Opinion & Featured
COVID-19 CRISIS: WHY THERE WILL BE NO “RETURN TO NORMAL” THIS SUMMER
With many in the sports betting and iGaming events industries still talking about a “return to normality in summer”, the truth is that despite the best efforts of politicians to string people along, there is no end in sight for the COVID-19 crisis.
As regular readers will know, here at AYO.NEWS we were covering the emerging crisis and discussing the possibility of global lockdowns way back in January. Despite most politicians and business leaders seemingly getting caught off-guard by the pandemic, it was obvious to anyone looking beyond the mainstream news that a virus as contagious as COVID-19 (coronavirus) would spark a global crisis.
Exactly as we predicted, the global travel shutdowns did come. But, driven by fear, hysteria, and computer modelling constructed from very weak and incomplete information, governments in many countries went even further, effectively shutting their economies and putting citizens under house arrest.
Ill-prepared health services and political incompetence caused the real problem
Egged on by politicians and their advisors, a mass propaganda campaign to “flatten the curve” and “save the health service from collapse” was implemented. This included what are completely arbitrary measures like the now universal “2m social distancing rule” – which many are almost religiously clinging to, despite it have next to no real value. Really, the only thing the 2m rule has done is show how woeful the general populations’ understanding of physics really is. The truth is that the distance the virus can spread in the air is utterly dependent on innumerable environmental factors, and leaving a 2m “safe distance” is nothing more than a placebo.
Now, as we stand at the start of May, through a combination of lockdowns and rapidly ramping up medical capacity, health services have categorically not been overwhelmed in most places. Sure, at the beginning the Italian and Spanish health systems did come close to collapse in a handful of regions – but that was because they were insanely ill-prepared for any surge – not because the pandemic hit particularly hard. Just look at better prepared and resourced countries like Germany, and, yes, even the UK.
Despite much talk about the National Health Service (NHS) being overwhelmed, the Nightingale hospital at London’s Excel exhibition centre, has received just a few dozen patients, and others, including the massive one set up at Birmingham’s NEC have not been used at all (and let’s not forget all those carefully choreographed and rehearsed TikTok dance routines). Now, this is not belittling the medical staff, at all. In fact, this author’s own sister works for the NHS, and has been drafted in, along with many of her colleagues to make Personal Protective Equipment (PPE).
But this gives a clue to the real problem here. Political and bureaucratic incompetence. Take the UK again. The death toll of 25,000+ sounds alarming, and is obviously awful for each individual and family affected. But, as much as people hate it, we have to look at the situation with rationality and not let decisions that have long-lasting, profound consequences for literally billions of people, be driven by emotion.
The huge majority of cases of COVID-19 are either completely asymptomatic, or very mild. Yes, it is extremely contagious, but unless you have an underlying condition, are in a vulnerable group, or are very unlucky, you are unlikely to be seriously affected by the virus. Of course, this hasn’t stopped the mainstream media running heart-breaking stories about terrible personal tragedies, zooming in on the rare exceptions, and painting an extremely disingenuous picture in the process.
The crisis in the health services have actually largely resulted from lack of equipment and basic supplies like PPE. Ridiculously cumbersome and inefficient public sector procurement and logistics systems, overseen by inept management and clueless politicians have caused the panics we’ve seen, and put medical and care staff at unacceptable risk.
A senior British Army source, talking to the UK’s The Times, newspaper summed things up well, saying:
“We know how knackered their [NHS logistics] systems are, but we’ve been surprised we’ve not been called in to help more, and we’ve been surprised by their failure to ration [kit]”
The absurdity of waiting for a vaccine
However, the measures being implemented globally mean no matter what your age or health, you are now certain to be affected economically. And let’s be totally clear here, when we refer to “economics” we are not exclusively talking about Wall Street traders, but rather normal peoples’ jobs, their ability to feed themselves and their families, and their children’s futures.
The truth is, that now, several months into the pandemic, we understand much more about the virus than we did in January. We know it is very contagious, and that the R0 number can be lowered with draconian lockdowns, travel restrictions and social distancing. But, we also know that, because there is no vaccine available, these measures are the only way to lower the R0 value. And that leads us to an inescapable reality, but one that the vast majority of politicians, business leaders and the general public seem unwilling to acknowledge right now.
The truth is, until an effective vaccine is 1) developed, 2) extensively tested, 3) mass produced, and 4) distributed globally, any easing of current lockdown measures will likely lead to resurgence of infection.
The problem is that an effective vaccine may never be developed for COVID-19, a virus that appears mutate and change very quickly, and even if by some miracle the perfect vaccine was developed right now, it could still be years before it was available in sufficient quantities to ensure widespread immunity globally.
Unprecedented economic collapse
Now, consider that globally the economic and travel shutdowns have already triggered what is likely to be the world’s worst economic catastrophe. Weeks ago the IMF concluded it would be the worst economic disaster since the Great Depression of the 1930s, while the UK government has said it expects the worst economic crash for 300 years, and in recent weeks the United Nations has warned about widespread famines of “biblical proportions“. And, as the lockdowns drag on, the projections are only getting worse.
Right now, in many countries, millions of staff are on furlough, getting subsidised by governments to stay at home. But this money won’t last forever, and it will need to be paid for in the future. It doesn’t take a genius to figure out that governments, businesses and individuals already struggling under crippling, record levels of debt, aren’t going to be helped in the long term by piling even more debt on top.
Of course, those currently furloughed would also do well to remember that businesses, large and small, still have overheads to pay, even if they are “hibernating” and aren’t generating revenue, and despite government support, many are going to collapse. Then those furloughed will transition to unemployment, and straight onto unemployment benefit. To put this in perspective; in the UK right now most furloughed staff are getting close to their regular salary, up to £2,500 per month. Unemployment benefit (Universal Credit), is under £400 per month for most. Will those currently supporting the lockdown feel the same when they make this transition?
The easing lockdowns farce
Right now many readers will probably be saying, “but the government said they are easing lockdown measures.” This is perhaps the biggest farce of all. It is entirely true that many governments are trying to do the impossible – maintain social distancing measures while reopening economies. However it is entirely ridiculous, and just making a bad situation worse.
First up, as long as the virus is circulating somewhere in the world, and mutating, there are very likely to be more waves. Unfortunately, many seem to be under the impression that if another wave hits it will be solely due to easing of lockdown restrictions. This has created a very dangerous belief, and one that ensures those places that do ease restrictions will periodically have to reintroduce them.
Yes, easing lockdowns will inevitably see a surge in infections – it is just logical. But there will be more waves of infections regardless, as the virus mutates and returns to a population that, as we are now almost certain, is incapable of developing long-lasting “herd immunity.” For, just as with other coronavirus types, like the common cold, any immunity developed is normally very short lived – hence why we are seeing so many cases of re-infection around the world. At this point it is worth noting that this inability to develop long-lasting immunity, also makes a mockery of plans for so-called “immunity passports” and other “smart” ways out of lockdown.
But there is a more fundamental reason why talk of “easing lockdowns” is basically smoke and mirrors. Take Spain as an example. One of the worst hit countries initially (again, due to being so ill-prepared in the first place), its government is now desperate to get its economy rolling again. Let’s zoom in to one particular sector that perfectly illustrates how deluded politicians are.
Tourism. So, from early May, hotels will be allowed to open. But, international travel is still basically shutdown. Where will the tourists come from? Next, though they can open, they can only operate at 30% capacity, and all communal areas will remain closed. Add to this that bars and restaurants will also only be allowed to operate at 30% capacity, and only on outside terraces. Beaches and other areas will still be policed for social distancing, and many entertainment and tourist venues will remain shut. Again, you don’t have to be great at maths to figure out that this is a “re-opening” in name only. Simply something to give politicians a way to make it look like things are getting better.
In reality, most hotels, bars, restaurants etc will find they can’t attract anywhere near enough customers to even cover operating costs, let alone turn a profit. Of course, because they are technically allowed to open, it will mean the governments can offload the burden of furlough pay, claiming people “can” go back to work. Businesses will simply stay closed, or try to open and soon collapse. Either way, those people are on the unemployed list.
Similar scenarios will be played out across myriad sectors and every country.
Global mass travel not resuming any time soon
Next, lets look at international travel. Right from the start of this crisis in January, we’ve been watching the airlines as the “canaries in the coal mine.” Because running an airline is all about future planning (from buying or leasing hugely expensive planes on finance, securing landing slots and routes, anticipating seasonal demand, and even buying fuel in advance to hedge against price fluctuations), what they do speaks volumes.
Take Norwegian Air Shuttle, which earlier this week said it expects its fleet to remain grounded for at least a year, or British Airways, Lufthansa and SAS, which have announced huge staff cuts, or Virgin Atlantic and Air France – KLM, which have said that they will not be able to continue to operate without bailouts worth many billions of euros.
Anyone can see that global mass air travel has been decimated. But, what about talk of re-opening air travel? Quite simply it is a joke. Plans for flights to operate at no more than 20%-30% capacity, leaving seats free to ensure “safe distancing”, are not only farcical from a health point of view, but will also be impossible for airlines to implement. Just as insane are plans to require travellers to turn up at airports 4 hours before flights so they can undergo health checks.
Does anyone seriously believe that, in an industry where profit margins are razor thin at the best of times (with fully packed planes), airlines will be able to operate viable businesses subject to these requirements? Furthermore, will anyone even want to travel?
Add in to the mix, the fact that millions of would-be travelers are going to have lost their jobs due to the economic crisis, and won’t be able to afford to travel, and those lucky ones who still can, will be very unlikely to find any insurance companies willing to cover COVID-19 related disruption. And that’s not all – remember, millions of travelers have been badly stung, and are still waiting for travel refunds; they aren’t likely to trust travel or insurance companies for a long time!
The truth is that, with these restrictions in place, air travel is going to get very uncomfortable, and very expensive. As airlines go under, and routes disappear, it will only get more expensive and inconvenient. Under these conditions, there can be no return to mass tourism or business travel. International sporting events, along with business conferences and exhibitions are going to be impractical for years to come.
Politicians have painted themselves into a corner
Inevitably, as the crisis drags on, the truth will dawn on more and more people. Unfortunately, politicians and advisors have “painted themselves into a corner.” Around the world, politicians and experts hesitated and missed the window to take action that could have been truly effective and minimally disruptive (like shutting down all travel from China in January). Then they panicked, and took draconian measures far too late, effectively painting themselves into a corner.
To change approach now and honestly admit to people that, in order to save what’s left of the global economy, social cohesion, public services and international peace, we will need to completely lift lockdowns and take our chances with the virus, would be to admit they were wrong, and make them appear liable for the destruction of their own economies. Of course, they will never do this.
Instead, most countries will continue on this ridiculous path of trying to maintain social distancing while “opening up” economies which, as we’ve already explained, is doomed to failure. This will just ensure further economic damage, risk massive social disintegration, and possibly even trigger wars.
Looking ahead
Unless the entire world, or at least large regions, lift the lockdowns and face the truth, then the big picture will just deteriorate.
It is true that some countries, especially those with advantageous geographical locations, including islands like Malta, Iceland and the Faroe Islands, may well be able to eradicate the virus in their communities. In those countries the local economies may be able to open up properly again, but, their governments will not be able to allow mass international travel to resume, for fear of reintroducing the virus.
In larger countries more geographically exposed to infection, like the UK, Germany, France, Spain and Italy, we will likely see something similar to what has happened in parts of China, or Singapore – where lockdowns were lifted in one place, only to be reintroduced in others.
Looking across the Atlantic to the United States, a powder keg is set to explode. Trump, love him or loathe him, at least seems to have understood that staying in lockdown will cause damage magnitudes of order greater than the virus. However, governors in many states seem to be determined to follow the European lockdown model, and this is setting the stage for a second civil war.
Out of all this uncertainty, a couple of salient points for the industries we cover here at AYO.NEWS emerge quite clearly:
- Disruption to the global sporting calendar will continue for many months, or maybe even a year or more. There will definitely be no “return to normal” this summer.
- Expos and conferences, which are such an integral part of the iGaming industry, cannot realistically expect to be viable again for years.
- Gambling operators should be taking a much more long-term view of their sports alternatives, like esports and virtual sports.
- Those countries and jurisdictions with economies dependent on foreigners, (whether as tourists, entrepreneurs, or staff), like Malta and Curacao, need to retain the businesses still functioning and appreciate they will be more dependent on them than ever.
A final thought
These are incredibly difficult times for the world, and there are some extremely tough choices. But people need to stop hiding behind virtue signalling and artificially simple constructs and soundbites.
Just as those supporting lifting lockdowns have to understand it will inevitably cause many thousands of people to die prematurely, those supporting continued draconian lockdowns need to understand that they are supporting a course of action which will cause more long-term misery, suffering and deaths than COVID-19 ever could.
There is no “good” option.
AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.
All original content featured on this site is © Pentagon Digital Limited, 2020.
Blockchain company GigLabs has announced a US$4.5 million seed round led by Dapper Labs and Panoramic Ventures.
Other investors participating in the round include Collab+Currency, Red Beard Ventures, Eterna Capital, Alumni Venture Group, Gaingels, and Amino Capital. The caliber and variety of investors participating in this round demonstrates broad support for GigLabs to be the leading provider of infrastructure for brands, creators and collectors to build memorable experiences through NFTs.
“At GigLabs, we firmly believe that every brand will have an NFT strategy in the future,” said Douglas Dimola, CEO and co-founder of GigLabs. “This funding enables us to expand the talent of our team to continue expanding our offerings to meet current and future demand, while also working with the best and brightest partners to continue to push this new innovation forward.”
NFTs have increased in popularity with the market reaching billions in trading and sales volume. As NFTs continue to rapidly see mainstream adoption, with major sports leagues, media outlets and prestige auction houses participating in projects, brands are increasingly seeking to get involved—but they need reliable partners to navigate the significant technical complexities when integrating NFT projects into enterprise level organizations.
GigLabs’ technology is championed by some of the biggest names in entertainment, giving customers access to emergent Web3 innovations. GigLabs’ solutions enable brands and creators to launch new NFT projects with customizable branded storefronts and marketplaces, as well as metaverse experiences for their communities. In addition, GigLabs has pioneered transferring NFTs to fans while at live events, all through a QR code.
GigLabs’ platform allows enterprise brands to build lasting relationships with consumers and create customized and personalized experiences through NFTs that live on the Flow blockchain. Major brand partners supported by the GigLabs platform include CNN, Turner Sports, Bleacher Report, Speedway Motorsports’ RaceDay NFT—the first-ever NASCAR-related NFT, University of Miami’s Canes Vault, Athletes Unlimited and others. This funding round will allow the company to build out its team and scale to accelerate customer growth.
“GigLabs continues to impress through the team’s ability to develop the technology solutions needed for any brand to build a powerful NFT experience,” said Roham Gharegozlou, CEO of Dapper Labs. “It’s awesome to see the world’s leading brands building on Flow and supercharging their connection to consumers.”
“Sometimes the magic is making it simple to do something complex. GigLabs takes a transformative technology and makes it accessible to companies, organizations and brands of all sizes,” said Paul Judge, Managing Partner of Panoramic Ventures. “We believe in the power of NFTs to combine content, culture, and community and we’re enthusiastic to back GigLabs on this journey.”
GigLabs has built multiple solutions to not only bring brands into the world of NFTs but also to provide onramps into the much broader metaverse. These include NFT Bridge, which is the company’s whitelabeled solution for brands and creators to launch customizable NFT marketplaces directly on their own websites.
The platform also includes a solution that allows for frictionless claiming of NFTs via a QR code while attending live events, a novel way to blend fandom in the physical and virtual worlds. GigLabs has also built RareRooms, a 3D/VR enabled metaverse that allows collectors to curate and showcase their NFTs as well as allow brands to have amazing virtual storefronts and customizable spaces that allow their fans to truly experience their NFTs. Nearly 10,000 RareRooms have been created to display unique, curated sets of NFTs by collectors.
US-based gaming lifestyle brand XSET has partnered with Monster Mash for a Halloween NFT collaboration.
The partnership will see several XSET players feature as creatures on Monster Mash, which is home to 10,000 randomly generated monsters drawn by artist Vance Kelly. Each of the XSET branded digital ghouls is made up of over 400 traits and will haunt the Ethereum blockchain for eternity.
“Monster Mash has been making a lot of noise in the NFT space, who doesn’t like Monsters right?” said Greg Selkoe, co-founder and CEO of XSET. “So we decided to make this XSET’s first NFT collab. We know that the fans of both brands are going to be excited to collect these super-rare pieces.”
“I think it’s really exciting to be working with XSET to add another integral layer to the Monster Mash brand with the inclusion of XSET’s players as some of the Monsters themselves. It widens our Monster universe and brings it into today’s cultural world,” says Hugo Stevenson, founder and CEO of Road Crates, Inc.
Owners of Monster NFTs are able to access the metaverse members-only world of MM Express, featuring a creative community platform for building new monsters for future air drops, live, in-person events, killer merchandise, and much more. Each unique NFT is stored as ERC-721 tokens on the Ethereum Blockchain and hosted on IPFS, and can be purchased for 0.08 ETH + gas fees.
According to XSET, the branded monster NFTs are just the first of a number of upcoming initiatives, with more details to be announced in the near future.
Staying with XSET, earlier this month, the brand announced the beta launch of StreamJ, a new digital rights management (DRM) and license-free music platform specifically designed for gaming streamers and creators.
Sipher, a gaming studio that pioneers blockchain technology, has announced the closure of its US$6.8 million seed round, co-led by Arrington Capital, Hashed and Konvoy Ventures.
The funding will be used to accelerate the development of its upcoming World of Sipheria game and continue to build the tools needed to create compelling, fun and engaging gaming experiences based on blockchain technology.
In addition to the leading backers, Sipher further attracted the participation of backers including Defiance Capital, Signum Capital, Dragonfly Capital, CMT Digital, BITKRAFT Ventures, Delphi Digital, Alameda Research, Fenbushi Capital, Sfermion, Hyperchain, GBV, Kyber Network, Coin98 Ventures, YGG and Merit Circle. The company also welcomed notable angels including Holly Liu (Kabam), Kun Gao (Crunchy Roll) and Alex Svanevik (Nansen.ai).
Founded by prominent Vietnamese CEO Nguyen Trung Tin, who counts accolades such as inclusion on Forbes’ prestigious 30-Under-30 list upon an enviable CV, and has set Sipher on a mission to unify state of the art blockchain tech, artwork, storytelling, multiplayer gaming with decentralized financial technologies.
The company’s vision is to create an expansive world that will attract and keep the player base engaged for years to come as new worlds, characters and factions are introduced. Sipher is fostering an ecosystem where people can play for fun while also being rewarded for their time spent in-game. By leveraging blockchain technology, Sipher is bringing economic freedom to gamers and providing the community with ownership of in-game assets which directly contributes to the growth and success of the gaming industry.
“First and foremost, games are meant to be fun,” Tin says. “They are meant to be social. They are meant to invigorate, excite and bring people together for a common purpose, to enjoy time spent with each other. This is true for the most classic and for the most futurist of games. This is what makes games the most powerful medium for sharing and discovering amazing moments together.”
Backer Jason Chapman of Konvoy Ventures agrees, saying: “Gaming is the new social square and is driving the development of global culture. Tin and the whole Sipher team are helping pioneer a new wave within this social arena, one where players are rewarded for their time, performance, and creativity. Gaming has always been home to creators, thinkers, and competitors and it is time that we see games show their communities financial loyalty. There are more than 3 billion people playing games across the globe and less than 0.1% of gamers are experiencing direct profit sharing. Sipher is renegotiating what players should expect from their games and is here to bring joy to their players both through entertainment and financial freedom. The whole Konvoy team is thrilled to be in Sipher’s corner as we build this new era of games.”
This community spirit is echoed in the huge uptake of Sipher’s Discord community, which already numbers over 60,000, and in the enthusiastic response to its early character launches. Siphers’s first playable NFT character, Sipherian Surge, was a drop of 10,000 genesis Sipher Inu NFTs were bought in less than 15 minutes and are now available for trading and secondary purchase on OpenSea.
Sipher’s next priority is launching the playable MVP of the first gaming experience in the World of Sipheria. The experience will introduce a cooperative dungeon game mode that will onboard new waves of native and non-native blockchain users through beautiful design and graphics, compelling gameplay, expansive world lore hidden with secrets to be discovered and the ability to take part in the game economy. It is also preparing to release its second collection called the Sipherian Flash, a drop of 10,000 limited Sipher Nekos as playable characters.
Excited by the prospects Sipher offers, backer Michael Arrington of Arrington Capital stated: “We believe that the world of Sipheria will be one of the most exciting and adventurous experiences inside the Metaverse. Sipher builds on innovative P2E economics while leveraging both the spirit of crypto culture and mainstream gaming. The art blends a futuristic world of sci-fi and captivating animals, it is internet-native and inspiring, a game that everyone can fall in love with. We believe that Metaverse gaming will unlock a new economic frontier where users can reap the rewards of their time and creativity, and we fundamentally believe in the passion and energy behind Tin and his team. We believe that Sipher is positioned to capture and captivate users across all regions of the world. We are excited to back Sipher and join the world of Sipheria.”
Endorsing these sentiments and stating his faith in the Sipher team and its leadership, co-investor Kyuntae Ethan Kim, Managing Partner of Hashed, who said: “Since 2018, Hashed has been actively investing in blockchain games and metaverse with our strong thesis on virtual worlds. We think the virtual world economy will be much bigger than that of the real world thanks to the blockchain infrastructure providing a key backbone for digital assets. Tin and his team have demonstrated huge potential to become the next major blockchain gaming studio. They not only understand the crypto/blockchain ecosystem, but also have strong ability to implement great quality games. They know the beauty of combining NFT and gaming and have plans to connect esports in their game eventually. I am so excited to co-lead this round and can’t wait to see Sipher’s community grow rapidly.”
AYO.NEWS says:
For years, the dreams of metaverse gaming have been held back by technological limitations and the hesitancy of the mainstream gaming community, but with blockchain now mature and more widely accepted, and investment flowing into the sector, a new revolution really is beginning.
OnChain Studios has announced a US$7.5M seed round led by Andreessen Horowitz with participation from Draper & Associates, CoinFund, Sound Ventures, Dapper Labs, Collab + Currency, WndrCo, and other notable investors.
The NFT studio’s flagship project, Cryptoys, will be launching soon on Flow, and will offer the first-ever fully interactive NFT (non-fungible token) digital toys. In addition to being able to buy, sell, and collect Cryptoys, consumers will also be able to play with them inside an immersive world built on the blockchain. To add depth, each Cryptoy can gain more capabilities as it’s played with more often, continually unlocking new experiences.
Will Weinraub, CEO and Co-Founder of OnChain Studios, explained: “What started off as a side project for my daughter has turned into this amazing company, and I feel blessed to be building it with such an incredible team. The rise of NFTs and blockchain allows us to create new revolutionary experiences that have never been done before. With Cryptoys we are building a rich, expansive world that combines elements of entertainment, gaming, and toys into an experience customers can truly own and take with them forever.”
Arianna Simpson, General Partner, Andreessen Horowitz, added: “Cryptoys is a perfect example of the compelling new NFT gaming and entertainment experiences that are now possible with the advent of web3 — a fully-interactive 3D universe with custom toys for each participant. We’re thrilled to partner with the world-class team at OnChain Studios to bring Cryptoys to life and introduce the joys of NFT gaming to mainstream audiences.”
The first series of drops will consist of an original line of characters, with the Cryptoys universe then expanding from there. The company says “a number of well-known brands” are also looking into ways to leverage the full-stack Cryptoys platform to turn their IP into NFT-based interactive digital toys.
In addition to NFT toys, OnChain Studios is also building an open world experience called The Cryptoyverse, which will allow users to play with their toys in a digital environment, with P2E (play-to-earn) mechanics.
The Cryptoys platform is being built on Flow, the fast, easy-to-use, open blockchain with the biggest and fastest growing NFT marketplace.
Award Pool, the integrated platform that empowers brands, influencers and content creators to power up, grow, and engage communities with gamified play and NFT rewards, has reported “explosive” growth with 115,000 new users signing up and two million page views since its beta launch on 30 September, 2021.
According to the platform, this growth highlights the early success and future potential of the platform and its ability to help brands and content creators gamify campaigns with social and in-game challenges catered to their communities.
In addition, Award Pool will be launching The So.co Challenge, Music Reimagined! as the result of a previously announced partnership with So.co, a curated, image-based media platform that celebrates music, the related lifestyle, and associated cultural content. Together, Award Pool and So.co will promote a new opportunity for connecting musicians with fans by having them participate in challenges to earn points and NFT rewards, which will redefine the best strategies for audience growth and activation.
Reuven Cohen, Founder and CEO of Award Pool, commented:“We are excited to see such opportunity and growth with the Award Pool beta and look forward to offering such opportunities to our partners and clients.”
Award Pool is primarily designed to appeal to digital natives, particularly Gen Z, who appreciate both physical and digital rewards. Because this group doesn’t engage as frequently with traditional advertising channels, brands are having a difficult time connecting in a meaningful way. Award Pool solves this dilemma through its innovative new platform that allows users to participate in challenges, earn points, and redeem non-fungible token (NFT) prizes through an easy-to-use tool.
Award Pool has several additional upcoming challenges, including a partnership with the FC Tulsa football club. Fans will be asked to complete tasks, such as following the club’s profiles on social media and visiting specific pages on the team’s website, for a chance to win valuable NFTs and other prizes.
On 18 October, Crypto Gaming United (CGU) joined Australia-based crypto exchange TimeX, and raised $2.5M in a record-breaking six seconds of public token trading.
Co-founded by Russian-born cryptocurrency, DeFi, and blockchain app entrepreneur Sergei Sergienko, CGU operates on the principles of uber-economy. Instead of players spending money to buy their initial NFT characters, they rent them from the platform in exchange for a share of their daily income. At the same time, the games themselves reward players with income proportionate to their in-game skill and performance.
Before the final open market sale of tokens, CGU had already raised $5M and $10M in seed and pre-IDO rounds respectively. The tokens released during those rounds are subject to a blocking period, with a 3-year rights transfer schedule, meaning that CGU tokens are now only available on the secondary market.
In total, 10 million CGU tokens were made available for sale, priced at $0.25 each. Just six seconds after the market opened, all were sold.
Commenting on the sale, CGU Co-Founder, Sergei Sergienko, said: “Success of every project is always measured by the market. We never expected the demand to be high enough to sell all the tokens in under 6 seconds. This makes it even more pleasant to realize the importance of the gaming crypto platform CGU to the market, and to feel the support coming from the project’s community.”
According to the token emission prospect, the next step for CGU is to increase the number of active players on the platform to the 100,000 mark, while also creating and developing CGU and DAO communities for the project.
Overall, Crypto Gaming United, has now raised $17.5M over three investment rounds, and the total volume of CGU’s emission is 1 billion tokens, 26% of which belong to investors.
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