Hidden Crypto Gems Under a Penny — Part 1: RedFOX Labs

Hidden Crypto Gems Under a Penny — Part 1: RedFOX Labs


Look Beyond the Price and Into the Future

This is the first in a series of articles about personal selections for sub-penny cryptoassets. Just because I did some research doesn't prevent you from conducting your own. In other words, I'm just telling you what I like. I'm not qualified to dish out investment advice, and this article is for informational/educational purposes only. That said, maybe there's something you like about this project. Happy hunting out there!


There's a common trend among the projects I'll share in this series: Real-world products. I won't bother covering them unless their current products or future plans involve deriving income from a base of customers that won't need to understand block confirmations and transaction hashes just to use an app. These articles examine organizations looking beyond tokenomics and high-profile exchange listings. And, as I'll explain, today's example provides a strong case as to why.

That's not to say there's no concern about a native asset's performance. After all, there are token holders and community supporters to appease. But some projects genuinely grasp how the benefits of distributed ledgers extend far beyond coveting the elusive Moon Lambo. In other words, slow, steady, organic growth is what powers the rocketship. Over time, the value will come as token utilities expand. That's the plan, anyhow.

The first hidden gem comes from Southeast Asia. And since their token is buried deep within the pages of CoinGecko, this may very well be your first time hearing of this project ...


Game On!

Up for a game on the blockchain? Well, RedFOX has one soon launching on two separate networks: Komodo Platform and the WAX Blockchain.

Non-fungible tokens (NFTs) power both games. Plus, just like those same NFTs, the games each have unique attributes. And some of the artwork is absolutely stunning. Here are a few of the game's collectible creations:

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Gorgeous, isn't it?

But wait, there's more:

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Certain pieces look futuristic while others intend to stoke nostalgia for bygone eras:

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One of 10 talented artists created the images above. Other NFTs in the 1st Edition have unique styles to call their own. The first mintage features 100 different designs across 10 sets — '80s, '90s, 8-bit, iconic travel destinations, space exploration, and more.

And now that you got a glimpse of the artwork, let's go over some key differences between the RFOX and WAX versions ... 

KOGs on RFOX

The KMD-powered version is where the game's journey began. It intends to become the first game in the world to run on a mobile blockchain in real-time. The launch is creeping closer and closer, and there have been 18 months of development so far. Both Android and iOS users can join the fun.

See the Official Gameplay Trailer Here: POGs is Slamming its Way to the Blockchain

Meant to be more of a proof of concept than a blockbuster AAA title, KOGs is a reimagined version of the '90s schoolyard sensation, POGs. Yeah, those collectible milk caps kids went apeshit over about three decades ago.

Upon launch, the game will be a technological marvel. No other game is making 100% of its computations in real-time on a distributed ledger through a mobile app. Outside of NFT marketplaces, the only way to put these NFTs in your wallet is by mining them.

The release date for this version of KOGs remains TBD. Now, by following the long trail of RedFOX blog posts, one can determine that Komodo Platform has been working on the project's wallet since 2019. It only makes sense that an NFT-powered gaming app requires a wallet in order to function.

And we can only assume what the holdup is. But if you've seen the Benny Hill show, or even if you haven't, you may know that when you 'assume,' you make an 'ass' out of 'u' and 'me.'

However, we can certainly speculate, and perhaps that one specific delay is what forced the project to seek another partnership with one of the most established players in the NFT space ... 

KOGs on WAX

Although KOGs—an acronym for Keys to Other Games—is the first playable game on the WAX Blockchain, tech differences mean that it won't be an all-blockchain game. While KOGs on RFOX has been in development for months, there's no telling if the two chains will seamlessly communicate. In other words, nobody yet knows if cross-chain battles will occur. That said, as the acronym implies, KOGs NFTs have a long-term goal of appearing in future titles and even outside of video games altogether.

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But KOGs NFTs focus on interoperability across the same gaming ecosystem. So, KOGs on WAX and KOGs on RFOX are only the beginning. The WAX version is coming first — with the genesis sale set for next month. Starter packs will include 'Slammers' since you need one to play the game.

Besides using them to play games in KOGs on WAX or KOGs on RFOX, here are even more NFT functions:

  • Build a collection — gotta have 'em all?
  • Trade with peers — unlike in-game items you buy in traditional video games, NFTs easily transfer from wallet to wallet.
  • Sell — multiple marketplaces selling WAX-based assets are already in operation.
  • Mine — exclusive to KOGs on RFOX
  • Enter tournaments — player vs. player (rather than player vs. the game's AI) gameplay is at the heart of KOGs.
  • Pit them against others — this will vary by country, but there will be 'fun' and 'for keeps' modes.
  • Transfer to other games — these titles don't exist yet, but they're certainly in the pipeline.

Yes, RedFOX Labs is diving headfirst into video games. But as I'll soon explain, the team's not one to focus on a single market. After all, the project does bill itself as a venture builder ... 


The Startup That Builds Startups

As wielders of emerging technologies, including blockchain and artificial intelligence, RedFOX is in the habit of identifying unicorn business models. Then, the team assesses the need for a similar product or service in the booming digital economy of Southeast Asia. If there's indeed a need/want, a new product or service is born with the intention of using tech to make a version that's better than the original.

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For example, let's say there's a profitable business in China or the U.S. that sells distance learning services. RedFOX may build a similar service for Thailand but incorporate AI to enhance the consumer experience. 

RedFOX Labs' D.B.O.T. business model — Design, Build, Operate, Transfer — is cyclical. In the design phase, the team formulates a go-to-market strategy. Next, the team coordinates with local experts to build the product. Then, the team works alongside the local founders to get the new venture up and running while refining operations and profitability. Finally, RedFOX transfers control over to the founders while retaining a share of the equity.

The process begins anew every time the project decides to mimick a unicorn company.

In addition to NFT-powered video games, one of those ventures—series of ventures, really—are cashback and rewards ecommerce portals slated for Vietnam, Myanmar, and the Philippines. The team has partnered with one of Myanmar's largest media organizations to help with promotion. They've also partnered with an AI firm to help personalize the apps for individual users.

These cashback apps are further examples of how RedFOX is building products that have absolutely nothing to do with crypto. There may be an underlying cryptoasset powering any given app, but it's invisible from the customer's perspective.

So, with multiple smartphone apps in the pipeline, how does the $RFOX coin fit into the equation?


"When Binance?"

Although they do have a coin—$RFOX—and have conducted several significant burns, you don't hear too much coin-speak from the team. However, there is a focus on building use cases for the coin.

And though no firm details are yet available, $RFOX coin will be an integral component of the upcoming blockchain gaming ecosystem. We may see discounts on NFTs for those purchasing with $RFOX, or we may see $RFOX wrapped in $WAX, similar to bitcoin wrapped in ethereum. Time will tell.

For now, there are three different avenues for obtaining $RFOX: Liquid (non-U.S. only), P2PP2B (not recommended but you're free to make your own choice), and Komodo's atomicDEX

Why don't we see $RFOX trading elsewhere? First of all, exchange listings are expensive. And it's not just a one-time fee. As someone who deals with exchanges on a daily basis, RedFOX Labs' CEO and Co-founder, Ben Fairbank, peels back the curtain:

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No matter if a project is listed for "free" or pays tens or hundreds of thousands of dollars upfront, there are ongoing costs. You'd think the trading fees and arbitrary withdrawal fees were enough. But they're not. So exchanges resort to squeezing projects dry. If an asset trades against two pairs on two different exchanges, that might reach $12-30k per month — funds that most startups simply don't have lying around.

Not to mention that most centralized exchanges are shady as hell. There are far too many crypto exchanges, and the majority artificially inflate trade volumes while practicing fractional reserve banking. Most don't even use a distributed ledger to store users' funds! Instead, they use centralized databases, and an exchange "hack" can be a result of too many users seeking to withdraw the same asset at the same time.

So, while you may want to see more of your favorite projects listed on top-tier exchanges, just remember that the barriers of entry are very high. Since there's no guarantee of increased liquidity—unless the project provides it—diverting project assets to get on an exchange is a giant gamble. Perhaps those funds are better spent on product development and marketing.


Wrapping Up

Far too many projects in the blockchain space have nothing tangible other than a siloed token. Maybe there's a whitepaper declaring how they're going to change the world. But after the ICO, there's 0 code and no talk of building anything of substance.

As the recent DeFi explosion has shown, market sentiment pivots quickly in the blockchain space. And successful projects pivot in lockstep with major transitions. Doomed are projects with coins and tokens existing in financial ecosystems nobody needs or uses. In addition to their efforts out in the real world, I applaud RedFOX for not trying to shove a useless coin down anyone's throat.

NFTs, while gaining momentum, are still niche items. But video games are spectacularly mainstream. By partnering with WAX and their vastly simple cloud wallet—2 clicks to sign up and 1 click to log in—KOGs acts as a bridge from the world of games to the land of blockchain. Considering WAX has a userbase of over 500,000 users, expect RedFOX to gain exposure and traction upon the game's pending launch.


What's Your Take?

I'll dive into more sub-penny projects in subsequent articles.
But what are your favorites?
Shill your picks in the comments below!

BlockchainAuthor
BlockchainAuthor

Writing for the love of technology.


Blockchain, Crypto, & AI
Blockchain, Crypto, & AI

Emerging tech is poised to disrupt modern society for the better -- the blockchain uprising has only begun. I love tech, and sometimes the feeling is mutual.

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