In the rapidly moving space of Web3, nothing is moving faster than iGaming. According to a report from the Blockchain Game Alliance (BGA) and DappRadar, blockchain-based gaming made up 52% of unique active wallet (UAW) activity in the second quarter. Despite the total number of UAW activity dropping 7% from the previous quarter, blockchain gaming activity nonetheless rose 3% in terms of the total share of blockchain activity.
With continued growth in the space and increased attention from venture capital firms, it’s clear that blockchain-based gaming is here to stay. Not only has blockchain-based gaming increased despite a market downturn, but the space is still early for immense growth.
The latest global video gaming report from DFC Intelligence found that there are over 3 billion active video game consumers worldwide – that means nearly 40% of the world’s population are active gamers. Blockchain-based gaming saw 1.1 million UAWs in Q2, or only around 0.04% of the global gaming population.
As the gaming population continues to grow and more traditional gamers move over to Web3, emerging Web3 companies are laying the foundation for the future of gaming. One of the companies leading the way is FUNToken: a gaming platform and token that is facilitating transparent and provably fair iGaming and blockchain game integration.
What is FUNToken?
FUNToken is a community-backed crypto gaming community of over 300,000 users based on the Ethereum and Polygon blockchains. Unlike other iGaming platforms, FUNToken’s community is global. Though the platform was initially launched in English, localization efforts were quickly taken to ensure that the full community felt represented. Most recently, FUNToken added support for Spanish across its ecosystem.
The native tokens FUN (Ethereum) and xFUN (Polygon) facilitate the gamified experience across the entire FUNToken ecosystem. Though FUN remains the primary tradable asset of the ecosystem, XFUN offers utility to users with the speed and scalability of the Polygon network.
FUNToken is the flagship token of the FUNToken ecosystem. The token was first introduced into the Freebitco.in platform in February 2021 and has attracted the token’s adoption from the platform’s over 50 million registered users. FUN is a utility token for Freebitco.in, offering exclusive access and additional features. In the past six months alone, over 1.369 billion FUN has been locked on Freebitco.in.
Introduced by FUNToken during the first quarter of this year, XFUN token is the utility token for the FUNToken ecosystem on the Polygon blockchain. While FUN remains the primary tradable asset of the FUNToken ecosystem, XFUN serves as a layer 2 blockchain alternative for users looking for a faster iGaming experience with less gas fees.
What’s new with XFUN?
Launching the XFUN token on the Polygon blockchain was just the beginning of FUNToken’s expansion onto the blockchain. By leveraging Polygon for XFUN’s ecosystem growth, FUNToken can overcome Ethereum’s scalability issues and provide users with a more streamlined, real-time gameplay experience.
As part of the ongoing roadmap for the XFUN suite of Polygon-based features, FUNToken is also gearing up to launch NFT features soon.
In addition to offering access to partnered projects and iGaming features, the XFUN Arcade is set to feature four branded P2E games developed alongside SkillGaming. Following FUNToken’s new mascot, FUNKY frog, the games feature solo, head-to-head and tournament-based gameplay.
Upcoming XFUN metaverse
Not only has XFUN already brought about several new projects into its ecosystem, but it’s continuing to expand into the metaverse. In May, FUNToken announced a partnership with Pax.world to give FUNToken’s 300,000 member iGaming community an exciting, immersive metaverse experience. Pax.world founder Frank Fitzgerland stated that the project aims to “give FUNToken’s incredible community a vibrant, functional and connected home in pax.world.”
As the new metaverse experience continues to develop, the FUNToken team continues to bring new games and experiences to its community. As the iGaming space continues to evolve, FUNToken’s developments in web3 continue to deliver on the promise of making web3 fun.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.