Virtual Economy: Secure Real Money Trading – The Hub PlayerAuctions
Safe Trading in Virtual Economy in Real Money Trading.
Jason Hayward is a Marketing & Gaming Industry veteran who has held senior positions in both agency and client side environments. He now works with venture funded businesses to help them improve monetization, on-page optimization, SEM and strategic partnerships. He talks about safe trading practices in Virtual Economy in Real Money Trading.
How important is the concept of ethical trading in RMT and the companies that adhere to higher business standards? It’s critical – to your immediate transactions, as well as the long-term health and vitality of the games we love.
For years now, there has been much deliberation and argument over ethical practices and its effect on the games we love. Some push for a “wild west” and a completely open marketplace, while others lobby with equal voracity the need for regulation and strict oversight. With so much debate and intensity around this topic, it’s definitely critical to take a deeper look.
Why would anybody want to do a transaction with an individual rather than a company?
It’s something that puzzled me in my earlier days in RMT but it’s something that I came to understand a bit more over the years. Dealing with an individual to make RMT trades or purchases is still something I would never do, but the people that do it, in my opinion, do it for one simple reason – because as gamers, we are all very individualized. We game to escape conformity and to be ourselves. Whether we game alone or as part of a guild we are all very confident in our skills in sizing up situations, people and our own effectiveness to pull something off. We also have a natural inclination to want to escape conformity – that is essentially what puts the “rp” in RPG.
Nobody wants to Role Play and conform to the structure we long to escape, right?
For many people, the answer at first is “right” but unfortunately, it comes back to hurt them very badly on a financial and emotional level. Like anything else in life, people start something out of passion, and then greed kicks in and the unscrupulous in the crowd enters into the game. They use lies, fake identities and technology to dupe others out of their hard earned money, goods and that ever valuable thing we all need – trust.
The scary thing about this process of people getting burned is that eventually, it can kill the very games we love. Transactions gone bad don’t just hurt the person who got duped. They hurt us all very, very badly as people start to shy away from digital asset exchange and those who participate – and one thing is certain, RMT and those who participate are actually the lifeblood of the games and world we love.
So what are we to do? How do we find ethical transactions in an unethical world?
To answer this question, we need to look back to the earlier days of RMT. People first began their trades on eBay, etc. and were constantly hit by scammers. When eBay then removed the ability for users to list virtual goods, PlayerAuctions took up the call to establish a secure trading environment for individual buyers and sellers. We adopted proprietary risk management systems from our operators at that time (Itemmania) to develop a robust trading engine suited for western markets and combined it with our years of transactional history.
RMT and those who participate are actually the lifeblood of the games and world we love.
I was lucky enough to be hired in the largest family of RMT companies back in 2005 as their first non-owner Search Marketing Manager. I had a front row seat to the discussions and decisions. These were shaping an industry that was growing by leaps and bounds. Over the years, many of those companies have come and gone. But it’s amazing to see a true player to player trading platform like PlayerAuctions. outlive so many.
Why we pay for transaction fees? We want to keep our profit higher.
Stop thinking like Penny Wise and Pound Foolish type of things. One thing that the gaming community needs to understand is that virtually everyone in our companies are gamers themselves. And that a staggering percentage of the transactional fees on PlayerAuctions are poured directly back into the infrastructure. This is needed to keep the buyers and sellers safe. It’s something that is not often publicized. But the technology and effort that goes into keeping a consumer to consumer marketplace clean is huge. Especially one which caters to virtual currencies and digital assets, this is really needed. It comes at a significant cost – but it’s a cost we are willing to accept to keep our members safe.
So I think that we all agree that ethical practices are something that every legitimate buyer or seller benefits from. However, the question comes down to infrastructure, process, and capability. Do individuals have these things to protect themselves from the scammers out there? No, they don’t. They may get lucky for a while, but without these things, it’s very easy to get burned.
At the end of the day, we live and breathe the games and the gamers we serve. Thus, securing trades is a part of our DNA. We keep investing in constant advancement that results in transactional security, customer support, accurate and competitive pricing. As each of these product sourcing are all for the games and the gamers. These are the reasons for cost we charge for. But these costs keep us all safe and keep the games we love vital and growing.