Crytek Backs New Cryptocurrency Project CryCash
Hoping to cash in on the trending cryptocurrency craze led by Bitcoin, Crytek is backing a new project called CryCash. CryCash is billed as an "independent decentralized ecosystem of products for gamers fueled by an all-new gamer-centric cryptocurrency".
The ICO (initial coin offering) for CryCash started on December 12 and runs to January 15. Like most ICOs, CryCash is built around Etherium, prospective "investors" can trade in 0.001 ether per CryCash Token. Considering Etherium is trading at $770 as of this writing, that gives CryCash Tokens a "value" of 7-8 cents each. The CryCash website claims 305,000 CryCash Tokens have already been distributed.
Oddly, it seems Crytek is trying to stay at an arm's length distance from the CryCash project, dispite their various IPs and logo appearing all over the website. The CryCash whitepaper lists a totally independent group of officers, but its clear both from the name and branding that this project is heavily centered around Crytek. While I firmly believe 100% of ICOs are scams, this one is particularly sketchy in that the primary player is unwilling to fully commit.
This is how Crycash works, got it?
For those weary of investing cold hard cash, there are other ways to get involved. Gamers can earn Crycash by completing in-game tasks, watching ads, flipping items in a virtual marketplace, and so on. Its really a fascinating project, at least in terms of ambition. The CEO of Crycash, Wachtang Budagaschwili explains the project further:
“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.”
Crytek isn't the first gaming related ICO! We covered the partnership between NEVERDIE and Lord British back in July. Let's just say their plan to "create 1 billion VR jobs" hasn't panned out just yet.
Edit: PCGamesInsider ran a great interview with the CEO of Crycash, if you want to learn more about the project, check it out!
Further Reading: Crycash Official Site, PCGamesInsider Interview
