GAME Credits update — May 2020
Good day GAME Credits faithful,
Welcome to the monthly update which will cover the full scope of the networks operations as we gear up towards our transition to Ethereum in July. We will cover all of the functional groups at GameCredits along with details on the merge and some other developments that we are very excited about.
Once we cut over to Ethereum this summer we will begin doing functional group updates through Medium to compliment the monthly update. We are growing very fast right now as a company and to maintain our level of communication and transparency with the community this change will be needed. Another step in the right direction for the World’s first gaming crypto — now lets jump right into it!
We keep growing in the development group, recently adding in another full stack dev to assist us on various areas of the platform. We are constantly looking to add more resources as you can never have too many quality devs in-house.
We are speaking with several more currently and plan to double the size of our development group in the next twelve months. The key to this goal is ensuring that our growth is done in a sustainable way. Creating quality on-boarding and new-hire material is something we are making time for so that we are able to ramp up quickly. In terms of focus, we are spending time rounding out our test cases for the MVP, adding in functionality for the Rewards portal as well as GAME MINT and GAME Exchange. These features will be deployed to the Ethereum mainnet over the course of the year.
Stay tuned for development-centric updates post merge which will include a defined road-map for features and some visuals on what each feature will look like once it is live on the platform. In terms of our second layer solution partner, Skale is progressing well with their testnet which is allowing us to perform our testing in lockstep. We plan to have everything lined up in this regard for our July mainnet debut and with how important Skale is to us in the long term, we are excited to see them progress to the point where they will soon be able to fully support us.
There is a litany of daily activity in the marketing group so I am going to provide some highlights on the key programs being worked on for this summer / fall. As these programs mature fully the marketing team will be making announcements and will also begin giving group-centric updates that go over and beyond what is encapsulated in the monthly updates here.
Some of these items are part of bigger campaigns we have going on later in 2020 so we are being careful to not give too much away just yet:
- GAME Credits swag of all types is coming in the form of hats, stickers, t-shirts and much more. You can get your hands on these initially through promotions we will be running however we have much bigger plans on this front from a branding perspective.
- New logo — As seen here in the update, we have created a new logo for GAME Credits to officially usher in the new era for the network. You will see swag of various types sporting our logo so keep your eyes out as we endeavor to have our branding show up in many different places.
- We have applied to become a partner of Crypto.com’s branded white label debit card program. This was just launched recently and we are looking to become one of CMC’s first partners to deliver GAME Credits branded debit cards using the CMC back end. The program was just announced and will take some time to ramp up so we’ll keep you all updated as we move along that process and understand what the requirements are.
- The company is in daily discussions with numerous top exchanges to help grow GAME. The key for us is forming partnerships with exchanges that have real volume and strong communities of traders. Simply getting listed on 5 new exchanges isn’t going to cut it — we want to find exchanges with strong regional footprints and then cultivate a following in that region with our brand over time. This means we are picky about who we spend our listing fees on and dedicate our time to helping grow those relationships. Our plan is to add several more during the course of 2020.
- Trading contests will be happening on a more frequent basis post merge. We will be doing this to celebrate the creation of the new ERC-20 GAME token and to help bring more widespread exposure to it along with the markets that support it. Some of these will be done with the exchanges themselves and some will be with other key partners.
- Social media engagement continues to ramp up as we add new pieces like Twitch , Instagram and Flote. As always, engagement with the public is what matters for us, not posting random content to give the appearance that we are plugged in. Expect to be presented with more contests and opportunities to interact with us here at GAME Credits as we grow our online presence.
- GAME Credits collector coins created by Finite By Design will be coming this summer. This series was commissioned to commemorate the new era of GAME Credits and the coins will truly be something to behold. We will be offering several ways for people to get their hands on this iconic piece of history.
- We are proud to be have a very high Metaverse and VR-IQ on the GAME Credits team. This is important because in the new era of social distancing and remote working, VR-based events in crypto are becoming the norm. We are lining up appearances in many future VR-conferences for crypto to have a seat at the table and begin to have an active role in how the blockchain gaming narrative evolves. Once confirmed we shall post the specific events so that you too can hopefully join us.
- GAME Credits has secured space in both the Sandbox and Decentraland to have a company presence. More and more of crypto and non-crypto business is being conducted virtually and GAME will continue its history of being #1 by being the first crypto gaming platform to have a functional company presence in the Metaverses. We may evolve to the point where a portion of our staff is actually working remotely for us in VR via our company offices in both Sandbox and Decentraland. We are also looking at Crypto Voxels and Somnium Space to ensure we have covered all of our virtual bases.
The platform group is now busy undertaking the task of having the Rewards portal up and running for the July main net release. This means fleshing out improvements in the UI / UX, speaking to games to get them signed up for July and understanding what their needs are. This last part is where we are truly beginning to form strong relationships with games.
The Rewards portal is setup in such a way that we can tailor the approach we take to delivering rewards based on each game developers needs. If a game wants to hit certain metrics with their players in-game, we can help cultivate incentives for this via our tiered rewards. When a holder of GAME stakes on a certain game they like, they begin earning loyalty points from that game. Over time, the holder of GAME can take those loyalty points and redeem them for various rewards available to them via the portal.
The higher the tier of rewards, the most costly the item will be in terms of loyalty points but also its rarity and exclusivity. To unlock the highest tier of rewards, holders of GAME may be required to achieve certain in-game feats. E.G. — a player of Nova Biltz must have a level 20 account to unlock the gold tier of rewards for NB on our portal. Only then will the player / holder of GAME gain access to that top tier to begin redeeming their loyalty points for the very best rewards that game has to offer.
This is just one of the ways we work with game developers at GAME Credits to help understand what metrics they are trying to achieve. The platform team is also hard at work expanding the use-cases of the Rewards portal. We are rather excited about this piece and cannot say much just yet however you can expect to see the Rewards portal evolving to offer more verticals. This will translate into more choices for holders of GAME and more opportunities for companies in and outside of the crypto space to work with GAME Credits and take advantage of the Rewards portal.
We have also just recently acquired a key piece of intellectual property (IP). There will be a separate announcement for this coming very soon that will detail why we acquired it and all of the benefits it brings to the company and holders of GAME. And finally, we have begun cultivating our Esports presence over the past few months. GAME Credits was created to bridge the gap of Esports and the world of crypto and blockchain, a commitment we take very seriously. Several advisors have been added to the team that are experts in Esports and that has begun paying dividends. There will be a campaign coming soon that will bring to life the full potential of what we can and will be doing for the Esports industry here at GAME Credits — stay tuned for that this summer.
Now that the initial dust has settled from the announcement of the merger, the industry has had some time to consume all of the information and the impact from this move. The feedback continues to be positive as we have had dozens of interested parties come to us looking to invest, with the company also reaching out to various entities to gauge interest in a capital investment. There are media opportunities and case studies we are looking to take part in as the word of our crypto M&A continues to spread through the non-crypto business world.
We have also had many doors opened with mainstream Esports entities which is the precise doors we wanted to gain access to as part of the merge. As we define our Esports strategy you will begin to see partnerships formed with companies and individuals that will play an integral role in fulfilling our strategy.
After a tremendous amount of discussion, coordination and planning — we are now ready with all of our partners to officially move forward with the merge. These transitions become projects unto themselves as every piece must be handled with care, thought out well in advance.
All of the details you need to know regarding the merge are contained below. We will also be making constant noise via our social channels and in the industry regarding the snapshot date so everyone is aware of the big move. The company put much thought into this process since it covers many areas of consideration. Essentially, we are taking two networks that each have unique values and merging them to create something that is greater than what either entity could become on its own. The reason this merger is working out so well is that each side truly brings something of value to the table that the other is missing. Both networks have had ample time to prove that they have something great to offer and that they also are struggling to achieve other key pieces. These pieces are the foundational blocks of what make up a top network in the crypto and blockchain space.
Our job in creating this merge is to find the fairest value for both networks when looking at all of the tangibles and intangibles they bring. To this end, we feel that both networks bring an equal value to the other. We could go back and forth endlessly debating various aspects of each entity internally as a company but at the end of the day, this harmonization of two networks works because they are equal dance partners. We understand it is an impossibility to attempt to make everyone happy and that is not the goal we are trying to achieve.
Some will feel that GameCredits is worth more in its current state before we came over and some will feel NovaToken brings more value due to the platform, team, funding and partnerships. We understand and appreciate that there will be many different perspectives and that is simply part and parcel with having a large community that is engaged with us. The following are the key details regarding the merge itself:
- Snapshot date is July 1 at 1 PM Eastern time (EST) and will be taken on the GAME Credits current PoW blockchain as well as the Ethereum mainnet via the NovaToken smart contract (Etherscan)
- ERC-20 GAME token smart contract will be deployed soon after
- Bittrex and BitBay are giving full support of the snapshot meaning GAME holders can keep their GAME coins on both exchanges during the snapshot. They will be airdropped the new ERC-20 GAME token post snapshot via the exchanges. Each exchange will make their announcements on the above soon
- For holders of GAME who do not wish to keep their coins on an exchange, we will also be offering a redemption method via the GameCredits core wallet. This will likely entail having the user sign a message to us with their private key from the address that contains the GAME coins they had in their wallet at snapshot time. We will be releasing full details on the manual redemption option in the coming weeks in preparation.
- From the GAME side, Livecoin is supporting the transition to the new GAME token and will be taking an internal snapshot so coins can be safely left there. For users of Crex24, they will be supporting the snapshot so you will have your new GAME tokens airdropped to you.
- From the NVT side, we are working with CoinLim to ensure every partner comes over from both sides. Each exchange will make their announcements on the above soon. Altilly will be supporting the swap and airdrop so NVT can be left on there during the snapshot. For users who have NVT on ForkDelta ,they will want to withdraw them to their local Ethereum wallet or move them to Altilly.
- Holders of NVT can keep their holdings in their Ethereum wallets or the Rewards portal at NovaToken.io. The same ETH address that holds their NVT at snapshot time will be the address that their GAME is sent to
- Wallet providers Holy Transaction, ABRA and Coinomi will be supporting the new ERC-20 GAME token however they will not be supporting the air drop. You will want to temporarily remove your GAME coins from these wallets and ensure they are in your GameCredits QT core wallet (0.15.4) or at one of the above supported GAME exchanges.
- Dove wallet / exchange will be fully supporting the snapshot which means you can keep your coins on Dove the entire time and will be given the new GAME token after. You can see the official statement by Dove on the transition:
- The redemption window will be open until January 1st, 2021. This means holders of GAME can claim and redeem their GAME tokens through the entire year of 2020. Unclaimed coins past this date will be used to help the company and community of GAME Credits.
- The new currency supply for GAME will be 200M tokens
- GAME will be swapped at a ratio of 1 : 1 and NVT will be swapped at a ratio of 1000 : 1 (1 GAME coin will equal 1 GAME token and 1000 NVT will equal 1 GAME token)
- 70M GAME captured in the circulating supply of GameCredits PoW blockchain / 80M captured in the circulating supply of NovaToken
- 20M created exclusively for the Rewards portal locked in a smart contract. The Rewards portal is an important part of our ecosystem and it helps us grow our reach into areas our competitors are not able to. The GAME in the Rewards portal smart contract are for the community and GAME holders / game developers. We have much planned for the portal so its long term funding is important to us. We also have a Rewards portal halving schedule we will release in the future that shows the amount of GAME to be released each year. The goal is as the portal grows the % of rewards that GAME tokens makes up drops over time as more and more NFT-based rewards enter the portal.
- 4.4M is allocated to the companies Partner grant fund. This will be used to help future partners out that meet the criteria we establish for receiving some level of financial support from us. This will most often be reserved for promising games that have a deeply vested partnership with us but could be used to help other key partners provided the end result derives a direct benefit to the GAME network.
- 25.6M is allocated to the company to help with various costs. Expenses such as salaries, marketing, legal, exchange listings, partnerships, contests and just about everything else will be paid for in part via GAME. The company will look to supplement its USD-based costs with GAME tokens where possible. Over time, as the value of GAME rises in USD terms the company becomes better capitalized due to its core holdings of GAME. This is an important factor as we are then able to maintain our economic sovereignty where we may not have the same level of freedoms if we were to bring numerous investors onboard for USD capitalization.
The outlook the team is taking to this fresh start is a long term one. We are on the cusp of what appears to be a prolonged financial downturn resulting from the near complete shutdown of the global economy. As more crypto and non-crypto businesses go under, it becomes clear that having a solid short, mid and long term strategy is going to be needed for this new decade. The above allocation of the supply allows us to move forward with the confidence we will not have to stop the momentum we have worked so hard to achieve because of short term funding issues.
We will aim to have as many of the redemptions processed as fast as humanely possible and have gone to lengths to ensure that the Nova and GAME community does not have to do much of any work. We wish this to be an enjoyable and seamless process that takes place as we transition to the new era of GAME Credits.
Your patience and support during this transition is something the team very much appreciates. We are moving our platform forward, forming new partnerships resulting from the merge all while coordinating the many moving parts of the merge itself — on top of that we are growing monthly as we add new members. This process has been much easier and enjoyable due to the great community we have here. Everyone at GAME Credits HQ is excited about where the future is taking us and we hope you decide to stay along for the ride.
- Jason Cassidy, Chief Executive Officer