A Closer Look Into The Fun Token (FUN)

One of my long term Crypto Holdings BETR recently merged with the Fun Token which (See Previous Post) all of a sudden made me a heavy FUN token holder without knowing anything about the project. Today, I had a closer look into it...

Funfair is a project that launched in 2017 aiming to create a blockchain platform that brings provably fair casino and betting games in a way where user data and funds are protected. There have been some changes lately with one of the bigger crypto casino sites freebitco.in buying 3.75 Billion FUN tokens from the Funfair team basically taking over the project and development while at the same time the Funfair team remains its own entity and will continue to work on the project which is all quite confusing. (See AMA). There seems to have been some kind of Rebrand from Funfair (funfair.io) to Fun Token (funtoken.io) and Betterbetting (BETR) also merged with it (See Announcement) with their CEO Adriaan Brink now taking the role of CEO for the Fun Token.

FUN Token Usecase

I personally never heard of freebitco.in but apparently it's pretty big with 40 Million Registered Users and a lot of traffic. The Fun Token currently acts as a way to get premium membership on the website (See Full Details).

Basically you can stake FUN tokens which will give you certain benefits based on how many you stake and the period you keep them staked. The premium program started March 15th and looks to have gotten quite some traction with 100k+ people buying some which helped to give the price a nice increase.

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FUN Token Price Chart

Looking at the chart, it is one of those 2017 ICO coins that pumped and dumped staying flat for a long time and is now coming back to life. If anything, it certainly looks like there potentially is a lot of upside potential still.

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FUN Token Future Plans

They plan to continue development giving the FUN Token value as outlined in the Fun Token Vision post published recently. So from what I understand, they plan on creating a wrapped version of the FUN Token on a 2nd Layer to deal with gas costs. They also will burn a percentage of all net gaming wins from their own operations on a monthly basis reducing the circulating supply of FUN Token.

New Product Development Plans:

• A new casino and other gaming opportunities on FUN designed to be simple and easy for end-users.
• On-chain peer-to-peer gaming including casino, sports betting and poker on the NewToken – enabling frictionless and fast operation.
• Move beyond the current gaming opportunities to embrace other games such as social gaming and possibly other forms of gaming outside the gambling space.

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Freebitco.in Sports Betting

I made an account on freebitco.in just to check it out but I can't say I'm overly impressed with the overall website and layout. I'm quite shocked to see it having that many users and activity. They do seem to offer Sports Betting but it is a total joke as it is one of those 'prediction markets' where you don't know in advance the odds you are going to get as they move with where the money comes in. Those that bet early get some kind of multiplier on the payout in case they win.

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Conclusion

The entire situation currently is just extremely confusing with freebitco.in buying 3.75 Billion FUN tokens and it being unclear if they are now fully in charge of the project. The Fun Token is listed on Binance with plenty of liquidity and the number of users buying them to get premium membership is quite impressive. The way Sports betting is implemented right now is a joke, but I do like Adriaan Brink as the new CEO, and the technology Betterbetting is bringing over. Right now, it is nothing I would ever use though and I ended up taking profit on most of the FUN tokens I got from the BETR Swap. I will continue to closely follow this project from here on out...

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