Jefferson: Live from BTC Manager world headquarters in One Conformation with Jeff.
Today we have a very special guest, Adriaan Brink who joins us today to talk about all things that are fun, FUN Token. I’m excited. I like FUN.
So Adriaan, Hi, how are you?
Good to talk to you, Jeff. FUN, it is fun all the way.
Jefferson: Yes, I mean, a lot of folks are really looking towards some of the more serious applications of cryptocurrency and what it can do for us and hear your focus on all the FUN things. So, can you tell us a little bit more about yourself and what you do?
Adriaan: Well, it’s such as FUN.
Obviously, it’s serious as well. The utility of a cryptocurrency is going to become useful at some point. Otherwise, there’s not much point in being there. And I think that’s the challenge I love what crypto’s facing is that they’ve been hyped up to the moon and not really delivered on much utility. So, I guess we’re focusing on the surgery side of it. FUN, it’s fun, it’s entertainment. We focus on gambling, but not necessarily just gambling. We have a travel agency you can buy flights you can buy hotels and sign as well. So, it’s really a case of creating a currency for entertainment but largely focusing on gambling at the moment.
Jefferson: That’s the thing, I used to live in Las Vegas for about three years. And that’s can actually back to the early days of cryptocurrency and that’s where I came across it. You know things like Freebitcoin and all that. And one of the things I was thinking is at least in Vegas there’s a lot-you’re right, there’s a lot more than just gambling there are all the shows there’s a lot of entertainment.
So, what do you think is next for cryptocurrency and FUN Token?
Adriaan: As you’re probably aware in earlier this year, Freebitcoin acquired the majority of the fan tokens and took control of the direction of the token. And I joined the business to run it concurrent with a merger with my crypto which was called, “Better” which is a sports betting cryptocurrency. [unintelligible 00:02:33 ], but the original fan token was trying to do for casino, we were doing for sports betting. So, from a technology point of view, it was a good fit.
Both projects suffered from the Ethereum gas prices, the cost of doing business was way too high. And also suddenly with a lack of audience because of acquiring players and what we’ve come to now as almost a perfect storm and we’ve got the massive traffic acquisition that we get through Freebitcoin which is one of the 1500 busiest websites in the world with 6 million uniquely any monthly unique visitors. The launch, this month of X-FUN which is a purely utility focus token. So, X-FUN is designed to be free to use, we are basically eating the transaction costs and really focusing on making a totally usable so getting rid of the complexities that exist on some of the cryptos that today we have to pay gas fees and you have to have special wallets and muck around like a geek. I mean, the days of geeks and crypto has to go for mass adoption. We’re going to get to a situation where it’s as easy to use as a touch and go card and that’s really working towards.
Jefferson: Well, that’s really awesome. I like it, I’ve been following it for a while like I see FUN Token it’s available and a lot of different exchanges. And actually compared to a lot of other projects that have an early start and then got to go anywhere you guys are going somewhere which is great. I see on the roadmap there stuff like decentralized poker, decentralized sports.
Tell me more about all the things.
Well, in taking over the subject we took over to be honest, somebody they created the environment that we took over, which is the exchange links, you know we trade on 25 different exchanges. We trade north of $20 million a day with a market cap of about $200-$250 million. So, it’s a liquid token it’s easy to buy and sell and that’s it. That’s an important part of anything you’re going to use that the users can catch it and not when they want to because otherwise, it becomes sort of monopoly money.
As I said, we very liquid the biggest problem that both FUN had FUN failure, and that sells the betting side was the cost of doing business on Ethereum where gas fees went from less than $1 when we launched in 2017 to ever closer than $500 per transaction towards the end of the last year 2020.
So, we’ve really addressed that now launch with X-FUN which is a parallel token on the product is substantially cheaper and where we’ve actually implemented the [inaudible 00:05:53] complex system whereby there’s actually no underlying currency and use excellent to gamble or whatever the world is [inaudible 00:06:05] level of–
Jefferson: Adriaan, I can’t hear you quite well.
Adriaan: I think that’s super important because I think we’re going to get into the mainstream.
Jefferson: You’re back.
Jefferson: Well, last I heard you were talking about the token with available a lot of other exchanges and the Ethereum went from $1 to like, you know, stratosphere for gas fees, and there we are.
Maybe we should try again in half an hour. I’ll have a stable connection, would that work for you?
Jefferson: Oh, yes, sure. That’ll work.
You can use the same link and I’ll be here.
Adriaan: I’ll be pinging as soon as I get home.
Jefferson: No worries, talk to you in a bit.
Jefferson: Yep, we’re back on the air.
So, Adriaan, last we left off we were talking about exchanges, one token is everywhere.
Forgive me if there’s some repetition about I guess you can maybe other stuff. So, with the merger of Better and FUN token and the Freebitcoin involvements were really bought together a perfect storm of some technology developed for decentralized gaming, with the player base, the Freebitcoin has, and the liquidity of the FUN Token, where we traded trades on 25 exchanges with that as said, daily trading volume in excess of $20 million and a reasonable market cap. So, in order for this, for any crypto to work, your needs to be liquidity in the market, and it needs to be people using it. And we’re in a position on I’ll make that happen, which is great.
Jefferson: Yes, that’s awesome.
That’s one of the things I’m seeing is now a lot of people like you mentioned earlier, a lot of people are looking for that utility. And actually, it turns out, there are a lot more things that people can do with crypto. I mean, they’re finding staking, for example, you know, they can earn interest on their crypto, but they can also, you mentioned, I think you can travel now with FUN Token. Is that right?
Adriaan: Yes, we’re all about its tenants and fun. And we partner with Tuvalu, which is a great travel Expedia for crypto if you like. You can use your funds to buy a book, or a flight or hotel or car hire and basically pay for a holiday or this trip will be like, all at very competitive rates. So, that’s a nice little addition.
But, I think the thing that’s going to drive us forward, really long term is the gambling in the gaming. Where we’ve launched the X-FUN token, which is a purely utility token. It shadows FUN. So in other words, to get funds, you have to give up a fund. Essentially, it’s not an extension, it’s the same thing, essentially. But it’s on the polygon network, which is much, much quicker and zero gas fees. Well, the way we’ve implemented zero gas fees. So we’ve implemented it through a tray relay system whereby users can actually spend money from their extra wallets on any of our gambling or gaming opportunities and not have any gas fees at all. So, it’s no clue how to have Matic or Ethereum and their wallet to pay for transactions. They’re all free from the users.
Jefferson: That’s awesome.
I started seeing is there’s a lot of just utility stuff coming out of the woodwork so but even outside of that a lot more exciting gaming coming up. But tell me more about how decentralized things like decentralized poker would work. What’s that all about?
Adriaan: Well, it’s about moving the money from the operator’s control to the user, the player’s control. And that can take a number of steps at the very simplest level, it’s about making it easy to deposit and withdraw to a gaming set, so easy and so free, that there’s no friction. And other words, users can go in, spend $20 on bets and leave as opposed to going in and depositing $100 and spending maybe $60 on bets and then leaving $40 behind which still happens right now. So, that making the process of depositing withdrawing free for the users free for the operators and frictionless, we start to achieve some decentralization and that the users as well, it’s no longer controlled by the operators, multiple pools, and multiple operators. But they control by the users in a noncustodial wallet which is owned by the Better player and the player has total control of their money. That’s sort of stage one.
Stage two is to move more of the gaining process online. And with the Better Betting, we got to the stage where the entire bet was placed on the blockchain. So there was no custodial element at all, in essence, there is no operator. The player could place the bets, the layer would lay the bet the funds from both parties to cover the risk were escrowed on-chain, and then settled at the time and the bet resulted on-chain. So, there’s no situation where an operator had any control over the player’s funds. And I think that’s a, that’s an AVANA way where we’d asked to get to, it’s easier with sports betting that it is a casino because the risk on the light side is more close to the bet the stake. Your bets are typically not more than 10 to one. Whereas in a casino you spend a slot machine and the risk can be thousand times will be the stake. So, that’s just a different proposition.
But we’re moving towards that with essentially aggregated lead staking, which we’ll be introducing on expand early next year on some of our own casinos where users can essentially be the house they can choose to either play the game so they can choose to play the game so there’s because there will be pooling their stakes with other users and participating in the club’s profits from those games.
Jefferson: Yes, that’s really amazing stuff.
I think that’s the exciting part of it is, I think we’re getting to a point where we can truly innovate and I think that’s one of the things about traditional say like credit cards or even traditional finance they really limit how much you can innovate and here like you’re saying the money really stays in your wallet until the time that the transaction which is great. I know opens up so many more exciting new possibilities.
And, what do you think it next for crypto in general? I mean, you see Bitcoin going to $100K, Etheruem going to who knows $25,000. I mean, I’ll sign up price. What do you think is next for this phase?
Adriaan: I’m not going to stick it out in prices because there are many, many people that have been an eyelid doing that. I believe that the longer-term in order for any crypto to have true value used to have the value in its utility. And that’s in this transaction flow and player base. And fundamentally, you don’t have hundreds of thousands of people using it and using it every day and the funds being tied up in a useful way. It doesn’t have a long-term future, it’s purely speculative, gambling, and the price essentially. So really, for us, our focus is getting more and more players. And that’s where we have the tremendous advantage of Freebitcoin brings us a massive user base of 48 million users that we can dip into and offer a product to, that gives us that sort of turbo boost that most other similar tokens just don’t have access to that sort of player base. And it is in a way, it’s a perfect storm. And that we’ve got the user base, we’ve got plenty of funding, and we’ve got the strong liquidity and trading of the FUN Token, all together, the tech is important, but the tech without the players, and then liquidity is really not much used to anybody, you have to bring it all together at once. And that’s the tricky bit.
Yes, that’s the thing. I mean, I know a lot of folks are really looking at the price and everything. And I really don’t think the price is everything, I really think it’s more about the utility of being able to, for example, earning crypto, and then being able to do something with that, whether it’s something fun, such as going to a show or even playing poker with a bunch of friends. So, I know there’s a lot of emphasis now and augmented reality games. What do you think might happen there?
Adriaan: I can’t profess to be an expert in that. I’ve been fascinated about a topic for a long time, but it’s been really not very mature. Look at things, I think like anything else, it’ll grow over time. One assistant to take baby steps and fundamentally get the player base and user base before we get too exotic in terms of content. Fundamentally, if you look back at any payment systems that have the Johnson the payment rule today, they were all founded on whether liquidity came from and pretty much always that was gambling important came back 20 years. And I think that’s not really much different game forward, either.
Jefferson: Cool, cool.
These are some of the most fun conversations that I’ve ever had over the last year and considering crypto is only going up, if you will. I really think that’s going to be the future of gaming or commerce and everything.
Do you have any final thoughts for our listeners?
Adriaan: Yes, at Teddy DOS, what you just said. I started online gambling in 1995, and that’s the internet was very embryonic. Yes, dial-up to it. And they didn’t even include a dial-up thing in Windows in those days, you have to download the dial-up thing. So it was really geek-lammed. And I remember those early years, we did actually is remarkably well, given how geeky it was. But, the timer, I remember, a lot of people saying, ”That’s all geek, then that’s a niche, it’s never going to take off this Amazon thing, it will never work out”. Google didn’t even exist in those days, and the world as now it’s all become such a part of life. A lot of people don’t even think of the internet, I think about it as that thing that’s there that they use every day, and they just assume it works. And I think that crypto going forward is going to have to get into that same space. And I will get to that same space. Where becomes just the way you do something much like today, the credit card and tapping your card and contactless payments have become the way of doing things that will change in the future. And crypto becomes more and more embedded in society then builds the way to do things. But to get there, it has to get away from this situation where you’ve got to be a geek to use it and understand how to download a wallet. And it just has to be easy. And I think, I guess my mission is to make it easy for all players. And we’re working very hard on that. And we’re not the only ones.
So, I think that that will happen. Whether it’ll take one year, two years, five years or 10 years, I have no idea. But, when it does get to that stage that there’s going to be advantages for the early entrants
Jefferson: Well, I think we’re really getting there. I remember Babbitt Shack Casino back in the early days, right. That was a part of it, it was [unintelligible 00:20:14], which later became AOL. But, Babbit Shack Casino that was built by, I think LucasArts had a hand at building that. And you can go in there and you could do an early version of a slot machine, right.
They took half an hour to download the structures.
Jefferson: That was it.
Adriaan: That’s a crazy thing. Who’s going to wait for half an hour to download the stuff so they can spin a wheel. Well, people did. And to be honest, I was in San Diego, a little bit skeptical about that, then I mean, I ran a lottery, which is more interactive and less of the damaged thing. And yes, it was early days, we were the first quarter choirs in Switzerland, we were the first internet lines to lift and sandwich we were based at the time. And it was very much figuring out how to make things work. Whereas nowadays, of course, That’s a totally different situation. If you want to start up an internet, e-commerce type thing. It’s all at the box now. And I just see crypto’s being in this space that the internet was back then. And I think it’s going to in 20 years time we’re going to be thinking of crypto in the same way as we thought then now since we’re it’s become ubiquitous, and everybody uses it, and it’s just the way you do things, you certainly were using cash and you probably won’t be using cards, you will maybe you weren’t, I don’t think Master or Visa will be saying this. But that’s the way it is. Yes, that will change.
Jefferson: Yes, I really see digital payments and more crypto payment being the secure way of transaction, person to person or even beyond. And, as I’ve shared on other shows, once you can have a lot of this information and something like the blockchain, then you can do so much more with it. You can do more programmatic things with that. And that’s what I’m really looking forward to. You know, a more programmatic future to where you don’t have to necessarily worry about what’s happening with the money. I mean, today, oh my God money in a bank. I’m really, I’m almost worried about that. But where’s money on the ledger, it’s always going to be there. So, yes, It’s good stuff.
Alright. Well, it’s been a fun conversation, I’d encourage folks to check out FUN Token, there are already several different utilities for it on Freebitcoin. And you’re going to get a paper light with it. And even beyond that, there’s more exciting stuff in 2022. So, to that end.
Would you mind maybe on your next launch or later next year, we can jump back on a conversation about it?
Adriaan: Absolutely, yes.
So as I said, when I was subjected to I use a deep play casino, which is our in house sort of test business, we have a new look, consider launching in a month or so time, but they’re really big news for us in the next month is bringing up the X-FUN token and the wallets and the bridges and so on associated with that. And maybe once that’s rocking and rolling, which will be towards the end of this year or early next year. We can jump on a call again and I can tell you about all the things that have happened.
Jefferson: Sounds awesome.
Alright, thanks, Adriaan. I appreciate you joining and we’ll see you next time.
Adriaan: Thanks for the call, Jefferson.
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