BLMP: A VIABLE MARKET FOR LICENSED VIRTUAL GOODS

Virtual goods are goods which only exist in the digital world, i.e. they are intangible goods, cannot be handled. We can only see them online through a digital platform.

Virtual goods can be seen as power-ups, upgrades in video games, basically, they are goods which can only be provided by a digital platform.

OVERVIEW

It has been observed that young persons now spend most of their time on social media platforms or playing video games which is a signal that digital platforms are set to experience tremendous growth in coming years.

According to IDC, the virtual-reality market is estimated to grow from $5.2 billion in 2016 to $162 billion in the year 2020, they also observed that average American teenagers spend 1.5 hours on social media platforms and over 5 hours on their mobile phone on a daily basis.

This statistics projects digital market to be a very lucrative venture in the near future. Even brands are now expected to allocate a better percentage of their market budget to online platforms because of its regular usage (audience) with the intention of selling their products in the real world.

The problem here is what the market can virtual goods, in general, can be displayed so as to be accessible to brands, fans, and users. Platforms that existed had access to only their games making it impossible for users to have a variety of games to enjoy.

This brings us to what BLMP network is all about

What is BLMP?

BLMP network (Blockchain Licensing Market Place) is a platform where various virtual goods can be displayed for brands, fans, and users by digital platforms using blockchain technology.

Image result for epik ico

PROBLEMS OF THE VIRTUAL GOODS MARKET

Over time, the market for virtual goods was faced with the challenges, some of which are:
They were not transparent in their dealings and as a result, could not gain the trust of digital platforms that provided virtual goods.

They did not have the technology to display a variety of virtual goods to brands, users, and fans. As a result, the market for virtual goods experienced slow growth.

Virtual goods displayed did not possess the ability to attract more branded modifications so as to be improved on by digital platforms, as digital platforms existed in isolation from each other.

The platform was unattractive and as such could not retain brands, fans and users attention which also attributed to the slow growth of the virtual goods market.

SOLUTION

The problems faced by the virtual good market led to the creation BLMP network, though it is out of the box strategies provides the following solution, some of which are:

The BLMP network adopts blockchain technology with the use of smart contract allows for transparency and security from a third party in dealings between brands, fans, and users, which has made it a safe and efficient platform for marketing of virtual goods.

BLMP network with the adoption of a blockchain solution AIR makes it possible for a variety of licensed virtual goods to be displayed to brands, fans, and users.

As a result of its relationship with notable brands- Evolution and BD labs digital platforms can now incorporate branded modification into their goods. This, in turn, retains the interest of fans and users.

Epik utility token, which makes its transactions transparent and trackable, will be used on the platform to facilitate the creation, sales, and distribution of licensed virtual goods.

What I think

BLMP network is the future of the virtual goods market through its adoption of a blockchain solution Air which allows digital platform access to display licensed virtual goods to potential brands, fans, and users. This ICO project is the future for virtual goods marketing.