ICOs: CYPTUM, funding high-end board game publishing with a backup plan
The blockchain start-up Cryptum, backed by a few Bulgarian companies, is launching a crowd sale for funding their board games design and publishing and offering some returns to token owners based on the business profit of the games venture, a mining farm project, and some other smaller projects. The ICO starts on September 16 and aims at distributing a total of 1.1 million CRTM at the price of 0.02 ETH, with no presale.
Cryptum will invest 65% of the funds received from the token sale in games publishing, starting with one of the kind strategy board game about mining, named “Blockchain: The Cryptocurrency Board Game”, which is already being actively developed. The board games business will offer free access to their games based on the number of tokens owned – the tiers they announced offer a choice between 1 game, a game and expansions, all announced games and a lifetime subscription to their games. And they said there will be a lot of games with a funding goal over $7 million in ETH or BTC.
Asked about how they have decided to mix board games and blockchain technology, the project manager and founder Nikolai Tsekov explained,
“We already have a typical way to fund games with Kickstarter, but we wanted to jump higher. These are low risk, low to medium investment products with very high-profit margin, and it’s achieved with high quality, ideas and, of course – volume. It’s a dream business, and we decided to connect it to the digital world in a way that has not been attempted by now – in fact, Cryptum is like subscription plan, and as we wanted valuable tokens, we started adding projects”
The board games business will also pay back between 20 and 40% of its profits via optional claims, with funds coming from Kickstarter, Indiegogo and retail sales of the games on a 3+ billion fast growing market.
Another 30% of the initial funds are fueling a failsafe mining farm with the main reasoning being consistency in the amounts Cryptum is paying back and long term funding of the games business. With the farm in mind, Cryptum promise 0.9-1.25x token cost worst-case scenario payments (apart from any other payments), and they will even grow when someone misses a claim – for example when they keep their tokens in exchanges, as the funds are being redistributed. The mining project will share 50% of the profits initially, and down to 30% at the end of its second years of operation, when it will start working only for funding the board games project.
Lastly, Cryptum is launching a new mintable cryptocurrency with the sound plan of using it their services (and the final 5% of the initial funds are going into developing the Cryptumcoin). All token owners would be able to claim an initial amount of coins, yet Cryptum promises they will keep it valuable, so don’t expect too many to be premined.
We asked Anton Belev, a Lead software developer in the company how they plan to implement the system.
“It’s a 20-years old tech with a simple initial smart contract that distributes the tokens bought with ETH. We will serve the BTC orders in the Stage I sale and altcoins in Stage II sale manually to avoid the risks related to converting currencies in regards to the rewards. The claims are a basic proof of ownership – the owners submit an address for inspection, pays a very small fee to prove it’s theirs, and gain whatever we are paying or shipping for free. It is not a high-tech startup, instead, it uses the blockchain funding to create real world products, and the mining projects are there for the value it would add to the tokens.”
Cryptum (CRTM) will be sold at few exchanges at the time it will be distributed, so it may still succumb to the pump practices, but the team wants to keep it so profitable that people wouldn’t sell it. And since exchanges wallets won’t work for the claims, the more tokens are sold there, the more profits would remain unclaimed and will be redistributed among those that have them in their wallets.
Asked about trust issues with a team that is mostly unknown outside Bulgaria, the team members laughed,
“We are easy to find, even if you have to do some translation. we have a partner the size of Crypto Mining Blog and couple of very successful and very well established companies backing Cryptum, with more to come. And we have 64 000 strong IT forum knowing us well, just go ask there.”
The team also explained they are going to be launching a bounty campaign in the form of clue-based quest game based on Twitter and Facebook, and some other rewards for project contribution.
More information about Cryptum can be found on their website: https://cryptum.co
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