Wrapping up the Marketplaces, Online Advertising & Payment Systems session at the Fast Pitch Forum is Michael Williams, CEO of Reality Gap.
Reality Gap is the creator of MetaTIX, a universal micro-transaction solution – the digital equivalent to arcade tokens – which it licenses to third-party publishers and developers. To demonstrate and promote MetaTIX, the company has licensed and is launching two massively multiplayer online games very soon.
By providing a universal solution Reality Gap hopes to create a single, virtual currency that will be free to download and implement and will work on any website or online game. A huge opportunity as according to Williams, 1 in 24 worldwide play online video games.
The MetaTIX billing system acts as a turn-key, back-office solution for the many game developers and publishers. MetaTIX can be used at any game that accepts them and can also be traded amongst players.
While an innovator in North America, MetaTIX is up against some heavy hitters from Asian including a Chinese company called QQ coin and a Korean company called Nexon which have similar concepts. MetaTIX are similar to Wild Coins by Wild Tangent and Microsoft Points for the Xbox.
Reality Gap has received more than $4 million in financing to date from both Angel Groups (Keiretsu Forum and North Bay Angels) and individual investors. Revenue is expected to begin in July 2009 and Reality Gap’s profile hints at several non-yet-finalized LOIs and anticipates reaching an agreement with a major Seattle-area company over the next few weeks.