OVERTAKE Beta Tests its Gamer-focused Sui-based P2P Trading Platform
Through its gamer-focused marketplace, OVERTAKE revolutionizes existing solutions that enable digital game item and character trading.
The OVERTAKE trading platform, currently in closed beta, makes peer-to-peer (P2P) trading of digital gaming assets far more efficient, safe, and cost effective compared to existing marketplaces. OVERTAKE leverages Sui to take the dark web of trading game accounts, characters, and items into the light.
Existing Web2 marketplaces are plagued by high transaction fees, complex settlements, and cumbersome user experiences. Sui's ability to tokenize these trades will slash fees by up to 90 percent and ensure simple and safe transactions.
And unlike on other blockchains, users will experience immediate transactions due to Sui's high-traffic parallelized processing, meeting the expectations they have from existing marketplaces.
Time for a change
Players spend many hours in games earning levels, finding rare items, and generally grinding their way to more powerful characters. Many games offer their own marketplaces that restrict how items can be traded, so independent marketplaces arose, offering the ability to trade everything from an in-game item to an entire account. Players who put the hours in creating a powerful character may be ready to move on, but would like to trade or sell off their character.
Those independent marketplaces rely too much on trust, with players hoping the person they're interacting with will hand over the account, character, or items they are expecting.
OVERTAKE, the team behind ItemBay and ItemMania, recognized how Sui could support a new kind of marketplace, with better security and lower fees. This new onchain marketplace will leverage programmable logic to create trustless transactions.
Beta testing
OVERTAKE's closed beta tests its Sui-based escrow system to ensure safe P2P trades that don't need a centralized intermediary.
When a buyer agrees to purchase an item from a seller on OVERTAKE, the buyer's funds are locked in a multi-signature smart contract. The buyer, the seller, and OVERTAKE each hold keys, and it takes two of the three keys to release the funds.
Most transactions will go forward when the buyer and seller enter their keys. If there is a dispute about the trade, OVERTAKE can arbitrate, looking at the evidence and using its key to resolve the issue fairly.
This decentralized approach drastically reduces fees. Where existing marketplaces charge up to 20 percent of a transaction, OVERTAKE expects to reduce that to well under 1 percent of the transaction price.
During the first 10 days of OVERTAKE's closed beta, 30 sellers onboarded and exceeded 30,000 USDC in trading volume. Suiscan shows OVERTAKE's marketplace activity, including the very low gas fees for each transaction.
Long term vision
OVERTAKE intends to offer both crypto and fiat currencies when it launches, giving buyers and sellers flexibility and creating a truly global marketplace. Further, it will work with existing game studios to take more game elements onchain, giving players a true ownership experience with their digital assets. This shift will fundamentally change the gaming experience and players' relationship to it.
Most importantly, OVERTAKE's P2P marketplace model, powered by Sui technologies, makes transactions between players a better experience all around.
