Game Lovers: Game-changers FreeMyVunk and Digix allow video gamers to trade virtual assets for physical gold

Virtual assets prized within the world of gaming can now be traded for physical gold thanks to a collaboration between gaming value platform FreeMyVunk and crypto-assets issuer Digix.
FreeMyVunk has set out to revolutionise the way gamers will trade their virtual property (virtual junk, VUNK), using the Ethereum public blockchain.

Anyone who has ever played a video game and has thought to themselves: "Wouldn't it be nice if I could trade my World of Warcraft DoomHammer which I don't use anymore for my friend's Galil in Call of Duty: Black Ops", can now do it fairly, transparently, without recourse to any kind of unauthorised marketplace. The uninitiated should note, it's not at all uncommon for a particular sword, gun, hammer or whatever to change hands for $1000.
Singapore-based Digix, which began using coloured coins on the Bitcoin network to issue digital assets, is also breaking ground by adding virtual in-game assets to its retinue of gold and precious metals. Digix uses a process called proof of asset protocol involving Ethereum and InterPlanetary File System (IPFS), combined with a "minter smart contract", which converts an asset into fungible tokens.
Tyler Smith, CEO, FreeMyVunk told IBTimes: "We are excited about our collaboration with Digix. As part of our partnership, FreeMyVunk will be using a custom version of the Digix token issuance system (on Ethereum) as well as the Digix Ethereum Wallet for our in-game wallet plugins.
"Digix precious metal tokens will also be supported as a method of payment on the FreeMyVunk Marketplace. Never before has frictionless trade between virtual and physical assets been possible. This collaboration between our two platforms will enable video gamers all over the world to effortlessly convert their virtual wealth into physical gold!"
Digix's chief technical officer and co-founder, Anthony C. Eufemio, told IBTimes: "The protocol we developed at Digix for gold assets and tokens, called the Proof of Asset protocol, can be used to track and shadow the entire chain of custody for any digital and physical assets from the source to the end user.
"This protocol provides an open and transparent tracking and tokenisation service for any assets on the blockchain. This is how our gold assets and tokens are issued, and so the same can be done for digital gaming assets at FreeMyVunk.
"The protocol is useful for game developers as it guarantees the rarity of in-game items in an open, accountable and transparent way. In other words, these in-game items will be much coveted which adds to the gameplay experience.
"The gamer would have a gaming item that is provably rare, and the developer cannot hide that he has issued an arbitrary number of these items without the users not knowing."
Kai Cheng Chng, CEO, Digix, added: "Imagine being able to easily exchange a coveted hammer or ring from a MMORPG for Digix gold tokens that represent physical gold. I think we have just blurred the lines of reality between the digital and the physical world."