Online Used-Game Market Opens17 Mar, 2006 By: John Latchem
Burnout: Revenge is one of the most requested games at iTradeVideoGames.com.
Video game enthusiasts looking to buy or sell used video games can check out iTradeVideoGames.com, which seeks to put money back into the pockets of gamers.
The used video game market generates more than $1 billion in worldwide sales per year.
“Up until now, if you wanted to trade in your video games toward the purchase of a new or used game, you'd go down to your local video game store and take whatever they offered,” said Lee Babin, iTradeVideoGames.com administrator. “Most times, you'd be lucky to get even a third of a video game's original value.”
The new online service lets users list the games they want to sell, search for games they want, keep a list of preferred traders, make requests and maintain a record of all transactions. All games on the site are priced at current market value, equivalent to what the price would be at a used-game retailer. Transactions are conducted using the Web site's internal currency, iBucks. Members will be assigned an account that logs iBucks and are encouraged to sell games to generate funds to buy games. Game sales will be credited to each account in the form of iBucks, which also can be purchased for $1 each. These iBucks then can be used to purchase games.
There is no fee for selling a game, but there is a $1 transaction fee to purchase an iTrade, which allows users to buy a game at market value.
When a game is sold, iBucks are kept in an escrow account until the purchaser acknowledges receiving the game in good order. Like eBay, buyers and sellers can rate their transactions.
Available games include those for Microsoft's Xbox 360 and Xbox; Sony's PlayStation Portable and PlayStation 2; and Nintendo's DS, Game Boy Advance and GameCube.
Babin said iBucks are transferable between members, and future plans include the ability for members to buy goods at sister trade sites.