Cryptocurrencies and blockchain know-how have continued their speedy enlargement all through 2021. These belongings and their underlying know-how appear to have numerous use circumstances and functions for the good thing about its customers. On-line gaming has benefited from the rise of this new asset class.
Funtoken.io, a web-based gaming platform leveraging the ability of blockchain know-how to supply a number of gaming merchandise. Adriaan Brink, FunToken CEO, talked to us concerning the platform, its targets, imaginative and prescient, and alternatives because the crypto trade is continually has an even bigger position within the mainstream. That is what he needed to inform us.
Q: Are you able to inform us extra about your self, how did you first received concerned with cryptocurrencies, and for these unfamiliar, what’s FUN Token.io?
A: I’ve been concerned in on-line gaming since 1995 after I launched the Liechtenstein lotteries and extra lately in crypto with the ICO of BETR – Higher Betting in 2017. With BETR we construct a totally on-chain sports activities betting answer – eradicating the custodial parts of sports activities betting. With the merger of BETR and FUN earlier this yr we are actually in a position to deliver a few of this know-how to FUN.
Q: The Ethereum community has skilled excessive ranges of congestions and costly transactions charges, how does FUN Token enhance the person expertise? Have you ever thought-about migrating to a different blockchain, comparable to Solana or Polkadot?
A: FUN is an Ethereum based mostly playing token that has additionally been round for the previous 4 years. Given the fuel prices and latency on the Ethereum blockchain, a call was made earlier this yr to create a brand new “wrapped” token on the Polygon blockchain in order that we might allow our visions for eradicating custodial parts from playing. The brand new token is branded “XFUN” and can go dwell later this month. Will probably be minted on a 1:1 foundation with an escrow of FUN, so the extra XFUN that exists the much less FUN shall be obtainable in buying and selling circulation.
Q: How do you envision the way forward for on-line gaming, and what position will FUNToken.io play in that context?
A: The present crypto surroundings is in some ways paying homage to the early web years (1995) the place entry was for geeks and the entire system was to many seen as area of interest. That each one modified and at present the web is part of everybody’s lives. I see crypto in the identical mild – we’ll work towards eradicating the technical challenges in order that the common non-tech person can take part. In the end will probably be the way in which that issues occur. FUN is well-positioned because the main playing crypto to pave the way in which on this respect.
Q: In latest months, non-fungible tokens (NFT) led a brand new wave of crypto adoption, do you suppose there’s room to combine these belongings into your platform? What’s the subsequent step for FUN Token that can contribute to the disruption of on-line gaming?
A: It’s not clear to me at this stage how NFTs match inside our ecosystem, however after all, we maintain an open thoughts and shall be fast to undertake new applied sciences as they mature. Proper now our focus is on including leisure and betting alternatives to the FUN/XFUN ecosystem and constructing the person base. In the end the worth of any crypto ecosystem relies on the extent of adoption.
Q: How many individuals maintain FUN, and the way do they profit out of your token burn technique? What are the incentives to maintain holding the token?
A: There are at present round 87,000 holders of FUN. Along with this, there are 190,000 holders within the Freebitco.in premium membership program (a custodial answer). With the transfer to XFUN, these holders shall be inspired to maneuver their tokens to non-custodial wallets and be part of within the enjoyable throughout a community of casinos and different gaming websites. All websites which are operated via Funtoken have pledged to contribute 50% of web earnings to a token burn occasion to be held quarterly, the primary of those burns happen on the finish of September 2021.
Most significantly – the worth of the token will finally be decided by the quantity that’s getting used for the underlying utility – enjoying on casinos and different video games. As this utility provide (which shall be immediately associated to the variety of XFUN on difficulty) will increase the token worth might want to improve to match demand.
Q: NFTs, gaming, actual state, what do you suppose will set off the ultimate transfer for crypto and blockchain know-how to be absolutely embraced by the world? Do you consider FUN Token is a platform that would onboard tens of millions of customers?
A: I consider it’s all about usability. This implies offering alternatives for the tokens for use in verticals which are synergistic and leveraging partnerships comparable to our relationship with Freebitco.in to usher in individuals. With practically 50M gamers they supply entry to a considerable person base and site visitors which can assist FUN get to mass adoption quickly.
Q: Up to now days, the U.S. SEC Chair, and different politicians have expressed considerations about Bitcoin, stablecoins, and cryptocurrencies on the whole. They referred to the crypto market as “The Wild West”, as the top of a crypto mission, what do you consider the potential for new laws coming into the trade? What do you suppose it’s the most effective method for the regulator?
A: I’m not a regulator and so would somewhat not touch upon what they need to do. In the end the crypto markets are already turning into increasingly regulated the place they contact on the “actual world” in areas comparable to cashiers and exchanges regarding banking. Little question this may proceed.
Q: FUNToken has been increasing prior to now months, with essential partnerships with Free Bitco.in, Travala and Binance, what can your group anticipate within the coming months by way of partnerships? And the place do you suppose the platform shall be in 2022?
A: We shall be including extra playing alternatives and fine-tuning the person interface for XFUN. By making a user-friendly, zero fuel surroundings on the Polygon community we allow the seamless interchange of funds between our customers and collaborating entities. We shall be launching a B2B drive later this yr to considerably improve the locations the place XFUN can be utilized and drive liquidity and customers into the token. It is very important keep in mind that XFUN=FUN – for each XFUN issued one FUN shall be escrowed, so the rise in utilization of XFUN will immediately impression the tokenomics for FUN.