Not long ago I wrote a blog article on ZeroCoin – an online casino that was in ICO stage and about to introduce a cryptotoken for use in its own gambling ecosystem.
An Australian company PlayUp, creators of the PlayChip token, are taking it several steps further and positioning themselves as: “the Universal Gaming Token for sports betting, gaming, fantasy sports, and eSports, at the center of an incentivised, blockchain-enabled sports community and gaming ecosystem.”
The PlayChip website states they have:
- Seven betting and gaming agencies who are already part of their ecosystem (including Draftstars, Betting Club and Top Betta)
- A presence across seventy countries, and
- Turnover of $430m p.a.
The way their ecosystem works is that players will be able to use credit card, bank deposit, or a range of cryptocurrencies to purchase PlayChips within the PlayWallet and PlayXchange.
PlayChips can then be transferred between any of the seven gaming platforms to participate in DFS, sports betting, eSports betting, or table games such as poker. Winnings are then able to be easily converted from PlayChips into credit card, bank deposit, or cryptocurrencies such as Bitcoin and Ethereum.
We regularly write about the main challenge that start-up blockchain loyalty companies face, which is the ability to secure enough demand for tokens that have been sold post ICO. PlayChip is currently undergoing ICO, with 50bn tokens created at a nominal price of US$0.01. Their hard cap target is US$90m, and according to their whitepaper, they’ve already raised US$10m.
What I also like about PlayChip is the marketing effort they’ve put in. They’ve already on-boarded various well-known sports ambassadors such as cricketing legend Brett Lee. This certainly adds an element of credibility to this project.
At a glance, this could have massive potential. If PlayChip can pull this off, they will be the world’s first blockchain loyalty utility token that derives the majority of its demand through its own ecosystem, rather than via an exchange.
It would be wonderful to see an Australian company succeed in this space. We’re eagerly awaiting the end of the ICO to see how quickly PlayChip gains momentum and the impact to their post-ICO token price.
Max Savransky is Loyalty Director of Loyalty & Reward Co, a leading loyalty consulting firm based in Sydney. He has 10 years’ experience within the loyalty industry including roles at Mastercard Loyalty (Pinpoint), Silverneedle (Next & Sage Hotels) and Pureprofile. As Loyalty & CRM Manager at HOYTS, he launched the highly successful partnership with Qantas Frequent Flyer, including a world-first Qantas Points in-store redemption proposition. He is an active cryptocurrency trader.