Que the double take. $50 billion?! How is that possible? Virtual items are by definition not even real! Okay, that’s not really fair. For gamers, virtual goods may only exist in computer code, but they are every bit as real as a flashy new outfit or a hot Harley Davidson.

To gain an understanding of what makes these virtual items so popular, let’s first answer the question: what is a virtual item? Non-gamers probably didn’t even know the industry existed and it may feel like a foreign concept at first, but the numbers speak for themselves. An exploding population of gamers around the world are driving up demand for all kinds of virtual items driving the price for some specific pieces into the millions.

“Virtual items” is a general term that could in theory describe just about anything that a player can acquire in a game — from a specific rifle in first-person shooters to a virtual piece of land in an open-world adventure game. But items like weapons that directly enhance the abilities of a gamer’s character usually aren’t referred to as virtual items or included in the $50 billion figure. Because all gamers should have access to a more-or-less equal gaming experience, these items are typically unlocked at a set point in the game or bought with some form of in-game wealth like gold coins.

But people pay real money for virtual items. And believe it or not, these goods are overwhelmingly cosmetic in nature. Special outfits for your character are a common staple of games trying to make money beyond the original purchase of the game. Fantasy games can really get creative building up complex lore surrounding certain items or materials while controlling supply so only a limited number of gamers can get them. That makes them worth something — worth a lot, in fact. The most expensive virtual item ever sold cost $6 million (!!!).

Just like in the real world, these cosmetics matter. Think about it: If your crowd in the real world are a bunch of car nuts, and you are into cars yourself, you’ll probably take the first opportunity to sup-up your engine and show it off. It’s the same in the virtual world except that in games, no one sees the real you or what kind of car you’ve got. They see your avatar and what kind of gear you’ve got. While veterans of any given game can show off with their skills, newcomers can often gain some quick recognition by flaunting a rare dark-blue suit while everyone else is wearing black.

Also like the real world, the primary market for virtual goods has spawned and supports an equally flourishing secondary market. Items are sold second hand or packaged together to be sold as a collection in established marketplaces. BUFF is one example of such a marketplace, but it’s radically changing the market for virtual items in other ways.

Based on blockchain technology, BUFF is introducing the first-ever gaming loyalty system that rewards gamers just for playing, sort of how you can get frequent flyer miles just for flying. The BUFF coins you in-game can be exchanged for other currencies or spent on virtual items in BUFF’s marketplace.

The $50 billion industry is about to get a new revenue stream and the best part is that gamers don’t have to spend cash anymore! The player who can afford more is the better player who plays more. Welcome to the gamer’s dream.