21 Nov, 2018 at 12:47pm
If you’re familiar with gaming and Fortnite, you know all about the V Bucks, the game-wide method of payment Fortnite players use in the virtual world. Specifically, this virtual currency is used by players who want to buy items in the game, that are destined to be used in the game. It matters less what’s your currency of choice in the real life. As soon as you convert the real money into virtual stock, you can go ahead and make purchases.
There are 3 main ways in which you can convert your traditional currency in V Bucks:
-you can buy a package that will enable you to get various game items and unlock other features;
-you can simply convert your money in V Bucks via the Microsoft Store, Amazon and so on;
-you can simply earn V Bucks inside the game, without paying for them, but by completing some very hard daily quests.
It’s important to notice that whatever items you buy in the game, they’re not guaranteed to make you a better player. All they do is make you look better as an in-game character. But that doesn’t stop millions of players into buying the V Bucks with an almost religious precision. In fact, players love the currency so much, the people at Epic Games earn about $120 million every month just from the virtual asset alone. Also, because the currency is so popular, investors, as well as players started to think the people from Epic will one day make a fully functional currency out of the V Buck.
People have started to grow the idea of the V Buck growing into something bigger than it currently is simply because Fortnite is extremely popular as a game, so it has a large community around it. The only reason why the V Bucks are so popular now it because they let players look the way they want to look like in the virtual world of the game. Imagine what would happen if the idea of an actual cryptocurrency from the V Buck would be put into place. The $1 billion market cap could be easily reached by the folks at Epic. Simply by mining the currency, the administrators would not even need to do anything else but that in order to reach the daily game’s productivity. This would allow players to mine their coins, not do some hard daily challenges in order to put their hands on some.
Sure, there’s more to creating a new cryptocurrency than meets the eye. You need to take things like the user’s interface, economy and other variables into account. The users would need to add special software, like plugins, in order to be able to mine the V Bucks. The user interface of today’s Fortnite is not ideal, so a harder to use one would never attract the attention of new or older gamers. The entire idea of the game stands behind action, fun and shooting stuff while you jump out of aeroplanes. Current users are almost all immune to economic incentives. The problem is, that’s the main reason why people start new cryptocurrencies in the first place.
The consumer is not the only important part when we’re talking about selling stuff, even in a game. The seller is as, if not more important than the client. As you know, Epic has spent millions upon millions developing Fortnite, one of the hottest games of today. They even cancelled Paragon, a World of Warcraft-type of a game with monster robots, in order to put everything they’ve had into Fortnite. This means Epic would have to spend a lot of money into making a cryptocurrency if they’d ultimately decide to do so. Sure, they do make a ton of money every month, but their experience in the crypto world is zero. And while the resources for it are all there, putting a bet on a new crypto coin at this hour is clearly not a smart idea.
The danger of Epic messing up the Fortnite franchise by going into the cryptocurrency market is way too high. Players can simply say they are not into that and never actually buy into it, which will ultimately eat away from the overall experience and fun of the game itself. People opt for bitcoins because they’re secure and private. And free. Epic simply has to keep the V Bucks on the stand and at a ready, nothing else, never interfering with the ever-present security mishaps of the game.
People who create new digital coins have to break some technical issues. You need to be ready, technically speaking, to be able to use the currency on the platform you intend to put it in use on. You’ll need internet access and also a programme on each of the smartphones or computers that want to run and trade with the virtual money. You need to update millions upon millions of machines at once against cybernetic errors and dangers, which can lead to a catastrophic meltdown if things are not done right.
Also, if the people at Epic Games do decide on turning the all-mighty V Buck into a crypto coin, they will have to implement a smart contract. They would receive a small tax, a fee, from everybody who trades with the V Buck, regardless if they’re buying, selling or simply forwarding some to a friend. This, of course, will not be a measure loved by gamers. It’s like you’d be ready to sell your Fortnite Limited Edition Headband to your friend, but in doing so, you’ll have to send a small fraction of your income to Epic Games.
What’s the best thing Epic Games can now do in order to benefit from a cryptocurrency implementation? Nothing. Literally nothing. The V Bucks are working like a charm and players spend millions every month just by buying and trading with them in-game. Sure, the idea of implementing a cryptocurrency on a platform used by hundreds of millions is intriguing, but as of now, completely unnecessary at least in this case. Epic simply has to stand down and enjoy their money. When the market will eventually disrupt without return, they can surely take action.