Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Coin Fantasy August 8, 2021. This guest star,
- Harishkarthik Gunalan — CEO & Co-Founder
- GaneshRam — Founding Team
1. Could you give us a simple description of the CoinFantasy? What is the vision and mission?
CoinFantasy is the world’s first platform to gamify the financial crypto market with the use of NFTs. It is a decentralized community-based project that would pioneer in Play-to-Earn model.
CoinFantasy allows users to create and run their own prize-pool-based fantasy games where participants can win rewards in the form of cryptocurrencies. The game participants, organizers, and sponsors alike benefit from the event, creating a win-win situation for every party.
CoinFantasy aims to create an interactive platform while addressing the shortcomings of the crypto ecosystem. For that purpose, it offers various solutions such as,
• Blockchain-Enabled Instant Settlement
• Decentralized Platform
• Coin Launch — Gamified Launchpad for crypto projects
• Smart Credit System
What are advantages of CoinFantasy? How is CoinFantasy better than the competitors?
Coin Fantasy aims to create a niche market of gamifying finance that comes at the conjunction of Gaming + Defi + NFTs. It is the first platform to have Defi elements embedded within its gaming structure.
There are no direct competitors to Coin Fantasy, as the solutions available are just simulation platforms using paper money and there is no value as a user.
There is no difference between a guy who has played 1 game or 100 games. However, we creating the value of users based on the on chain data.
Initially, we will be launching fantasy gaming for crypto markets, but in a later stage, will venture into fantasy gaming for the traditional space such as stocks, derivatives, and more. Besides, CoinFantasy is building an ecosystem around the fantasy game that gives exposure to different Defi and NFT elements.
Also, there is something called Coin Launch that is trying to replace the idea of the current Launchpads. 👀
What are the DeFi and NFT elements in CoinFantasy?
Defi — CoinFantasy with the help of on-chain data and AI creates a credit score for the platform users in comparison to the traditional world credit history, thus enabling unique defi elements such as under-collateralized loans, Insurance for game creators & Yield farming.
NFTs — Adopting elements of the game theory, the platforms incentivize repeat by allowing them to mint limited edition NFTs & sell them through their launchpad. Users who purchase these NFTs will get a share of the prize money from the minter of the NFT which works like a royalty deal. If the minter of the NFTs is performing well on the platform, the value of the NFTs increases, in this way CoinFantasy’s NFT model brings in the intrinsic value of the NFTs.
Basket Protocol — Consistent game Participants would be allowed to enable the option for their followers for a fee to subscribe to their Token sets that they use to join any Game pool. Good winnings in the game as a player increases the value of the subscription
Coin Launch: — It is a proof of concept to gamify Launchpads, in which users participate in a game to get whitelisted for allocation & airdrops. This prevents bots from front-running users for allocation and brings in a creamy layer of participants who understand the crypto market. Also, it is an interesting way for projects to engage their community compared to traditional launchpads
These are the 4 pillars to CoinFantasy that aims to adopt all the lastest Defi & NFT elements in the market
Who are CoinFantasy current partners and backers? What are benefits of the partnership that CoinFantasy has?
We have been partnered and backed by the best projects in the industry such as Polygon, Avalanche, Reef finance, UniLend & Biconomy.
Sandeep Nailwal(Co-Founder of Polygon) is a great supporter of our project. He has also made a strategic investment in CoinFantasy.
We are the recipient of a grant from esteemed IndiDAO (DAO consisting of founders from Polygon, Wazirx and more Indian unicorns). We have been advised and promoted by the members of IndiDAO.
Polygon, Avalanche & Reef chain will be creating game pools for their platform users as partners.
Besides we are talking to big VC firms from the crypto space who have been very interested at the idea of gamifying finance and gamified Launchpad.
Please follow our social handles for huge announcements in the coming weeks 👀
What are major milestones CoinFantasy achieved so far and what will happen in near future?
We have received 18k+ signups for our campaign. We have received 3k+ signups just for our test net fantasy game in Ethereum & Polygon. Every day we are seeing a 30% increase in user signups for early access to the game. We are on track to reach 5k+ user signups before the launch of the test net.
Also if you have not signed up for the test net, you can please do by today on our website.
Users participating & competing in our test net game will win 10,000$ worth of game pool prizes. They will be able to participate in these game pools and win real money. Apart from this, Coin Fantasy:
• Will air drop 100$ worth of token to users participating
• Will air drop 125$ worth of token to users who also make an infographic/meme poster and tag @CoinFantasy twitter handle in their tweet
• Will air drop 150$ worth of token to users who make a video and tag us @CoinFantasy twitter handle in their tweet
On your website i saw that Win MEGA rewards by predicting the outcomes of your favourite coins. So is CoinFantasy basically a prediction game? Please provide some details on the games you are currently supporting. What type of games are you planning to add in the future?
Yes, we are trying to niche market of gamifying financial markets. Currently we are starting with the crypto markets, but we will be expanding to traditional markets such as stocks, derivatives etc.
We are building a gamification layer on top of these financial markets. It comes under the bucket of fantasy game in which you are given a budget credits and need to select a set of 7 tokens that will result in maximum points within the game pool. Users will be able to see the selected tokens and points associated with it at the end of the game. You can see the details about the point system on our white paper linked in the website.
We will have games designated for different markets with different indices such as Top 100 coins, Top 100 stocks and more. Also, we will be starting with games for 4 hours but we will be expanding to 1 hours/ 24 hours/72hours etc as decided by our community.
How does CoinFantasy stands at the conjuction of NFT, Crypto & Fantasy-gaming in one platform? Not every game enthusiasts know crypto and vice versa. How will CoinFantastic make this easy to combine NFT, Crypto & Fantasy-gaming to create such earning platform?
Thanks @Bounty Hunter
Yes, our targeted market is NFT + Crypto &+ Gaming. Gamifying finance is a billion-dollar market that is untapped even if we capture a small segment of this market, it will be huge.
We are first the platform to have embed Defi & NFT elements with our gaming. So consistent and good performers in our platform have the access to credit to play additional games that is very unique. Besides, based on the on-chain data we will enable the access to mint NFTs based on a royalty deal model in which users holding the NFTs can earn passively
Our game is very user friendly and simple similar to any other fantasy game such as Draftkings/ Dream11 etc, so anyone from traditional gaming can easily understand. CoinFantasy is a perfect way to learn about the crypto market without spending too much money.
Besides, we will have explainer videos & docs posted on our platform to make it easier that walks through each step
Users are also familiar with the fantasy template, so it will be great opportunity for traditional space to enter crytpo market without buying the tokens instead just predicting and winning huge prize money.
Coinfantasy use Polygon to solve problems such as cost and speed? Can you explain more about the Polygon network and its benefits? Personally I haven’t seen many projects using it, so can you explain how this network is adequate for Coinfantasy and its needs?
Polygon is a faster, safer, and cheaper platform for Ethereum scaling and infrastructure development. By launching on the Polygon, CoinFantasy will be able to provide quicker and cheaper transactions and further its aim of resolving the inefficiencies in the crypto ecosystem.
CoinFantasy will also leverage Biconomy’s instant cross-chain protocol, gasless transactions, and flexible gas payments using Polygon.
So that users of CoinFantasy can take part in all elements of the ecosystem, such as selling and minting NFTs, Initial Game Offering, Game Farming, Smart Credit System, and much more., without spending on gas.
Most of the blockchain projects are community driven in name only. Can you tell us how coin fantasy plans to build its community? Can the community take part in governance? What are the requirements?
Yes, we are fully community driven using the cFantasy — Governance & Utility token. Unlike, other projects there are lot of customization in creating/participating of games in our platform that are decided by the community such as the duration of the games, entry fee, points system etc.
Holding cFantasy tokens also entails you have additional votes during the voting process. Besides there are lot of discounts on fees for holding cFantasy tokens. Please read our whitepaper for details about the governance & utility aspects of the cFantasy token
CoinFantasy blends aspects of Game Theory into the platform to incentivise good actors and penalise bad actors. So how will you determine good and bad actors in your platform? How will you incentivise good actors? How will you penalise bad actors?
Our platform is designed in a way to capture the on-chain data of the participated games, performance, consistency of users & Game Pools participated. Based on these multiple factors we model the Smart Credit System along the lines of a credit score.
Using Smart Credit Score, we will be able to enable different Defi & NFT elements in our platforms such as users have to credit to borrow loan from the Liquidity Pool / take insurance premium while participating in games etc.
But if you are bad actor, then the funds locked to create games would be penalized. Also, you will lose the ability to access credit, mint/sell NFTs etc
So, there are lot of downsides as a bad actor in the platform
Marketing strategy is very important. A product can be established on the market without marketing and promotion, whatever it is good. So what are your plans for this? How will you build strong relationships with communities? Please share with us!!
Yes marketing is the backbone for any platform
Our go-to market strategy has 3 pillars:
– Expand Multichain coverage to attract more users
– Participate in Staking Pool Networks
– Specialized campaigns targeting crypto day-traders
– Partnership with NFT Marketplaces
– Incentivized Test-net
– Conduct free-entry Game Pools with prize money
– Prize Bonuses for Game Winners
– Access to amazing projects for users participating in games
— Launchpad to gamify the whitelisting & Airdrop
– Worldwide Community Launches
– Community Engagement
– Strategic partnership with Influencers (Game Organizer)
Are you working to AUDIT YOUR PROJECT to make it more secure and reliable?
Yes security is atmost importance by CoinFantasy’s team
We will be audited by Certik. We will adopt the best available standards to keep the platform secure.
Since we are non-custodial we don’t store users funds. So as a platform it is more secure. Our aim is to give the users a safe & hassle free experience
How can do I buy this token? Is it available in any exchange?
We have not yet launched, any trading in the name of CoinFantasy is fake.
Please be aware of scammers. Stay tuned in our social handle for our Token launch.
We are already talking to big exchanges, so once launched we definitely get CoinFantasy listed on these exchanges
Is your team planning to launch an LP reward program in the future, which will also be followed by a bug bounty program? If so, can you provide more information on this?
In CoinFantasy users are incentivized through multiple ways.
As a game organizer when you create game pool-
You are rewarded through
-Game farming(similar to yield farming).
This triple reward structure is very unique.
So stay tuned for the Staking/LP reward launch.
Yes for sure we will soon have a bounty program. We have something for test net too. Participate & win upto $10000
do you have token burning option? I think the option is quite important because it can increase the price of your token, so are you planning on that option?
Yes we have buy back and burn. So there a lot of deflationary aspects to the CoinFantasy token. In which,share the fees would be used to buy back & burn. Stay tuned 👀
- Telegram Chat : https://t.me/CoinFantasy1
- Twitter : https://twitter.com/CoinFantasyIo
- Website : https://coinfantasy.io/
- Linkedin : https://www.linkedin.com/company/coinfantasy/about/
- Medium : https://medium.com/@coinfantasy11
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about CoinFantasy.
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