What is SKINCOIN
SKINCOIN token (SKIN) – decentralized cryptocurrency for making bets, accepting and sending payments for game skins in Counter-Strike: Global Offensive, Dota 2, Team Fortress 2.
SKINCOIN Tokens (SKIN) are to be released based on the Ethereum blockchain platform. Tokens shall be used for trading with game sites, buying/selling skins, making bets on gambling and betting platforms.
What are skins?
Skins are virtual items that can be used in games like Counter-Strike: Global Offensive (CS:GO) or Dota 2. The term “skin” is derived from the typical function of these virtual items: changing the appearance of a player’s in-game avatar, weapons, or equipment.
According to Eilers & Krejcik Gaming, a research firm, more than 3 million people wagered $2.3 billion worth of skins on the outcome of eSports matches in 2015. In 2016, this figure grew by two-fold and reached $5 billion.
As per analytics of Eilers & Krejcik Gaming and Narus Advisors, about 40% of the total 5 billion market in 2016 were bets made on the results of cybersport matches and tournaments.
Understanding the Skin Market
The market for skin gambling is distributed across a handful of dominant products. Sportsbook-style betting (wagers on esports matches) is the largest vertical. The second most popular is jackpot-style games, essentially lotteries where players receive tickets based on the value of their deposited skins. Notably, while skin-based slot machines do exist, they areinfrequently found and appear to garner little-to-no interestfrom esports fans.
This diversity is one reason why skin gambling handle is so much larger than esports cash gambling handle. But even after adjusting for that difference (i.e., comparing skin-based esportsbook betting to cash-based esportsbook betting), skin gambling is still some six times larger than cash gambling. In terms of market participants, the skin gambling industry grew quickly from a handful to hundreds of sites in the course of a year. The vast majority of those sites were variations on the basic jackpot product theme. Ultimately, we believe the bulk of the handle in the skin betting industry was generated by roughly fifteen sites.
How many players
In recent years, cybersport games have gained immense popularity and coverage by major media. The most popular games are Counter-Strike: Global Offensive and Dota 2. Each day more than 470 thousand people play CS:GO simulatenously, and for Dota 2 this figure is more than 860 thousand people.
Now players spend in Dota 2 a total of just over 11 billion hours per day, whereas in CS: GO this figure is about 8 billion hours.
According to Steam Spy, the game Dota 2 has more than 99 million Steam users, and in the last two weeks, about 9.5 million users have launched the game. 23.5 million people own CS:GO, of which 8.8 million users ran it in the same period.
Skincoin is initially focused on a niche gaming sector, mainly involving trading and wagering of skins and other in-game digital goods. Eventually, the cryptocurrency intends to take the center stage as the go-to cryptocurrency for online gaming related needs. The company’s vision places SKIN tokens as the accepted means of exchange of value for gaming and betting services including categories like eSports, Jackpots, casinos etc.
The creators of Skincoin are building a strong partner network as they create an entire ecosystem around SKIN. The cryptocurrency can be used for transactions on these partner sites. In the coming months, the platform will take the ecosystem building process a step further by launching an exchange platform where people can trade game skins for Skincoin and vice versa. There will be a difference of 10% between buying and selling of digital goods on the exchanger.
Soon, the Skincoin team will introduce APIs for accepting SKIN payments on third party game services. Eventually, the Skincoin team will be launching their own betting platform where players will be able to wager the cryptocurrency on various eSports. By becoming the preferred medium of exchange in the gaming segment, Skincoin looks forward to placing itself in the centerstage, connecting betting services, gaming services, marketplaces and online gaming stores with itself and each other.
The Skincoin platform has set the maximum cap for the tokens at 1 billion. Out of the total, 600 million SKINs will be made available to crowdsale investors, 300 million will be set aside with SKINCOIN Foundation until the launch of its official exchange so that it can be exchanged later for game skins, creating a stable market in the process. The remaining 100 million tokens will be distributed among the team members for the next 5 years.
The SKIN ICO is a ETH only crowdsale and those investing in the platform during the first two days stand to receive a 20% bonus. The minimum ticket size for participation is 0.1 ETH (600 SKIN) and maximum 3000 ETH (18 million SKIN).
More information about the crowdsale and the platform is available on the platform’s website.