Game Item Industry

1. Site preview

Itembay is the first company in the world to provide a online game item-brokerage service, and it secures its profits through game item-brokerage commissions, game advertisements, etc. To use item brokerage, the user has to purchase mileage from the website that can be used like cash, and pays some commissionwhen purchasing mileage. Also, commission is imposed when a deal is made, and when mileage is converted to real cash. Itembay displays the current average market price and the lowest selling price on a daily basis, and countless number of transactions are made based on these statistics.

Based on these services, Itembay could build its foundations to rise as the leader of the industry, and it recorded 6.5 million members and 500 billion won of total traded volume.

2. Uniqueness of Itembay

1) Escrow service

Due to the developments in online gaming, underground cash transactions of intangible game items took place, and many abuses resulted as a consequence. Direct transfers between individuals proceed based on mutual trust, but incidents such as fraud, violence, etc. arose as some people didn’t hand over the items after receiving the payment; it was under these circumstances that Itembay adopted the Escrow service.

In the Escrow system, when a buyer makes a payment for an item through a bank, the brokering company holds the payment until the transaction is successfully made, and pays the seller when the transaction is complete. This system was originally used to prevent frauds in cable home shopping, but Itembay has adopted this system. For example, after the buyer expresses an intent to buy an item and deposits a payment, Itembay holds this payment, and the seller hands over the item to the buyer on the online game after confirming that the deposit has been made on Itembay. When the buyer, who has received the item, clicks “confirm transaction” on Itembay, Itembay hands over the payment it has been holding to the seller. Through such a...