Although you may have heard of both virtual reality and virtual goods, you may not have realized the way the two are linked and how they, and blockchain are having an impact on gaming and eCommerce.

Companies and industry experts have long been predicting that as virtual reality becomes more prevalent, eCommerce will become a more immersive experience. Blockchain technology and cryptocurrencies are tied into this shift in eCommerce with the rise in popularity of virtual goods and various currency exchanges while more platforms are accepting cryptocurrency either to be converted or simply as a means of payment.

As virtual worlds allow people to experience gaming and everyday activities in a new way, companies are looking for ways to monetize this technology. Virtual goods, that is, items that only exist within online communities and worlds are a natural fit for virtual reality.

Notably, even in two dimensional worlds, virtual goods have brought companies substantial profits, as was the case for the game Second Life, which eventually had more than 1 million active monthly users and sold over $3 billion in virtual goods transactions in total.

But when using virtual reality equipment, virtual goods feel more “real,” unlike some of the gems or other players may acquire while playing games. This means that virtual goods have a greater value in virtual reality.

Furthermore, there is no limit to the types of virtual goods which may be sold in a virtual reality world. From animals, to avatar skins, currencies and other items, all can be created and sold within virtual reality environment. Not only that, but since there are no costs for the manufacture, customization or distribution of virtual goods, it’s much simpler for a company to produce them in large quantities at a low cost.

An example of this would be a virtual television or tablet device which could follow you around the house and thereby eliminate the need for a real-world version. Should this application of virtual technology catch on as it seems poised to do, it could be a tipping point whereby virtual goods take over the market and real world items become less popular, or in some cases, obsolete.

Virtual reality and virtual goods have many avenues through which they are becoming increasingly indispensable, and even if it takes a few years for them to flood the market, all signs point to companies needing to begin developing their own versions in order to stay relevant.

BLMP ©2018, Singapore

BLMP (Blockchain Licensing Marketplace) is a blockchain technology company working to remove obstacles and facilitate trust in the complex issues surrounding Supply Chain Management transactions in the virtual goods industry.

BLMP Network uses blockchain technology to connect digital platforms around the world with global brands to monetize officially licensed virtual goods across any digital platform; from games to streaming services & social media, allowing millions of users access to a whole new world of branded virtual products.

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