Cryptocurrencies and blockchain technology have continued their rapid expansion throughout 2021. These assets and their underlying technology seem to have countless use cases and applications for the benefit of its users. Online gaming has benefited from the rise of this new asset class.
Funtoken.io, an online gaming platform leveraging the power of blockchain technology to offer multiple gaming products. Adriaan Brink, FunToken CEO, talked to us about the platform, its objectives, vision, and opportunities as the crypto industry is constantly has a bigger role in the mainstream. This is what he had to tell us.
Q: Can you tell us more about yourself, how did you first got involved with cryptocurrencies, and for those unfamiliar, what is FUN Token.io?
A: I have been involved in online gaming since 1995 when I launched the Liechtenstein lotteries and more recently in crypto with the ICO of BETR – Better Betting in 2017. With BETR we build a completely on-chain sports betting solution – removing the custodial elements of sports betting. With the merger of BETR and FUN earlier this year we are now able to bring some of this technology to FUN.
Q: The Ethereum network has experienced high levels of congestions and expensive transactions fees, how does FUN Token improve the user experience? Have you considered migrating to another blockchain, such as Solana or Polkadot?
A: FUN is an Ethereum based gambling token that has also been around for the past 4 years. Given the gas costs and latency on the Ethereum blockchain, a decision was made earlier this year to create a new “wrapped” token on the Polygon blockchain so that we could enable our visions for removing custodial elements from gambling. The new token is branded “XFUN” and will go live later this month. It will be minted on a 1:1 basis with an escrow of FUN, so the more XFUN that exists the less FUN will be available in trading circulation.
Q: How do you envision the future of online gaming, and what role will FUNToken.io play in that context?
A: The current crypto environment is in many ways reminiscent of the early internet years (1995) where access was for geeks and the whole system was to many seen as niche. That all changed and today the internet is a part of everyone’s lives. I see crypto in the same light – we will work toward removing the technical challenges so that the average non-tech user can participate. Ultimately it will be the way that things happen. FUN is well-positioned as the leading gambling crypto to pave the way in this respect.
Q: In recent months, non-fungible tokens (NFT) led a new wave of crypto adoption, do you think there is room to integrate these assets into your platform? What is the next step for FUN Token that will contribute to the disruption of online gaming?
A: It is not clear to me at this stage how NFTs fit within our ecosystem, but of course, we keep an open mind and will be quick to adopt new technologies as they mature. Right now our focus is on adding entertainment and betting opportunities to the FUN/XFUN ecosystem and building the user base. Ultimately the value of any crypto ecosystem is dependent on the level of adoption.
Q: How many people hold FUN, and how do they benefit from your token burn strategy? What are the incentives to keep holding the token?
A: There are currently around 87,000 holders of FUN. In addition to this, there are 190,000 holders in the Freebitco.in premium membership program (a custodial solution). With the move to XFUN, these holders will be encouraged to move their tokens to non-custodial wallets and join in the fun across a network of casinos and other gaming sites. All sites that are operated through Funtoken have pledged to contribute 50% of net profits to a token burn event to be held quarterly, the first of these burns take place at the end of September 2021.
Most importantly – the value of the token will ultimately be determined by the amount that is being used for the underlying utility – playing on casinos and other games. As this utility supply (which will be directly related to the number of XFUN on issue) increases the token value will need to increase to match demand.
Q: NFTs, gaming, real state, what do you think will trigger the final move for crypto and blockchain technology to be fully embraced by the world? Do you believe FUN Token is a platform that could onboard millions of users?
A: I believe it’s all about usability. This means providing opportunities for the tokens to be used in verticals that are synergistic and leveraging partnerships such as our relationship with Freebitco.in to bring in participants. With nearly 50M players they provide access to a substantial user base and traffic which will help FUN get to mass adoption rapidly.
Q: In the past days, the U.S. SEC Chair, and other politicians have expressed concerns about Bitcoin, stablecoins, and cryptocurrencies in general. They referred to the crypto market as “The Wild West”, as the head of a crypto project, what do you think about the possibility of new regulations coming into the industry? What do you think it’s the best approach for the regulator?
A: I am not a regulator and so would rather not comment on what they should do. Ultimately the crypto markets are already becoming more and more regulated where they touch on the “real world” in areas such as cashiers and exchanges relating to banking. No doubt this will continue.
Q: FUNToken has been expanding in the past months, with important partnerships with Free Bitco.in, Travala and Binance, what can your community expect in the coming months in terms of partnerships? And where do you think the platform will be in 2022?
A: We will be adding more gambling opportunities and fine-tuning the user interface for XFUN. By creating a user-friendly, zero gas environment on the Polygon network we enable the seamless interchange of funds between our users and participating entities. We will be launching a B2B drive later this year to substantially increase the places where XFUN can be used and drive liquidity and users into the token. It is important to remember that XFUN=FUN – for every XFUN issued one FUN will be escrowed, so the increase in usage of XFUN will directly impact the tokenomics for FUN.
