eBay for Gamers
Gaming companies make most of their money from in-game purchases — digital items players buy to help them win or have more fun.
This year, gamers are expected to spend $168 billon on such items. But once they move onto a new game, any unused items will be worthless. Players will be stuck with them.
Enter Gameflip. This marketplace enables users to sell (“flip”) their digital items to other gamers — a sort of “eBay for gamers.” In doing so, they can unlock the value of these assets within today’s closed gaming ecosystem.
You see, every video game has an objective. It could be to defeat an opponent, win a race, or tally a high score. And for a small price, gaming companies offer resources to help players achieve these objectives. For example, a certain resource might make the game easier to win, or more fun to play. These resources are referred to as in-game purchases.
In 2020, gamers spent $118 billion on these purchases. Nearly one-third of gamers spend at least $500 on in-game items. And in 2020, ninety-eight percent of all mobile game revenues were generated through in-game purchases.
As mentioned, though, the problem is that if a player stops playing a game, any unused in-game purchases are worthless. They can’t be transferred to another game, so essentially the player is stuck with them.
Now they can simply use Gameflip’s marketplace. Through this mobile platform, users can buy and sell all sorts of digital assets — gems, tools, digital currencies, and even actual games. Gameflip also offers gift cards for purchase to gaming-related retailers like Target, Amazon, and fast food spots.
To generate revenue, Gameflip collects a purchase fee from the buyer, a sales commission from the seller, and a cashout fee whenever a seller withdraws funds out of his or her account.
Since launching in 2015, Gameflip has amassed six million gamers to its community. And the Gameflip app has been downloaded three million times.
There are more than forty million listings on its platform, and Gameflip’s marketplace has facilitated more than $140 million worth of transactions. Notably, the company has raised more than ten million dollars from professional investors, including Bullpen Capital, GoAhead Ventures, PlayNext, and LightBank.
With funds raised, Gameflip aims to expand its most recent offering, Gameflip Omni. This storefront enables gaming brands, developers, and “influencers” to create, market, and sell digital gaming collectables and purchases to gamers. In other words, this enables businesses to sell to gamers, in addition to its marketplace that enables gamers to sell to each other.
JT has twenty years of experience building, scaling, and managing businesses, including more than a decade in the gaming industry.
He was Chief Operating Officer of Aeria Games, the games-publishing business that was eventually acquired. Under his leadership, Aeria grew to more than 300 employees and surpassed $120 million in annual revenue.
Earlier in his career, he was an operations consultant with HSBC, a financial services company. Before that, he worked in business management with Honeywell, a manufacturing company.
JT holds a Bachelor’s degree in Engineering from the University of Illinois, a Master’s degree in Electrical Engineering from Stanford, and an MBA from UCLA.
Terry has an extensive background in software and product development. Like JT, he’s spent
more than a decade in the gaming industry, including leading the charge at Aeria Games, the
games publishing business.
Prior to starting Aeria Games, he was a senior software engineer with Good Technology, a tech
company that was sold to Motorola. Before that, he held the same position with Open Harbor, a logistics company that was acquired by TradeBeam Holdings, a provider of trade management
Terry began his career as a software engineer with Bluedog, a tech company. Before that, he was an application developer with STMicroelectronics, a semiconductor manufacturing business.
He earned Bachelor’s degrees in Computer Engineering and Mathematics from Southern Methodist University and a Master’s degree in Electrical Engineering from Stanford.
Matheus has more than a decade of gaming industry experience, and has been with Gameflip since its inception.
Previously, he was Head of Operations with AdvanceClub, an entertainment company focused on promoting up-and-coming electronic sports (“esports”) gamers. Prior to that, he was an operations manager with PlayNext, a video game developer.
He worked at PlayNext after spending time as a digital product and marketing manager with Electronic Arts, a sports-focused video game developer. Before that, he worked with JT and Terry at Aeria Games, serving as a producer and business analyst.
Matheus began his career in sales, working in the pharmaceutical and health tech markets. He holds a Bachelor’s degree in Marketing & Advertising from Pontificia Universidade in Brazil and an MBA from Instituicao de Ensino, also in Brazil.
Steve has more than fifteen years of gaming industry experience, including at top gaming brands Sony, Microsoft, and NetherRealm Studios.
He began his career as a video-game tester with Sony, before becoming an analyst with Namco Bandai Games America, the company behind video game franchises “PAC-MAN” and “Soulcalibur.”
He then joined Aeria Games, where he worked as a game tester and marketing associate. From there he joined Outspark, another gaming company, as a game tester.
More recently, Steve was a supervisor with Mind Candy, an entertainment company creating products ranging from trading cards to books to digital items. Then he was a project manager with ModSquad, an IT services company. Before joining Gameflip, he was a marketing associate with AdvanceClub, the esports-focused entertainment company.
He studied Liberal Arts at De Anza College.