SAN FRANCISCO, Calif. – A new blockchain project, FundFantasy, is a new platform that transforms investors into players who compete with others by creating the best investment portfolio. The winner gets a monetary prize.
There is no specific data about when this new gaming-investing system’s launching. However, the company tipped that it will be some time in the third quarter of the year 2018.
Multiple news reports also suggested that FundFantasy is in the process of beta testing their Financial Fantasy Contest Platform.
The online trading world is often plagued with conflict of interest. In the platform’s version of trading, they created a fun, profitable, and secure platform for investments. The team stated that there were over 75 percent test users who have expressed their interest in engaging with the platform upon its completion.
The Financial Fantasy Contest Platform was not an original idea. The creators only derived the concept from online fantasy sports that were getting famous in the past days.
The Fantasy Sports Association proclaimed that there are over 60 million people in the USA and Canada. What’s going to happen is that players will huddle together with their virtual teams and compete. As expected, the winner gets to take home the monetary prize.
This was the same concept that FundFantasy copied to their new platform. The only difference is the use of smart contracts and Ethereum blockchain. The company said that the platform would enable players to create their match, as well as invite their friends to sign up to the Financial Fantasy Contest Platform. In successfully recruiting their friends to invest and play, the users will also gain a certain percentage of the contest prize pool.
It was also stated that the best part of FundFantasy is that no one has to fear to lose their fortune. Many people love to invest their money and think about the possibility of winning money. However, they do not like the idea of losing their investments.
According to the team, addressing that problem is one of the primary purposes of the Financial Fantasy Contest Platform. People do not need to own an asset to be able to invest in it.
Players are permitted to invest in different assets, namely, cryptocurrencies, fiat currencies, commodities, and stocks. However, a portfolio may potentially have a different specification.
The FundFantasy team stated that the simulation game is based on real data and statistics, including a cryptocurrency prize.
At times, the team will feature free contests which hold crypto prizes. However, investing is still evident in the system. One may invest up to any amount that he wants. But unlike typical crypto trading activities, the expenses for the Fantasy Contest Platform are limited. Regardless of black-swan events and volatility, players will not have to worry about losing a significant amount of money.
The FundFantasy crowd sale already began, and it will end on February 25. People who purchase the token called “FUNDZ” will indulge in a bonus upon their transaction.
The announcement of this new platform appears to be timely. Following the consecutive rip-offs and scams that people have experienced regarding cryptocurrency, there is a likely chance that FundFantasy will find many customers for their new system.
Last year, cryptocurrency scams generated over 1,200 complaints all over Australia. The Australian Competition and Consumer Commission reported that the discontent was about token offerings.
Many international regulators had expressed their desire to monitor the crypto sales and other activities which occurred in the country. However, the Australian government remained to be quiet about it.
While the reports did not specify which provider the crypto controversies were derived from, one complainant mentioned that his misfortune took place at the Australian exchange Igot.
However, John Price, commissioner for financial regulator of the Australian Securities and Investments Commission, said that the said exchange was a speculative product and was a high-risk investment.
Price also mentioned that some exchanges are known to be involved with scams. With that, people should have the initiative to avert from these investments unless they are prepared to lose a significant proportion of their money.
It is not just ordinary traders that are affected by the crypto scam. Big names like Vitalik Buterin had warned people in a Twitter post that someone will try to impersonate him and offer free money.
Buterin’s warning even made it to the news headline, and many outlets have erroneously reported the fake giveaway of money as legitimate, which Buterin addressed in another Twitter post where he clarified that the giveaway was indeed a scam.