PlayChip Pre-sale: What we’ve learned
After five months the PlayChip pre-sale is coming to a close. As we gear up for a massive November of launching Australia’s first gaming token sale, it’s a good time to reflect on what we’ve learned over our first six months in crypto.
- Do what you do best
This is a pretty simple mantra, but the truth is that entering the crypto domain can come with a host of distractions and demands from various sects of the community.
Some people are into crypto out of a love for the technology. Some appreciate the creativity of the various projects in the space, while others like the streamlining of business processes and economics. Some enter purely for financial gain, while others look forward to using their purchased tokens within the ecosystem for which it has been designed.
These various motivations within the crypto community can really impact on the priorities of an ICO and distract a team from its roadmap. All ICOs are unique, yet many within the community will seek to compare you to previous ICOs they have been involved in and measure your project against theirs. While it is important to listen to any community criticism or feedback, ultimately the team behind the project must take charge on what needs to be focussed on to deliver the best outcome possible.
We are very fortunate to be a part of an existing business ecosystem. That has helped for three main reasons.
- Existing business revenues allay operational costs
- Crypto regulations in Australia are very similar to gaming regulations we already adhere to in day-to-day operations
- The PlayChip is a pre-existing part of our gaming ecosystem. The business grows with the token, and vice-versa.
We have always looked at the decentralising of the PlayChip as a natural progression for our business. Since the start of our token sale, the PlayChip Ecosystem has grown to add seven more platforms as well as doubling our user base to over one million. This is a strategic move for any business, however it includes the added significance of increasing the utility value of the token, something many regulatory bodies have deemed significant in separating security tokens from utility tokens.
Focussing on the growth of the PlayChip brand and ecosystem has delivered direct benefits to our token sale, which in turn has led to greater recognition and higher sales.
2. Cooperation is key
One of the best and worst things about the crypto world is the lack of regulation and rules surrounding it. While fewer regulations means smaller projects can grow more organically without having to make their way through a lot of red tape, it also opens up a space for unsavoury characters to exploit.
Many crypto projects are visionary startups without a solid business foundation. Some incorporate themselves in jurisdictions with laxer financial regulations to spare their operations from the scrutiny of a more advanced regulatory body.
The PlayChip Foundation, along with all bar one of its operational partners, is incorporated in the country in which it originated — Australia.
Every platform within the PlayChip ecosystem is fully licensed in every jurisdiction in which it operates. Gaming licenses are held in three different continents. Many of the KYC and AML regulations that are being established for crypto mimic the same regulations in the gaming industry.
Australia, the country in which PlayUp and PlayChip are incorporated, is recognised as one of the most mature gaming markets in the world. Having existing KYC/AML processes that are compliant with digital currency regulatory requirements ensures the foundation is there for the PlayChip to grow and adapt to future legislation.
PlayUp and PlayChip’s standpoint has always been in support of greater crypto regulation. Increased adoption cannot be expected to be achieved without it.
3. Doing it right > Doing it on time
When conducting an ICO, expect a lot of curveballs to be thrown your way. Due to the global crypto community, as well as the sophistication of the technology, there’s a good chance you’ll be working with a third party, whether it be for marketing, development or legal requirements.
In June we made the decision to delay our ICO and Token Generation by three months. There were a number of factors behind this decision, however it was principally done after learning of additional benefits a deeper technological scope could bring, primarily the interaction within the ecosystem via the PlayWallet and PlayXchange. The focus has always been on delivering the best all-encompassing payment and rewards system possible, as we intend for the PlayChip, PlayWallet and PlayXchange to be adopted by other gaming entities in future.
In keeping with our reputation and priorities as an existing business, decisions have always been made with the long term sustainability of the project firmly in mind.
While the majority of our community was supportive of this, some were indignant, perhaps even outraged, that we had delayed their opportunity to cash out their discounted tokens earlier. We came to learn quickly that some people’s alleged belief or support around the product was based on whether they could make short term profit.
An unfortunate outcome of the 2017 crypto boom was the rise of a small number of “crypto millionaires” whose overvalued investments skyrocketed late in the year. While this was a market anomaly and one unlikely to be repeated anytime soon, this lead to an influx of investors coming into the space looking for the next ‘get rich quick’ scheme.
The extra time that has been afforded to us will lead to the delivery of a technical scope that we could not have imagined at the beginning of the year. There will be major benefits afforded to PlayChip holders for sticking with a token that has been built to thrive not just in 2019, but for years to come afterwards.
This is not a ramshackle ICO that has been put together over a few weeks. This is our livelihood. We are hugely proud to be at the forefront of what we believe will be a revolution in the gaming industry.
The Universal Gaming Token is coming. Now is only the beginning.
