Overtake Marketplace Launches Open-Beta Service Processing 195 Trades Worth $63,200

Overtake Marketplace, a blockchain-based peer-to-peer (P2P) game asset platform, has launched its open-beta service. Built on the Layer-1 blockchain platform Sui, the platform aims to revolutionize the gaming industry by enabling true asset ownership, cross-game interoperability, and player control. During its closed beta testing (CBT) phase from May 21 to June 12, Overtake processed 195 trades worth US $63,200, demonstrating the platform's potential to facilitate secure and efficient transactions of in-game assets.

The launch of Overtake Marketplace aligns with the broader trend of Web3 gaming, where players have greater control over their digital assets. This shift is part of a larger movement towards decentralized gaming ecosystems, where traditional barriers between games are broken down, allowing for seamless asset transfer and usage across different platforms. This interoperability not only enhances the gaming experience but also opens up new economic opportunities for players and developers alike.

The platform's focus on true asset ownership is a significant departure from traditional gaming models, where in-game items are often controlled by the game developers. By leveraging blockchain technology, Overtake Marketplace ensures that players have full ownership and control over their digital assets, which can be traded or used across various games. This approach not only empowers players but also creates a more dynamic and flexible gaming economy.

The success of Overtake Marketplace during its CBT phase is a testament to the growing interest in blockchain-based gaming solutions. The platform's ability to process a significant number of trades in a short period highlights its potential to become a leading player in the Web3 gaming space. As the open-beta service continues to evolve, it is expected to attract more users and developers, further solidifying its position in the market.

The launch of Overtake Marketplace also comes at a time when the gaming industry is increasingly exploring the potential of blockchain technology. With the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs), the gaming sector is poised for significant transformation. Overtake Marketplace's focus on P2P transactions and true asset ownership positions it well to capitalize on these trends, offering a unique value proposition to both players and developers.

Overtake Marketplace addresses the lack of transparency and high fraud risk in the unofficial game-item market, estimated to exceed US $55 billion annually. To mitigate these issues, both funds and items are deposited in a smart contract, and a 2-of-3 multi-sig escrow agreement structure is introduced to minimize disputes. Users can be paid out in USDC as soon as a transaction is completed, while the platform fee is kept low—around 5%, below those of existing centralized marketplaces. An incentive system is also planned, under which sellers, buyers, game studios, and the platform will each receive token rewards proportional to their contribution to the deal.

During the CBT phase, 30 sellers participated, recording 195 trades totaling US $63,200. The average sales per seller were US $2,017. Test participants commented on the speed and efficiency of the transactions, the immediate receipt of USDC after trades, and the significantly lower fees compared to overseas services. Requests made during the test period for bulk CSV uploads of large inventories and real-time exchange-rate conversion have been reflected in the official version, and the roadmap for mobile apps and multi-chain support will be announced in the future.

Seunghwan Oh, CEO of Overtake, stated, “We will bring the three strengths proven in the CBT—speed, safety, and low fees—straight into production to convert the underground market into a secure on-chain market,” adding, “By completing a ‘Web 2.5’ user experience that even Web2 gamers can easily adapt to, we will accelerate the popularization of blockchain game economies.”

Simultaneously with the official opening, Overtake is collaborating with the cryptocurrency research platform ‘Kaito Earn’ to run a campaign that distributes 0.5 % of the total supply of the platform token $TAKE to community builders. Token rewards will be given for completing missions such as content creation and social dissemination, and detailed participation methods will be announced through the official channels of Overtake and Kaito Earn.