Gambling token profile – FunFair (FUN)

Contents

Details

Product
Casino and social gaming with ethereum smart contracts.

Country
UK with legal entities in Singapore, Malta, Gibraltar and Guernsey.

Technology
Ethereum ERC20 token protocol.

ICO dates
22 June 2017, 4-hour duration.

Amount raised
$26 million in bitcoin, ether, zcash and 20 different ERC20 tokens.

Token distribution
17 billion FUN tokens created.
21% sold to investors
79% retained by fundraisers.

Market cap – ICO amount raised per token sold * total number of tokens
$124 million

Market cap – first listed Jul 2017
$95 million

Market cap – Feb 2019
$25 million

RIO since ICO
Total: -85%
Per year: -53%

RIO since first listed
Total: -74%
Per year: -48%

Links

Introductory video

Token use

The FUN token is an app-coin and will be used for all aspects of the platform including betting, fees, rewards, affiliate payments, et cetera.

Project summary

FunFair is an early stage project with only prototypes and alphas to show at the moment.

FunFair appears to have an elite team of veteran developers and executives with relevant experience. They appear to be developing interesting technology.

It is not clear if users will find betting on their final product with FUN tokens compelling or not.

Ad hoc changes to monetary policy

The fact that FunFair created too many tokens and then changed their fund-raising plans and then changed their monetary policy and burnt a significant portion of tokens is concerning. It suggests ad hoc planning and they have not provided a good reason why the tokens should have been burnt.

This was a change in monetary policy which will make people weary of holding the token as an investment.

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