Launch of Overtake Marketplace based on the Layer-1 blockchain platform Sui
During the CBT from May 21 to June 12, Overtake processed 195 trades worth US $63,200, proving speed and stability. With multi-sig escrow and a fixed 5 % fee, the platform aims to bring the estimated US $55 billion underground market on-chain.
The blockchain game-asset trading protocol Overtake today announced the launch of the open beta test (OBT) for ‘Overtake Marketplace’, built on the Sui Layer-1 blockchain engineered by former Meta core developers.
Drawing on the experience and know-how of key members who previously ran leading item-trading platforms such as ItemBay and ItemMania—achieving more than US $3 billion in cumulative transactions and over 30 million users—the Overtake team has created a safe and low-cost peer-to-peer (P2P) game-item trading environment using blockchain technology.
The problem Overtake seeks to solve is the lack of transparency and high fraud risk in the unofficial game-item market, estimated to exceed US $55 billion annually. To address this, both funds and items are deposited in a smart contract, and a 2-of-3 multi-sig escrow agreement structure is introduced to minimize disputes.
Based on this model, users can be paid out in USDC as soon as a transaction is completed, while the platform fee is kept low—around 5%, below those of existing centralized marketplaces. An incentive system is also planned, under which sellers, buyers, game studios, and the platform will each receive token rewards proportional to their contribution to the deal.
According to Overtake, during the three-week closed beta test (CBT) held from May 21 to June 12 before the official launch, a total of 30 sellers participated, recording 195 trades totaling US $63,200. The average sales per seller were US $2,017. Test participants commented that “every transaction step was faster than expected,” “USDC was received immediately after the trade,” and “the fee—far lower than the 10-20 % charged by overseas services—is a major draw.”
In addition, requests made during the test period for bulk CSV uploads of large inventories and real-time exchange-rate conversion have been reflected in the official version, and the roadmap for mobile apps and multi-chain support will be announced in the future.
Seunghwan Oh, CEO of Overtake, said, “We will bring the three strengths proven in the CBT—speed, safety, and low fees—straight into production to convert the underground market into a secure on-chain market,” adding, “By completing a ‘Web 2.5’ user experience that even Web2 gamers can easily adapt to, we will accelerate the popularization of blockchain game economies.”
Meanwhile, simultaneously with the official opening, Overtake is collaborating with the cryptocurrency research platform ‘Kaito Earn’ to run a campaign that distributes 0.5 % of the total supply of the platform token $TAKE to community builders. Token rewards will be given for completing missions such as content creation and social dissemination, and detailed participation methods will be announced through the official channels of Overtake and Kaito Earn.
▶ Overtake homepage: https://overtake.world
▶ Kaito Earn: https://yaps.kaito.ai/reward-station
Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.
