According to Newzoo market research, 2.2 billion individuals across the globe have spent $108.9 billion on computer games in 2017: this represents an increase of $7.8 billion, or 7.8%, in only one year. In addition to that, the global gaming market is expected to reach $128.5 billion by 2020.
Facing the price explosion of Bitcoin (and its dizzying value variations), cryptocurrencies are attracting significant attention (talking about them in newspapers and on TV sets), sometimes from curious techies, sometimes from speculators in search of lucrative investments.
After the closure of several studios in late 2016 and the abandonment of its engine, CryEngine, created by the developers of Star Citizen, Crytek found itself was in a difficult situation. But the German company announced that it decided to ally with a new partner to launch the first cryptocurrency for gamers, one that is recoverable through an application called Plink that will ask you, for example, to make 100 headshot kills in Warface to get 5 CRC.
“Our motto is creating products which let gamers and developers make more from their passion. The CryCash ecosystem solves two problems at once: it gives gamers a way to monetize game time by completing in-game tasks, set by game developers while providing developers with decentralized sales options for games and other virtual items,” explained Wachtang Budagaschwili, CryCash CEO.
“CryCash will consist of four major components: Plink, a communications app for gamers and CryCash wallet; an advertising platform; an eSports platform for gaming tournaments and other events; and a virtual asset marketplace.”
According to a press release, CryCash (CRC) will start its token sale today, 19:00 UTC, and run it through January 15, 2018, 18:59 UTC. Keep an eye on this sale, because, early birds will receive a 15% bonus within the first 120 hours of the token sale. The initial price is set at 0.001 ETH per 1 CRC. All contributors will receive a chance to be the first to try out Plink.
“It has always been our goal as a company to bring boundary-pushing games and innovative new tech to the marketplace, and after almost two decades in the industry, we are intimately familiar with the kind of problems that gamers and game developers face in the industry marketplace,” said Managing Director Faruk Yerli.
“We see a lot of potential in the CryCash concept, and we were impressed by the CryCash team’s innovative approach to creating practical products and tools for gamers.”
The purpose of CryCash is to attract and to retain players. As said by Crytek, instead of traditional gold coins and other magical items that players traditionally win in games, they could be rewarded in CryCash, depending on the objectives achieved in-game (listed in a smartphone application, Plink, associated with this cryptocurrency).
According to the studio, game developers spend a lot of money on marketing to “acquire” players, but the “value” of these players is hard to determine: by “paying” players for their in-game achievements (that are more or less ambitious), the studio is certain that these players have actually invested in the game.
Crytek announced that the CryCash ecosystem will offer four major components:
- Plink – the first application for gamers designed for collaboration and communication among players and receiving CryCash tokens for completing tasks made by game developers and advertisers. Plink will also be used as a wallet for CryCash holders;
- Marketplace for CryEngine community, with built-in SDK of the blockchain-based CryCash platform where CryCash token holders can pay for in-game assets and services;
- Advertising platform for game developers;
- CyberSports platform for gaming tournaments, eSports betting, and events.
According to Crytek, the Turkish version of Warface (the shooter of the studio) could be the first game to integrate this system of CryCash, but the mechanism is intended to be offered also to third-party developers who would like to subscribe.
In the highly speculative cryptocurrencies jungle, it is difficult to predict whether CryCash can stand out and sustain its activity (especially if we bear in mind that Crytek is in financial difficulty, to the point that some of its employees were no longer paid and several of its offices have been closed recently).
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.