KEY TAKEAWAYS
- OVERTAKE transitions from Web2 to Web3, leveraging blockchain to enhance gaming marketplaces.
- The platform’s open beta introduced features like onchain escrow and zkLogin, attracting over 1,500 users.
- OVERTAKE’s innovative escrow system reduces transaction fees and disputes by using a 2-of-3 multisig on the Sui blockchain.
- TakeShop empowers creators with customizable storefronts, enhancing digital commerce through blockchain technology.
OVERTAKE, a new venture from prominent Asian gaming secondary marketplaces such as ItemBay and ItemMania, is making waves by transitioning its extensive Web2 experience into the Web3 space. These platforms, which have facilitated a combined $700 million USD in annual trading volume, are now leveraging their expertise to enhance the gaming marketplace through blockchain technology.
After a successful Closed Beta Test (CBT) in May, which saw $63,000 in trades across 195 deals, OVERTAKE launched an open beta in June. The platform aims to offer secure, peer-to-peer in-game asset trading, powered by the Sui blockchain. During the open beta, OVERTAKE introduced several features, including onchain escrow, zkLogin for seamless onboarding, personalized storefronts for sellers, gas fee subsidies, and fiat top-up options via Banxa.
By August, the marketplace had attracted over 1,500 users and facilitated more than 500 trades, totaling approximately $120,000 in trading volume. With its official launch in September, OVERTAKE plans to expand its offerings to include more games beyond its current support for titles like Lord Nine and Path of Exile 2.
Innovative Escrow and Payment Solutions
Traditional peer-to-peer marketplaces often rely on centralized intermediaries for escrow services, which can lead to delays, disputes, and high fees. OVERTAKE’s approach utilizes a 2-of-3 multisig escrow system on the Sui blockchain, involving the buyer, seller, and platform. This method locks funds onchain and releases them automatically upon confirmation from both parties, reducing disputes and transaction fees.
Additionally, OVERTAKE is set to introduce TakePay, a system allowing buyers to pay with fiat while sellers receive stablecoins directly onchain. This structure eliminates the need for payment gateways, reducing fees and settlement times. A preview of TakePay is available on OVERTAKE’s website, with a full rollout expected soon.
Empowering Creators with TakeShop
OVERTAKE is also addressing the limitations of traditional digital commerce through TakeShop, a customizable storefront solution. This feature allows creators, gamers, and brands to sell a wide range of products, including digital goods, in-game assets, and physical merchandise. Transactions are secured with programmable escrow, and a built-in reward engine enables sellers to share revenue with community members who aid in scaling their business.
By combining flexibility, security, and community incentives, TakeShop aims to transform digital commerce into a creator-first model. OVERTAKE’s initiatives are poised to address the challenges of traditional gaming asset markets by leveraging blockchain technology for greater transparency and efficiency.
For more information, visit the official announcement here.
Why This Matters: Impact, Industry Trends & Expert Insights
OVERTAKE is transforming traditional gaming marketplaces by integrating Web3 technology, offering secure peer-to-peer asset trading and innovative payment solutions using blockchain.
Recent industry reports indicate that the Web3 gaming market is experiencing significant growth, with increasing adoption of blockchain technology and NFTs for in-game ownership. This aligns with OVERTAKE’s transition into the Web3 space, leveraging blockchain to enhance transparency and efficiency in gaming marketplaces.
As per insights from experts, Web3 integration in gaming is reaching a transformative stage, marked by true player ownership and decentralized economies. This supports OVERTAKE’s initiatives to empower users with ownership of digital assets and streamline transactions through blockchain technology.
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