OVERTAKE Marketplace Prepares for September Launch with Web3 Innovations

OVERTAKE, an emerging marketplace from some of Asia’s largest gaming secondary platforms like ItemBay and ItemMania, is set to revolutionize the digital asset trading landscape with its official launch in September, according to Sui Foundation. These platforms, which facilitate a substantial $700 million USD in annual trades, are now entering the Web3 space, leveraging the robust infrastructure and security of the Sui blockchain.

From Closed Beta to Official Launch

OVERTAKE’s journey began with a Closed Beta Test (CBT) in May, which recorded $63,000 in trades from 195 deals. Following this, an open beta was launched in June, aiming to provide gamers with a secure peer-to-peer trading experience for in-game assets. This phase saw the introduction of various innovative features, including onchain escrow, zkLogin for seamless onboarding, personalized storefronts for sellers, gas fee subsidies, and fiat top-up options through Banxa.

By August, the marketplace had attracted over 1,500 users, facilitating more than 500 trades and generating approximately $120,000 in trading volume. The upcoming September launch aims to expand beyond its current game offerings, Lord Nine and Path of Exile 2, to a wider audience.

Innovative Onchain Escrow

OVERTAKE is redefining peer-to-peer trading with its onchain escrow system, which uses a 2-of-3 multisig approach involving the buyer, seller, and platform. This setup locks funds on the Sui blockchain, automatically releasing them once both parties confirm the transaction. This method reduces the risk of disputes, increases transparency with verifiable transactions, and cuts transaction fees from up to 20% on traditional platforms to just 10%.

Fiat to Crypto Transactions

In addition to escrow, OVERTAKE is set to introduce ‘TakePay’, a system allowing transactions to be initiated in fiat and settled in cryptocurrency. This model eliminates traditional payment gateways, reducing costs and settlement times. Buyers can interact with the system using Sui’s onchain escrow and zkLogin, simplifying the process for fiat payments and enabling direct receipt of stablecoins by sellers.

Empowering Creators with TakeShop

OVERTAKE also addresses the constraints faced by digital creators with its TakeShop feature, a customizable storefront that allows creators to sell a variety of products, including digital goods, in-game assets, and services. This system, secured by programmable escrow, not only fosters trust but also enables revenue sharing through a built-in reward engine, promoting a community-driven business model.

By tackling the major challenges of manual escrow processes and high-fee payment gateways, OVERTAKE aims to set a new standard in gaming marketplaces, providing a more efficient and creator-friendly environment.

Image source: Shutterstock