Tilia’s solution handles payment processing, in-game transactions, as well as payouts to creators by converting in-world tokens to fiat currency including USD, which serves as the backbone of any functioning virtual economy.
As JP Morgan representatives acknowledge, contextualized commerce such as virtual economies within games and virtual worlds is an area positioned for innovative payments solutions to play a critical role in the coming years. That is why they wanted to invest in Tilia, to develop solutions for these new marketplaces.
Built from the ground up to power Second Life and its creator-based economy, Tilia was developed over several years to build its distinct capabilities, as the press release says. Tilia has secured the required money transmitter licenses in the US to support payouts, allowing for secure transactions on a large scale. The company provides developers with the tools to create in-world economies that allow their players and users to buy and sell virtual goods and services and facilitate play-to-earn programs.
In addition to the investment, Tilia is also working with JP Morgan Payments to add to its current capabilities throughout its processing platform including providing increased payment and payout methods, expanding pay-out currencies and support services.
Tilia is a money services business and licensed money transmitter in the US that powers virtual economies and provides secure transactions at massive scale. Its all-in-one solution manages payments into virtual worlds or games, supports in-game money movement and, ultimately, pay-outs to creators by converting in-world tokens to fiat currency including USD. Tilia was founded at Linden Research, as one of the first companies in the virtual economy payments space. It is partnered with several virtual worlds and metaverses, online games, and NFT marketplaces, including Second Life, Upland, and Avatus.
2022 has been the year for new blockchain stars like NFTs and the metaverse. Companies that don’t want to get left behind have already come out with their own projects or solutions. One of these is Flipkart, India-s Walmart-backed ecommerce store, who has launched a metaverse offering for consumers to discover and shop new products more interactively.
The company partnered eDAO, a Polygon-incubated firm, to launch the metaverse offering, which it is calling Flipverse. The idea is in the pilot stage and aimed to garner interest during the festive season in October.
As we found out in our Voice of the Industry article with Flagship Advisory Partners back in August, we can see long-term growth from emerging blockchain ecosystems such as the metaverse. However, for now, the metaverse payment experience of today is clunky, with many steps required to complete a transaction. As most transactions are conducted using cryptocurrencies, metaverse users need to set up a crypto-based wallet to hold digital custody and enable crypto payments.
Companies like Tilia could have the ability to revolutionise this payment structure.
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