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Cryptocurrencies are big business these days with Bitcoin worth over $16,000 at the time of writing. This business has seen other cryptocurrency options appear with mixed results. Now, Crycash and Crytek are bringing the concept to games with their own take on a cryptocurrency.
Crycash will be launching a new token sale, or initial coin offering, on the 12th December. It’ll then use money from investors for its decentralized ecosystem of products for gamers that includes several different initiatives like the one they are calling Plink.
Plink is a wallet and reward system aimed at gamers. Players can earn funds by completing tasks in games and/or watching adverts to build up their wallet valuation. Those earned tokens will then be able to be used to purchase in-game items. One use of Plink will be implemented into Crytek’s Warface Turkey in the first quarter of next year before being rolled out to other regions. It’ll also find its way into the CryEngine Marketplace meaning that developers can use the currency to advertise their games among other things.
While Crytek is involved in the new cryptocurrency, it isn’t tied to them exclusively and they’ll be seeking partnerships with other game publishers.
Crycash CEO Wachtang Budagaschwili has a background in finance having been a former business development officer at Visa Commerce Solutions. He explained
I’ve been in the payments industry for six years trying to solve monetization issues for games, and that led to the Crycash idea. We think this will help game developers solve problems like user acquisition and help gamers. We’re glad that we have been able to partner with Crytek as our first customer.
The news comes as Steam announced that they will no longer accept Bitcoin due to its volatility and transaction fees. Both are something that Crycash and Crytek will need to figure out if they expect to be used on stores like Steam. They plan on managing this by using 80% of their profits to buy back the currency which they hope will keep the valuation stable.
Steam has announced that it will no longer be accepting Bitcoin as ways of payment for games and other products on its platform. The reason for the change of heart on the cryptocurrency is the volatility and transaction fees the payment method has associated with it. For example, the transaction fees when Steam first started […]