, and Old School Runescape. All of these games have existed for over 5 years with enormous playerbases and plenty of items and market cap.
I also hope that this idea could be extended to encompass blockchain virtual worlds, like CryptoVoxels, Decentraland or Axies Infinity.
Ideas for synths:
- Tracking the whole economies of these games, functioning much like ETFs.
- Tracking individual items, eg. https://steamcommunity.com/market/listings/730/★ Huntsman Knife | Tiger Tooth (Factory New)
Motivation - Why am I proposing it?
Virtual economies have been an underappreciated and misunderstood aspect of the internet and gaming culture. Although it is difficult to find accurate metrics, there are consistent estimates of CSGO’s skin market being greater than a billion dollar industry. I love games, and many of my favorite games of all time have thriving economies based around ingame items and skins. I think targeting virtual game economies in general could be a great extension of Degenerative’s products and would be a fun and profitable endeavor by bringing gamers and game market enthusiasts into crypto.
Some links and articles on virtual economies:
Virtual Economies in general: https://atelier.net/virtual-economy/ https://www.morningbrew.com/emerging-tech/stories/2020/05/25/todays-largest-games-thriving-virtual-economies CSGO's Skin market: https://dotesports.com/business/news/study-suggests-skin-gambling-loot-boxes-50-billion-22876 WoW Tokens: https://www.cnn.com/2018/05/08/world/world-of-warcraft-token-worth-more-than-venezuelas-currency-trnd/index.html Item trading websites: https://www.eldorado.g https://cs.money
Specifications - How am I proposing it is accomplished?
TBD. Would like stimulate community discussion for ideas of which games would be best to target and what kinds of products might be good prospects. Note that synths must have verifiable numerical indicators, in order to create a price verification for UMA.