Refereum (RFR) Review – Refereum ICO Rating and Details.

Refereum is a distribution and growth platform that cuts out the marketing middleman, enables higher profits for developers, and directly rewards influencers and gamers to promote and play games.

Ticker:
RFR

Token type:
ERC20

ICO Token Price:
1 RFR = 0.0100 USD

Fundraising Goal:
32,300,000 USD (40,000 ETH)

Total Tokens:
5,000,000,000

Available for Token Sale:
40%

What is Refereum?

Refereum is a new cryptocurrency that is designed to give video game developers a way to help encourage the use of their products while at the same time rewarding players for their time spent gaming. It uses a utility token rewards system (RFR) built on the Ethereum blockchain that encourages the sharing of new games, allows developers to build in incentives for players when they unlock game features, and can potentially serve as a way to sell and pay for streaming services in the future.

Refereum was founded by San Francisco-based game designer and gaming culture influencer Dylan Jones. They completed their initial token sale on February 7th, 2018 and easily exceeded their sales goals of $25 million USD. Overall, Refereum took in 40K in Ethereum, or approximately $27.8M USD. They sold 5 billion tokens in their launch, at an initial price of $.01 per token.

After their initial coin sale, a number of larger entities reached out to Ethereum offering their aid. This includes social media giants such as Facebook, Twitch, and Twitter, platforms like Telegram, Contest Bot, and blockchain companies including Metamask Payment Gateway.

Refereum’s stated end goal is to strengthen the gaming community by offering financial incentives for positive interaction. Their advertising claims that it will help close the gap between game designers and players and allow for a more equitable distribution of influence throughout the gaming community.

How Does Refereum Work?

Refereum is a token rewards system that allows video game developers, social media platforms, and other entities to more directly reward their users for participation. They can offer RFR in exchange for time spent playing their game or using their product, for reaching a certain level in a game, or for the amount of likes or shares their posts receive.

RFR can then be spent by the user on in-game features, new games, or other products and services. It is the hope of the Refereum developers that in time a market for Refereum itself will develop, driving up the value of RCR and increasing its incentivizing power.

As a utility token, initial Refereum investors are not buying a stake in the company, allowing them to avoid certain Securities and Exchanges regulations. For now, it is perfectly legal to offer stakes in a utility token that can be used to purchase goods and services.

Features and Benefits of Refereum

Refereum was developed in part because video game companies were paying premium prices in order to have their advertising reach their target audiences and were not seeing enough return on those investments. At the same time, there are popular streamers and online influencers that have an enormous ability to impact their audience’s buying power, but very little ability to get rewarded for this impact.

Individual players are also not served by the current system, as video game time is often seen as downtime or lost time. They reward video game developers with their money and streamers with clicks and views, however they are never rewarded for these behaviors themselves.

It is the hope of the Refereum developers that the new cryptocurrency is able to address all of these needs at once. Video game developers can purchase Refereum instead of buying advertising time on television or websites that their target audiences may never see, then use that Refereum as incentives for streamers to play and share the product with their many viewers.

Streamers are in this way compensated for the enormous drawing power that they now have and can be encouraged to use that influence for their own gain and that of the developer. Individual gamers are also able to be rewarded for their contributions, which encourages further use and sharing of the product.

Refereum is using the online securities company AmbiSafe to help ensure that they are not a target of fraud and that all of their transactions are performed safely and legally. AmbiSafe is a multisignature wallet company that offers white label blockchain solutions.

In February of 2018 Refereum launched a beta platform that displayed some of their potential uses. This currently includes purchasing video games and streaming time, however Refereum hopes to expand its offerings in the future. There may potentially be plans for Refereum to make their own video games in the future, however that would only happen further down the line.

It should be noted that Refereum is not the only competitor in the gaming token market. Enjin, Game Coin, Gizer, MobileGo, SRG, and Tap Project are all planned or recently launched digital currencies that are tied to the video gaming industry. None of these brands have been able to meet their hard cap, however, which both demonstrates that there is both an opportunity for Refereum and that there may be some reasons to be pessimistic as well.

Refereum needs to capitalize on the inefficiencies in the video game market in ways that their competitors have not in order to be successful. This largely means getting influencers to adopt Refereum and help share it within the community, and to that end Refereum has established relationships with Twitch and YouTube. It is their hope that their connection to the streamer community will allow it to penetrate the market in ways that their competition has failed.

The Refereum Coin Offering

Refereum announced that their ICO had a hard cap of $25M, and that 50% of all tokens would be made available for public sale. 25% was being kept behind to be used to further develop the platform, 15% to game developers and influencers, and the final 10% was given to company founders.

They had over 150,000 people registered on their whitelist before the sale began, with sales requests exceeding $800,000,000 USD. The initial plan was to release 50 million tokens, however after seeing the demand of the preorders, they changed the supply to 5 billion tokens. Each token was worth $.01 USD and is pre-mined.

The initial token sale has completed, with over 300,000 private investors buying Refereum. They became the first blockchain-based company to reach 100,000 max group size on Telegram.

This success has led to the cancellation of the remaining public sale for now. The three reasons that the company cites for this decision are safety of the community, avoiding unnecessarily small Refereum purchases, and the desire to hold back coins for marketing purposes.

Their MVP product should be ready for release sometime in the second quarter of 2018, and they plan to be ready to start focusing on marketing and partnerships by the end of the year. They have planned projects involving Twitch that should be releasing sometime in 2019, and have also been in talks with other streaming platforms, including Afreeca, Huya, and Douya.

Who’s Behind Refereum?

As mentioned above, the Refereum project is led by designer and entrepreneur Dylan Jones. Jones is the co-founder of the social gaming spaces company Gamenest and has previously designed game systems for KIXEYE and Bane Games. He was educated at the University of Denver and has been based in San Francisco for several years.

Jones’ experiences with Gamenest have demonstrated that he has a passion for not just developing games but also engaging with gaming culture. He’s worked to create digital spaces that allow for gamers to exchange ideas and enjoy fellowship with other like-minded individuals. He has not previously attempted to launch any form of digital coin, nor has he worked in cryptocurrencies in any significant capacity previously.

The promotional materials for the company describe Jones’ team as veterans of the video game industry with experience in companies like Google and Zynga. They also have advisors from Twitch, YouTube, and other major online platforms helping them. Again, there seems to be a lack of people with experience dealing with cryptocurrency markets, however the overall experience and competence of their team is reassuring.

Conclusion

The initial success of Refereum is certainly encouraging. The speed with which they sold out of their public offering and the size of their white list both indicate that there is significant interest in the type of coin that they have developed.

It is undeniable that there is a need within the gaming community to help bridge the gap between game designers and individual consumers. Game designers are paying premium prices for advertising that may or may not ever reach their intended audiences, and streamers are having difficulty getting rewarded for their comparatively large audience share.

Refereum may be able to help eliminate that gap by creating a rewards system that allows developers to give back to streamers, influencers, and casual gamers alike. It is designed to incentivize the sharing of products and ideas, as well as usage and achievement within games.

Refereum’s founder Dylan Jones is respected within the gaming industry, but has yet to prove himself on the cryptocurrency market. There is a degree of unknown related to Refereum’s future success because of this, however optimism regarding the company’s prospects still remain high. The gaming market has become one of the largest in the entertainment industry, and if Refereum is able to tap in to that culture then it should be successful.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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