I am thrilled to announce KorroBox, a video game distribution platform that focuses on supporting both players and game developers. Each member of our team has worked on some of the largest games in the world as well as their own indie games as side projects. We are taking our video game experience and combining it with exciting blockchain technology to create something innovative for the gaming communities we are passionate about.
Video games were one of the first vehicles that made people comfortable with buying a digital asset for money. For this money to digital asset transaction to happen, game developers turned to distributors to collect payments and to grant access to the games. However, due to the expense of collecting payments internationally, credit card chargebacks and ease of access to a gaming audience, distributors takes a large 30% cut of all game revenue, amounting to over 10 billion dollars per year.
KorroBox is able to completely rewrite this relationship to give game developers 100% of the revenue from their game sales. We are able to do this by leveraging new blockchain technology to enhance the security of these digital assets and enable direct payments from player to developer. KorroBox gives game developers a new way to grant game access to new audiences through an immutable decentralized ledger. This ledger also gives players true ownership of in-game items, preventing fraudulent trades and enabling players to buy and sell their items for flexible digital currencies.
We hope everyone can follow our development and announcements through this blog and through social media (Twitter/Telegram/Reddit). We have a lot of exciting news to showcase soon!
Frequently asked questions
Q: When is the ICO?
We are a video game platform that utilizes distributed ledger technology, but we are not creating a cryptocurrency. We are creating a decentralized App on the Ethereum network that sells video games and will not be hosting an ICO.
Q: Why not do an ICO?
We are the only gaming platform that is not making a coin for the niche purpose to serve gaming transactions. Other popular digital currencies like Bitcoin and ETH have inherent value and are already used for transactions. We believe that industry-specific coins do not make sense for gaming platforms and pushes game developers away due to its volatility and low liquidity.
Q: How are you guys getting funds for development?
During the launch of the KorroBox marketplace, players will be able to purchase games and also take part in a KorroBox launch sale. We will be selling limited edition Korro companions that are only obtainable during the launch event. These companions are cute collectible characters that live on the KorroBox platform and will be displayed as player avatars. Korro companions can also come along on a player’s gaming adventures as playable characters in future games. More details about this event will be announced in the upcoming weeks. Stay tuned!
Q: How will you use tokens on the KorroBox platform?
The tokens on KorroBox platforms will be created by game developers to represents access to a game or game item, much like an access pass or a ticket. These tokens are stored on the decentralized distributed public ledger, which gives players true ownership over their game assets. Players visit the KorroBox marketplace to buy and trade these tokens. Each token is distinct and holds unique information about the game items. It is not a digital currency in any way.
Q: What do players do with this token?
Players are granted a token in their digital wallet for every game or item they purchase in the KorroBox marketplace. When a player goes to play a game, the tokens associated with that game will be in their inventory, automatically granting them access to the game and the items that the player previously purchased.
This token is a symbol of the player’s ownership of their purchases. This means they can also use the token to trade game items to other players on the KorroBox game items market.
Q: Will all items within a game be represented as a token?
Representation of game items on the blockchain is up to the game developer’s discretion. Many game transactions can and should happen off-chain within the game, especially for game items that are not designed to be traded between players. There is a cost for creating tokens on the Ethereum network and it may not make sense to create tokens that represents low value items or bulk items. However, a game developer can also choose to create game item tokens that is earned by players without purchase so that they can trade with each other.
Q: What currency does the KorroBox platform utilize?
We will be utilizing ETH as the main digital currency because the ease of conversion to fiat currencies is important for adoption by both developers and players. Eventually, we will accept other popular currencies if developers wish to receive it. We will not be using any gaming-specific cryptocurrencies due to liquidity issues.
Q: How are you different from other crypto gaming platforms?
We are not charging game developers any distribution fees for the sale of the game to truly remove the middleman in game sales. Other crypto gaming platforms still act as a middleman distributor, albeit taking a much smaller cut of game sales from the developers. Additionally, we are one of the few platforms that work directly with game developers to bring their assets into the blockchain, enable direct sales and safe trading of game items. This will result in more revenue for developers, lower game prices, and secure ownership for players.