Trying to do different things in the crypto world is considered hard to do. Many crypto traders often try to find the next “all-in-one” dApp solution after Ethereum. The problem is, when everybody else is doing the exact same thing, it’s very hard for a newer project to stand out.
Fortunately, we have FunFair, which is a unique case of its own. FunFair is a blockchain-based casino platform that can license its technology and games to online casino operators. The hope is that when FunFair can become the de-facto solution for online casino operators who want to take advantage of the blockchain technology.
So, how big is the potential of FunFair? And is it worth it to invest in FUN token? Let’s find out together!
FunFair - Summary
Many people misunderstand the basic concept of FunFair. There are a lot of people out there who still believe that FunFair itself is a casino application. It actually is not. FunFair is a platform that licenses its technology to online casino operators. That means you can find various different casino websites, but they are all powered by the same “engine”.
The correct analogy would be if you own different smartphone brands, but they all use Android. In this case, FunFair is the Android, and the different smartphone brands are the casino operators.
FunFair tries to fix some of the traditional problems for online casinos. In a mainstream online casino world, there are a lot of problems with expensive operational costs, lack of trust, and even problems with speed and stability.
FunFair can fix all these problems due to its utilization of the blockchain technology and its own built-in technology of state channels.
With FunFair, different online casino operators don’t need to force their users to re-register again every time they want to test a new casino. The registration procedure can be minimized, and FunFair even has its own KYC solution that they call FunPass.
Thanks to FunPass, online casino operators won’t need to deal with headache verifying each KYC submission of each user. The FunPass system takes care of everything for all online casinos that use FunFair technology.
And regarding its technology, FunFair utilizes a built-in state channel that they call Fate Channel. All gaming rooms on FunFair operate on a Fate Channel, which connects the casino and the users in the gaming session as well as the smart contract settlements. The gaming sessions, then, interact with the Ethereum blockchain at the beginning and end of each session.
Analyzing FunFair Team
FunFair core team - image source
When it comes to investing in a crypto token, it’s quite important to know who’s behind the project. After all, crypto investment is more about believing in the crypto’s future potential. And who can decide the future if not the core team itself?
So, how about the FunFair core team? Well, the main man behind the project is Jez San Obe, the chairman of the FunFair group. He was the Chief Executive Officer of Argonaut Games Plc for 22 years. And he also co-founded PKR.com, an internet online poker company. His other experiences include being a non-executive director at Ninja Theory Ltd and Codeplay Ltd.
Then, we have Jeremy Longley, who’s currently the Chief Technology Officer of FunFair. Besides being the CTO, he’s also one of the co-founders. Prior to his time with FunFair, Jeremy was the CTO and co-founder of PKR.com. And for about two years and two months, Jeremy was the CTO for Probable Cause Ltd.
His other achievements include being the Executive Producer at Kuju Entertainment and Managing Director at Lost Toys Ltd.
The third co-founder of the FunFair project is Oliver Hopton. According to his LinkedIn page, Oliver is not just the co-founder but also the Developer of FunFair technology. And prior to his time with FunFair, he was the Chief Technology Officer at EveryFan for 1 years and 8 months.
He was the Software Development Manager at PKR Technologies Limited for about nine years before his time with EveryFan.
And then, we have Stefan Kovach, who is actually the Chief Executive Officer at FunFair for the past 2 years and 3 months. Prior to his time with FunFair, Stefan spent 11 years and 8 months at PokerStars as Marketing Director.
And somewhere between 2010 and 2011, Stefan was the Director and Brand Communications at bWin. He looks like a capable CEO for FunFair, according to his portfolio.
Another important figure for the team is Lloyd Purser, who acts as the Chief Operating Officer at the company, for the past 1 years and 6 months. He was previously the Managing Director at CasinoFair and Executive Director at Scientific Games.
Then, we have Michael O’ Connor, the Group Financial Controller at FunFair. He was the Group Financial Controller at Sporting Index Group for 2 years and 9 months. And prior to his time with Sporting Index Group, he was the Senior Financial Accountant at ZEAL Network SE.
Another important figure is Amel Salibasic, who is a Senior Developer at FunFair for 1 years and 9 months. He’s been a software developer for a very long time. He used to work for RunPath, One Eight Digital, Mediabug, and the Fourth Zone. All of these different companies as a software developer.
There are, of course, other important figures at FunFair, but it will be too long to write them here. Basically, the core team members are mostly experienced by other betting companies. The co-founders, for example, are experienced with PKR.com, an online poker company that has not been operating anymore.
PKR.com as of today - image source
In my opinion, they look capable of bringing blockchain technology to the online casino industry, knowing their massive experiences with the online casino industry itself.
The Utility Of FUN Token
The logo of FUN token
Before we make our decision whether to invest in a crypto token, we need to know the utility and use cases of the same token. It’s important to know where the natural demand would come from once the project itself gets more popular.
So, how about FunFair? Well, the native cryptocurrency of FunFair is called FUN token. The utility of FUN is quite simple. FUN is used for all the involved bets and winnings inside the FunFair-powered casinos.
The idea is that casino players can easily use FUN tokens to buy credits and play in any online casino that’s powered by FunFair. When these players win and want to cash out, they can exchange out the FUN tokens.
And last but not least, FUN tokens are also important for the sake of the affiliate program. Yes, affiliate marketers in the FunFair ecosystem will be paid with FUN tokens.
And when it comes to partnerships, FunFair has made a decent number of partnerships, although it’s not as much as some people hope it to be. There are several decent name partnerships on the list.
Back in April 2018, FunFair started partnership with Spike Games to create new versions of existing titles for FunFair’s blockchain platform.
Still, in the same year, FunFair also announced a partnership with Big Wave Gaming, which helped FunFair-based platforms to get more gaming content, specifically the popular dice game called Cho Han.
Then, in June 2019, FunFair launched a blockchain platform with Crypto Casino, which was its first fully external white label partner.
The most recent big announcement was published in November 2019, when FunFair announced its partnership with Changelly. At the time, FunFair integrated Changelly’s exchange API to its FunFair Wallet. This news was seen as a positive move because finally, players can trade BTC, TRX, and LTC to FunFair’s partner casinos without having to leave the platform.
The partnership announcement was covered by many different websites
Talking about the future is never easy, especially when it comes to the blockchain industry. FunFair is, however, not competing against most altcoin projects. There are a lot of gambling dApps (decentralized applications) out there, but they are not really direct competitors of FunFair.
FunFair is a blockchain-based casino platform that licenses its technology to online casino operators. However, it doesn’t mean the two (FunFair and gambling dApps) will never compete against each other.
Obviously, in a scenario where one gambling dApp becomes very popular in the future, FunFair-based casino platforms will have to compete against it. That future, however, still looks very far away.
As of now, the biggest competitors and potential roadblocks for FunFair-based casinos are still the concepts of utilizing blockchain tech in the world of online casinos. Many players are still used for trading in centralized online casinos that don’t touch any element of the blockchain.
Whether blockchain can finally take off or not in the world of online casinos, only time can tell.
External Factor And FUN Price
So, we have learned most fundamentals about FunFair. Is it enough to make a decision to invest in the FUN token? Unfortunately, not. When it comes to altcoin prices, they are always affected by Bitcoin price action. It means their prices can go up when Bitcoin goes up. And they will go down when Bitcoin price goes down.
How about this year? 2020 looks like a fun year because it’s the year of Bitcoin mining reward halving event. The truth is that nobody knows what will happen to Bitcoin's price this year. Some analysts believe Bitcoin will go up and break its all-time high due to the anticipation of the halving.
Some other analysts, however, believe the opposite. They think that Bitcoin price will go down because everybody already bought enough BTC when price kept rising from under $4000 to above $12000.
Whatever happens, it is important to keep your attention on BTC price. Because, believe it or not, Bitcoin price action will affect FUN price, just like how it will affect other altcoins as well.
FunFair is doing an excellent job in its effort to bring blockchain technology to online casino operators. The adoption rate has been satisfying, and the partnerships are decent as well. FUN token is not a bad long-term investment, although we still don’t know yet if FunFair will really take off. It’s still too early to tell.