Monster Byte Q2–2018 Report
With the conclusion of the second quarter of 2018 ending June, we have released the official figures and progress report in our narrative and financial report for Q2 2018.
Perhaps fitting for the first full year of Monster Byte operations, this Q2 report turned out to be quite the bumper issue, reporting on progress against our development roadmap (going beyond it in fact, with the MoneyPot acquisition and our own exchange!) and capping off four consecutive quarters of profitability.
If you didn’t catch its release in the official Monster Byte Slack channel, you can read the full report online here.
Here are some of the highlights from the Q2 2018 report:
1. Despite a sustained contraction for Bitcoin and crypto, Monster Byte still records positive growth in some areas.
After the sobering slump of Q1 2018, the cryptocurrency market continued its stupor throughout the months of April and June, with Bitcoin recording a yearly low and the majority of altcoins declining further. As a result, the global market capitalization hemorrhaged almost 70% of its value, plunging from its high of $813 billion in January 2018 to just $253 billion in June 2018.
The long-awaited recovery will clearly be months away at least, and Monster Byte metrics reflected the absence of US players (regulatory prohibitions) and low Bitcoin price, compounded by low Bitcoin transaction volumes in a Q2 period that is historically weak in performance.
Nevertheless, some bright spots were observed, with some B2C KPI improvements:
- 56.46% YoY increase in overall gaming monetary volume,
- 11.12% QoQ increase in Sportsbook wagers,
- 7% QoQ increase on the average BTC deposit per player
- 10% QoQ increase in Casino BTC income
2. Rebalancing of expenses and incomes for a marginally profitable quarter.
Dividends of $5,018 will be paid our for the fourth consecutive period. This has largely been through the addition of revenue from a token buyback redemption.
A gentle reminder: MonsterByte token (MBI) holders, please ensure that your MBI are held in your own Waves wallet before September 6th, 2018 at 06:00 UTC. Distributions should be completed within 24 hours from that time. For full details, check out the Q2 2018 report.
3. MBI is still a Waves-based token, for now.
We are in full growth mode, so liquidity is necessary for us to leverage MBI to allow for more rapid expansion and capital expenditures. Our ongoing search for liquidity led to a poll in Q2, where we discovered overwhelming support from users for porting over to Ethereum and changing MBI to an ERC20 token.
We openly admit to our disappointment with the WAVES principals and community for failing to give due recognition to Monster Byte — despite a solid working product and a resilient business model — and giving prominence to similar projects who have raised much more yet today have no viable product to show.
We accept that the responsibility for getting our brand more recognized falls on us and we realize that organic growth is inevitable with our faith in our own superior products. As such, we will continue pushing for recognition on the Waves platform, but knowing that our community will support a move to Ethereum gives us flexibility for the future.
4. Beta launch of the Nessie exchange and MoneyPot developments
The Beta launch of our exchange, Nessie, showcased the focus of our work in Q2 on MoneyPot API improvements, geared towards seamless use of the Nessie exchange, keeping MoneyPot as the central repository.
We’ve spoken about why the MoneyPot-powered Nessie is unique in the industry, with all the normal wallet functions integrated with those of an exchange. Our users can store, send, use and trade assets securely and easily. While other projects are only trialling MVPs, our product actually works!
Better still, users also have the same seamless access to all other MoneyPot-powered apps, the majority of which are gaming-related for now. This means instant and free transfers from wallet to app, available to wager immediately.
As even more apps join the MoneyPot family, and more developers hear of these unique wallet-exchange-utility solutions, we expect many new names to join the familiar ones of Bit-Exo, and CoinMillions.
5. Pushing Play on B2B
Q2 quietly saw the completion of all API development for Casino and Sportsbook solutions. Monster Byte’s solution is the only provably fair Casino API in the industry.
We’re just about putting the final touches on two new B2B partnerships, which we’ll announce in the near future.
6. Looking Ahead
We’ve got plans lined up to add more altcoin support to BitcoinRush and of course to expand the list of supported coins on MoneyPot, even as Nessie reaches out to Waves-based projects for listing.
There’s still many more months to the year and Monster Byte isn’t letting up on growth and development, whatever the crypto climate.
