• Home
  • Our Books
  • Our Film
  • Games
  • About Us
  • Contact Us
  • Login

Perspectives on all eras of videogames, computers, technology, and pop culture since 2003

Login

Login
Armchair ArcadeArmchair Arcade
Armchair ArcadeArmchair Arcade
  • Home
  • Our Books
  • Our Film
  • Games
  • About Us
  • Contact Us
  • Login

Gaming Millions: What’s Revolutionizing the Entertainment Industry?

Gaming Millions: What's Revolutionizing the Entertainment Industry?
Gaming Millions: What's Revolutionizing the Entertainment Industry?

Gaming Millions: What’s Revolutionizing the Entertainment Industry?

June 29, 2021 Posted by Andrei Kuznetsov Editorial No Comments

The global computer games market will exceed $100 billion this year. By comparison, the movie market in 2020 was a measly $38 billion. The Koalition found out what this giant virtual colossus is based on and now, we want to tell YOU about it.

Steam that changed the world of gaming

The creation of a service for the digital distribution of computer games and programs led to the rapid development of the PC gaming market. This global platform, owned by Valve, was introduced back in 2002 under the name Steam. In short, this service allows anywhere in the world, where there is Internet, to buy, download, activate and automatically update any Valve game, as well as third-party developers who “agree” to share 30% of the profit from the game with Valve.

The Valve’s example triggered other game developers to follow the path of El Dorado of video games (such services as Origin, Epic Game Store, Battle.net and others appeared). However, Steam is still out of competition. They were first and started Steam back in 2004 with the launch of such an epic hit as Half-Life 2.

According to some sources, Steam’s turnover in 2020 is estimated around $23.5 billion. Last year about 370 million games were sold through this service. – There were 35 million users online at one time in the system. 70 million people log into Steam every day. At the same time there are 135 million monthly active players.

Blockchain, gambling and the black market

Another defining reason why Steam remains the world’s most popular gaming service is the fact that within this system there is an in-game currency and a market for in-game items – “skins” (i.e. the visual design of certain types of game inventory).

Simply put, any user who has accumulated a certain amount of in-game money (real money will work as well) while playing on Steam can, for example, buy a visual skin for AK-47 and decorate it with unique stickers. Sounds stupid, right? – Wrong! Many players found such cosmetics as a real deal and even try to invest money in them!

All these cosmetic items users store in their inventory on their accounts. In addition to using these items in games, the items owned by the player can be exchanged with other users or sold on community market for real money. Buying and selling is done on a specialized exchange. It’s just like in the real world: lots, bids, supply, demand, and fees. Enterprising users earn, for example, by selling rare cosmetic items. You can win or lose money on Steam Community Market in the matter of seconds. It’s almost like gambling. You can draw a parallel between Steam Market and blackjack in casino – it’s 50\50 win or lose.

The scale of the market, as well as its potential, is staggering. Only 6% of users trade virtual ‘skins’ and inventory from the most popular games. The annual turnover of this market has already exceeded $3 billion (and that’s only for cosmetic items!). Can you imagine the potential when 6% of the market is already 3 billion?

At the same time Steam market remains a closed system. Unfortunately, Valve does not provide tools to withdraw funds from the account. The user can spend these funds to buy other items, games or DLC’s only within Steam. You can’t withdraw money through Steam, it’s also forbidden to use your account to make real money by the End User Agreement. At the same time, everyone is well aware that the game inventory outside of this conditionally closed system costs real money. For example, the price of a souvenir Dragon Lore sniper rifle, depending on what stickers it is decorated with, can be 15, and 20 or even 30 thousand dollars. Of course, more often in the game there are items worth, for example, 100, 200, 500 or a few thousand dollars. And here begins the most interesting part.

If there is an official market, the shadow economy is bound to appear. When it comes to hundreds and thousands of easy to earn dollars, there are plenty of people who want to get their hands on them. The shadow economy of Steam is all about fraud, theft, racketeering, and extortion. The other day Valve was able to achieve the blocking of two sites where you can exchange and sell game items for real money. Gaming inventory, which “settled” on these resources is estimated at $ 5 million. It’s even more than some gambling-related sites like this one https://toponlinecasinoaustralia.com has!

We should add that the value of game inventory is increasingly tied to bitcoins and other cryptocurrencies. There are already those who are trying to combine blockchain technology and the virtual item market. These people want to create a global marketplace where you can use smart contracts and blockchain to trade any items from any games from any marketplace.

Related

Tags: battlenetcasinoepic game storegamblingsteam
No Comments
Share

About Andrei Kuznetsov

Correspondent for Armchair Arcade.

You also might be interested in

Editorial and Infographic - STEM Teaching: Using 3D Printers for Your STEM Program
Editorial and Infographic - STEM Teaching: Using 3D Printers for Your STEM Program

Editorial and Infographic – STEM Teaching: Using 3D Printers for Your STEM Program

Sep 6, 2017

Although I’ve written about 3D printing extensively here on Armchair[...]

Technologies expected to shape the online casinos of tomorrow
Technologies expected to shape the online casinos of tomorrow

Technologies expected to shape the online casinos of tomorrow

Aug 1, 2019

The technological innovations over the past two decades have had a major impact on all the industries, including gambling. A great multitude of people love to gamble online today. And why not?! After all, you get to enjoy your favourite real-money casino games from within the comfort of your home, in a highly secure and safe manner. What more, you can even carry your casino with you wherever you go, courtesy the mobile casino platforms.

Guide to Finding the Safest Online Casinos to Play
Guide to Finding the Safest Online Casinos to Play

Guide to Finding the Safest Online Casinos to Play

May 28, 2018

In the latest in our continuing series on gambling technology,[...]

Leave a CommentCancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts

  • How Cybersecurity Frameworks Like NIST 800-171 Protect Your Data
  • How To Find the Right Printing Partner for Your Nonprofit
  • Data Center Switch Basics: A Simple Guide For Beginners
  • Power Of Data: How LinkedIn Scraping Can Transform Your Research
  • Evercade Alpha TAITO Bartop Arcade coming, more NeoGeo and other cartridges, plus updated game list!
  • What to know about compliance when you play at social casino online sites
  • What are bonus buy slots?
  • 4 Things To Do While Visiting Los Angeles
  • Modern Gaming Monitors: What to Look for When Choosing for Esports Disciplines
  • How to Keep Your Competitive Edge in Online Games

Recent Comments

  • Aiodensghost on Official Game List for My Arcade Atari Gamestation Pro
  • keyboredom on Quick guide on how to play on the Internet Arcade
  • Bill Loguidice on Official Game List for My Arcade Atari Gamestation Pro
  • Melanie Levenstein on Official Game List for My Arcade Atari Gamestation Pro
  • George on How to Predict CS:GO/CS2 Skins Prices?
  • Bill Loguidice on Retro Games Ltd to release The Spectrum, fully working ZX Spectrum, and here’s the game list!
  • Derek on Retro Games Ltd to release The Spectrum, fully working ZX Spectrum, and here’s the game list!
  • Bill Loguidice on Retro Games Ltd to release The Spectrum, fully working ZX Spectrum, and here’s the game list!
  • Simon on Retro Games Ltd to release The Spectrum, fully working ZX Spectrum, and here’s the game list!
  • Viktor Špička on Retro Games Ltd to release The Spectrum, fully working ZX Spectrum, and here’s the game list!

Archives

Categories

Explore

android (46) apple (37) ar (37) Arcade (167) Atari (74) atgames (173) book (99) books (98) casino (501) esports (47) firmware (43) Flashback (45) gambling (525) Gaming (40) home arcade (115) htc vive (42) humble bundle (282) humble store (67) ios (37) led (35) legends (40) legends arcade family (46) legends gamer (33) legends pinball (39) legends ultimate (71) Microsoft (40) Nintendo (70) pc gamer (67) pc gaming (53) pinball (43) playstation (55) PS4 (36) retro (34) Sega (38) slots (83) sony (51) steam (145) switch (34) technology (35) update (42) virtual pinball (36) virtual reality (116) vive (34) viveport (42) vr (121)

Affiliates

+ Amazon

The everything store

+ Humble Bundle

Game deals, including name your price bundles

+ Playasia (Play-Asia.com)

Import games and collectibles

+ DJI Store

Amazing drones and related technology

+ Razer

Amazing PC gamer products!

fullSTEAMahead365 Your total news and information resource for all things Science, Technology, Engineering / Mathematics, Art, and Medicine / Health.

Human Advancement Never Stops.

Key Site Statistics

Posts published: 2,551
Latest publish date: May 31, 2025 @ 3:46 pm
Registered user count: 99,026

Contact Us

If you have a question, would like to provide feedback, or otherwise wish to get in touch with us, use this form.

Send Message

Blog Posts by Date

June 2021
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930  
« May   Jul »

Social Media and RSS

Support Armchair Arcade

All editorial content © 2003 - 2025 Armchair Arcade, Inc., an Armchair Creative Services, LLC, property. All rights reserved unless otherwise indicated. All trademarks and copyrights are retained by their respective owners. No content is to be removed or reused from the Armchair Arcade Website for commercial purposes without explicit permission from the principal Armchair Arcade staff, or the original trademark or copyright holders. Armchair Arcade, Inc., is not responsible for the content of any external sources or links. Further, endorsement of any external sources or links is neither implied nor suggested.

We thank you for your support and encourage you to contact us for any reason, including, but not limited to, questions, concerns, business endeavors, or praise. Especially praise.

Armchair Creative Services, LLC, may earn compensation for sales from links on posts through affiliate and other programs. Editorial rigor and objectivity standards are strictly adhered to and any compensation has no effect on coverage or opinions.

Prev Next