Gambling Apps Become Second Most Distributed Cryptocurrency Apps
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New Blockchain Gambling App Accrues Over $40 Million
The rapid success of Crypto Kitties is nothing when compared to a new app called FOMO3D, which reportedly generated over $40 million in investments to its platform since it was launched a month ago. Labeled as “your exit scam” this new web app doesn’t inspire too much confidence but it does show how new blockchain-based products can skyrocket in popularity. It also got five times more users than CryptoKitties in only 24 hours since its appearance.
According to the official website of the app, FOMO3D is a “psychological social experiment in greed” that simulates the feeling of investing in shady ICO campaigns. The objective of FOMO 3D is to buy Ethereum-based tokens for each round of the ICO and hope that you are the last person to invest before the timer runs out.
Each purchase of tokens extends the ICO round timer by 30 seconds, with the maximum run time being 24 hours. If you are the last person to buy a token, you get to pull an “exit scam” and collect the daily money pot which other players invested in. There’s also a main ICO pot worth millions that no one knows when it will be won as well as small “airdrop” pots that can be won regularly.
The fast popularity of the app shouldn’t be that surprising, considering recent trends in the industry. As reported by Calvin Ayre and based on data from DappRadar, gambling apps are second by distribution out of all blockchain-based apps. The number one spot, naturally, is reserved for cryptocurrency exchanges. Sales of tokens related to gambling businesses have continued to grow, with the official numbers saying that over $300 million was invested via ICO campaigns thus far in more than 20 different blockchain-related gambling ventures.
Even Social Casinos Explore Blockchains
The blockchain gambling space isn’t only reserved for cryptocurrency casino operators and token-based online games. Even social casinos which are often seen as “fun casinos” that don’t offer gambling are now entering the blockchain casino space. Just this week, a European social casino game maker, KamaGames, announced that it will be launching its own KamaGames token which will likewise be based on the Ethereum platform.
According to a press release from the company, they are planning to create a token that will make it easier for the 100 million + users of the social casino to buy in-game currency for its games. The company is planning to sell approximately $25 million in tokens, which will be earned by selling in-game chips collections and bulk blocks of tokens for the best price. Players who don’t spend their tokens will get to reap rewards which are expected to grow over time. However, since the tokens can’t be exchanged for anything else but chips, the sale isn’t labeled as an ICO campaign nor is the company technically stepping into “gambling” territory.
