There is a blockchain-based startup that is not holding a token generation event (TGE).
Instead of scheduling a TGE, 777.Bingo is simply releasing its 777 or “triple-seven” Ethereum-based ERC20-protocol tokens through a series of private placements,” the company’s whitepaper indicates. That means the tokens will simply be placed for sale on cryptocurrency exchanges in Japan and Europe.
777.Bingo’s business plan is to sell games through the blockchain; rather than tokens, the company’s Chief Strategy Officer (CSO) Matt Lee revealed. Lee views the blockchain as merely a distribution channel rather than a product.
A visit to 777.Bingo’s website reveals no plans for a token sale. Instead the company, refreshingly, focuses on the product it wants to sell games. Even the name of the company’s token is hard to find through its site.
Bingo is an application not a chain
“Not just make a blockchain,” Lee said of his company’s plans in an interview. “There’s a lot of blockchains. We don’t need to make another blockchain. We need to make money based on blockchain. That’s the logic.”
“Bingo is an application not a chain,” Lee added. “The first idea for Bingo is to make a profit. Just offer people a whole scenario of the application of blockhain not blockchain.”
Lee believes 777.Bingo can make money by selling games from his company, Mob Arts Entertainment Corporation, NEXON, and others for cryptocurrency and fiat currency. Mob Arts has made up to $20 million a month from its most successful game, Lee claimed.
Mob Arts has an impressive track record in gaming offering such success as House of Heroes, which has up to 50 million players in China, SpaceTanks Online, Dragon Knight 3D, and Wrath of War: Endless Dark Age. 777.Bingo plans to offer those games and a new release called Doom of Aliens for sale as a demonstration of its application.
Blockchain-based App Store for Games Planned
The long-term goal at 777.Bingo is to create a blockchain-based App Store for games and other entertainment products.
If all goes as planned any game developer would be able to sell its creations through 777.Bingo. Developers would have a choice of being paid in the company’s Ethereum-based token; 777 or “triple seven,” fiat currencies like the U.S. dollar, or with a variety of cryptocurrencies.
Initial plans call for 777.Bingo to take payments in Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin (BTC), and Qtum (QTUM). Lee hopes to take payment in as many cryptocurrencies as possible to make as much money as possible.
“There’s a lot of game producers but they don’t have the money to survive,” Lee noted. “We’re going to give a large amount of money to help good content providers make games for us and help them make money.”
Lee thinks 777.Bingo would offer game developers a higher rate of reimbursement than venues like Alphabet’s (NASDAQ: GOOG) Google Play, Apple’s (NASDAQ: AAPL) App Store, and Steem. He hopes that will attract a wide variety of developers to an open-sourced and decentralized marketplace for games.
Gamers can be attracted to the marketplace and induced to cryptocurrency by offering traditional non-blockchain based games for sales, Lee said. One of his hopes is that every-day people; with no interest in altcoins as an investment, can be persuaded to use cryptocurrency through gaming.
777.Bingo’s plans go beyond gaming, the company hopes to add video content at some point in the future, Lee revealed. The team will concentrate on games at first because Mob Arts has a lot of expertise and experience in that area.
Deep-Pocketed Backers and Partners
Part of the reason why 777.Bingo does not need a TGE is that has some impressive and deep-pocketed partners and backers.
China’s social media giant Tencent Holdings (HKG: 0700) is an investor in the Mob Arts Entertainment Corporation. Mob Arts was the first outside company to distribute a game across all of Tencent’s platforms. Tencent’s platforms include WeChat with 980 million users and QQ with 843 million users in January 2018, Statista reported.
Partners in 777.Bingo include; the Korean gaming company NEXON (OTC: 3659.TO) one of the pioneers in online gaming and Qtum. Qtum is building a blockchain operating system for decentralized for decentralized applications (DApps) that is designed as an alternative to Ethereum. Qtum and 777.Bingo are testing a blockchain based game called Qtum Heroes through the 777.Bingo blockchain.
Another partner BeeChat is developing an encrypted social-media messaging and payment solution for the blockchain.
A Game Changer in Blockchain
Investors need to watch 777.Bingo because it might be a game-changer in the blockchain sphere. The company’s management simply views blockchain as a distribution channel for its products rather than a product in its own right.
More importantly, the goal is to generate income and potentially float from the sale of a product outside the blockchain. That might make games a value investment and lay the groundwork for the most revolutionary blockchain solution of all – one that actually makes money.
“Triple-seven is not open to Americans and Chinese,” Lee admitted. Ironically enough, legal restrictions keep 777 from being sold in the country where it is based: China. Similar restrictions will keep U.S. residents from purchasing 777 for the foreseeable future.