What is FunFair, how it works and where to buy it
At its heart, FunFair is an online casino offering traditional games like blackjack, roulette, poker and others. The FUN token is the currency used to participate and bet in this casino. But with its own approach to gaming, FunFair is working to differentiate itself from any other online casino.
Note: FunFair (FUN) should not be confused with the similarly-named FunCoin (FUNC).
Where to buy FUN in Canada
What wallet do I need to hold FUN?
FunFair (FUN) is an ERC20 token. This means it should be compatible with any wallet that can hold Ethereum.
How does FunFair work?
On paper, FunFair is only an online casino. In reality, this might be all it needs to be. Online casino-style gaming is a multi-billion dollar industry and there’s no shortage of demand for it.
FunFair aims to use blockchain technology to offer the best online casino, by using Ethereum smart contracts to specifically address the problems with existing platforms. FunFair maintains it’s:
- Provably fair. Transparent Ethereum smart contracts let players see the exact odds and game with 100% confidence in the fairness of each game.
- Extremely fast. FunFair aims to provide user verification almost instantly with third party providers, letting anyone start gaming anywhere almost immediately.
- Operator-friendly. FunFair is designed to let game operators set up their own casinos or individual games on the platform quickly and easily.
- Cost-effective. By using its own FUN token on the blockchain, FunFair lets users win “real money” and have it transferred quickly, with negligible transaction fees, to specifically facilitate low-cost betting. These low-cost bets make up the bulk of online gambling.
- Secure. FunFair claims that the transparency of the platform eliminates the chance of operator misconduct, scams, unfair odds and similar.
- Device agnostic. It can be used equally well on desktop computers or any kind of smartphone.
- Doesn’t have to take fiat currency. By letting users win a token of value (FUN) without handling fiat currency such as CAD or USD, FunFair maintains that users can enjoy safer gaming without getting their bank details involved, while operators may be able to avoid some of the legislative problems associated with online casinos.
About the FUN token
The FUN token is the native currency for everything FunFair. Every game on the FunFair platform can only be played with the FUN token and all fees, revenue and everything else on the platform will be conducted directly with the FUN token.
A total of 1 billion FUN tokens were created and distributed in an ICO, and no more will ever be created.
For the first two years of operation, small amounts of FUN will be destroyed when charged as transaction fees. This will build some deflation into the system to add more value to the tokens for use as gambling chips.
It’s a divisible token, so the price increase of FUN will not affect the ability of users to make small bets, or operators to buy in at low cost.
The token is used by players to make wagers and purchase in-game credits such as roulette spins, poker chips or blackjack hands. It’s also used by operators and other involved parties to finance their casinos, pay affiliates and do everything else.
Essentially it’s the one and only currency to be used by everyone who uses FunFair in any way.
What should be considered before buying FunFair?
The online gambling market is enormous and still growing rapidly, and the blockchain is no stranger to casinos either. For years now, people have been gambling with Ethereum smart contracts, and plenty of online casinos were also quick to start using bitcoin as their currency of choice.
So, it’s safe to say that the demand is there and FunFair’s plans may provide it with an opportunity to capture some of the market. Its goal is to license an increasingly large portion of online casinos through the FunFair platform and to become the gold standard of the entire industry.
FUN tokens are an essential part of everything FunFair, so if it achieves it’s goal, the token value could potentially multiply quickly, especially without any inflation and a 1 billion token cap.
FunFair also has plans to facilitate rapid growth in the following ways:
- Affiliate programs – FunFair is designed to be very shareable, and it can integrate affiliate programs and social buttons. For example, users might be able to instantly invite friends to play a game from inside the game itself, and receive FUN tokens for doing so. Or, an operator might set up an ongoing profit sharing game with their more social players.
- “Two-click” launching for operators – Operators license the FunFair platform (paying the fees in FUN tokens) and can launch a new game or casino in “two clicks” once they have it ready.
- Quick verification – FunFair plans to use third party providers to offer instant on-the-go verification for players, letting anyone get involved immediately without extensive sign-ups.
According to the FunFair whitepaper, the online or interactive gambling industry was worth about US$40 billion in 2015, up 50% since 2010. This is the exact area that FunFair is targeting and buyers should consider whether it has the functionality to succeed. The developers hope that things go well and that the value of FUN will multiply over the coming years.
However, things might not go well. Future competition has the potential to derail it, while new legislation could also put a road bump in FunFair’s plans. One of the advantages it currently has is that cryptocurrency is largely beyond the scope of existing regulations, so crackdowns on cryptocurrency or gambling alike might hurt its value.
It also remains to be seen how widely traded the FUN token will be in a fully operational FunFair ecosystem, and whether the bulk of users will be happy to start using cryptocurrency for their gambling.
FunFair could possibly attract a share of the lucrative online gambling market, but further developments of the platform itself, as well as cryptocurrency as a whole, are needed before it does.
FunFair has a lot of potential on paper, but nothing is certain.