Tell us about Funtech games and what sets you apart?
Most betting platforms today face the same limits: long waiting times for authentication and acquisition processes, and a lack of transparency. For this reason, we developed a project called CoinGames, which recently became the world’s first-ever licensed and fully decentralised crypto casino.
CoinGames offers an unparalleled gaming experience: its migration into Web3 has brought about unprecedented benefits for operators and users by streamlining processes, and ensuring a seamless and secure environment for players.
We have a competitive advantage over other gambling platforms in terms of costs: acquisition is facilitated by our Web3 migration, while other platforms only pretend to do the same by allowing users to deposit crypto. Our acquisition sets us apart also on trust and speed, as users always retain tokens on their wallet, registration takes one click and transactions are registered on-chain.
Our competitors adapt new crypto technologies with an old mindset by introducing the possibility to play with tokens, but in the same manner as one would by using fiat currency.
We are revolutionising this by introducing crypto options, but also switching framework through new technology, allowing for the user to feel safer when playing while lowering and speeding up acquisition processes; and resolving the issue of conversion rates by adhering to a fully decentralised crypto gaming framework in Web3.
Guide us through the technology that has created the world’s "first decentralised crypto casino?"
Once a user connects their wallet, they deposit funds directly into their account, meaning the platform never acts as an intermediary with user funds. The same occurs after depositing, as funds are stored in a smart contract – The Vault – whose algorithm is incorruptible, meaning funds can never be tampered with.
By developing our smart contract to watch over the user’s funds and release DEGA (Decentralised Gambling) tokens, the sole currency of our gaming ecosystem, we improved the metrics regarding conversion and retention rates. CoinGames designed DEGA to give players several unique benefits, as it is backed by Bitcoin and minted by smart contracts, giving users the necessary tranquility when playing without incurring into deposit and fund security issues. Statistically, our platform’s deposit per user rate with DEGA, as opposed to before February, increased by 601%, while retention rates grew by 166% and conversion by 163%.
Crypto betting volumes are bound to increase because decentralised technologies like ours simplify user experience as opposed to traditional gambling frameworks
What are your aims for the upcoming months?
We will introduce a sportsbook section and a multichain option on our platform to simplify user experience, and broaden our horizons. After the implementation, for example, players whose wallet operates on the Ethereum network will not have to switch to the BSC to acquire DEGA. However, our main goal is to educate users about the benefits of mass-scale adoption of decentralised technology.
We are therefore introducing our CoinGames Academy, a series of courses organised with Escuela Cripto Online, a crypto update platform, to explain the benefits of decentralization in DeFi (including gaming).
It will also obtain financial benefits and profits by adopting the technology we are pioneering. The courses will indicate how blockchain technology created a financial sector that does not require third parties, how gamers can benefit by applying decentralised technology to their sector, and the relationship between NFTs and the gaming industry.
What are the current trends of crypto adoption within gaming?
According to reports, global blockchain gaming market size will reach $1bn by 2032. This development is driven by innovation in blockchain gaming and the achievement of prize-winning enterprises. For example, users can win crypto or NFTs by participating in play-to-earn games.
Exposure to the crypto community within gaming and other areas comes from the fact that crypto companies are sponsoring major events within that community. For example, Socios fan tokens have become hugely popular in esports and global sports contexts through sponsorships. Such endorsements will increase as more players delve into blockchain gaming.
What are your forecasts for crypto betting volumes in the future?
Crypto betting volumes are bound to increase because decentralised technologies like ours simplify user experience as opposed to traditional gambling frameworks.
The aspect of user facilitation, transparency and fund protection is driving a growth in volumes of crypto betting, and requests for traditional gambling enterprises to incorporate it.
As crypto adoption in general increases, the number of people who will want to bet using their tokens will follow suit. It is also inevitable that investor participation in the sector will increase as demand for crypto betting becomes incremental, leading to further expansions and improvements regarding user experience.
