iCandy hopes crypto crab wars will tap new craze for cryptocurrency games
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Mobile gamer iCandy is hoping its latest game development has struck the perfect equation: crypto + mutant + crab = $.
The stock — which resumed trading last week after a 5-month stint on the sidelines — today said it was developing a new genre of blockchain and cryptocurrency web games, starting with Cryptant Crab.
“Train, mutate or challenge the multitude of Crabs and watch as you gain the appreciation of other CryptantCrab Challengers from across the world,” its website reads.
“Your one-of-a-kind CryptantCrab will have a chance to go down in history as a sought-after legend that turns your time spent on it into an investment of irreplaceable value.”
The new game would be powered by the Ethereum blockchain network to ensure that gamers cannot cheat in its “fighting fish” style battle game.
“Cryptant Crab will have an innovative player versus player (PVP) feature that allows the fighting fish concept to take shape. Gamers can choose to challenge one another and have their one-of-a-kind blockchain-powered virtual crabs emerge as winner in online tournaments,” it told the market.
But while the game may run on the Ethereum blockchain, the company is quick to point out the tokenised crabs are not a crypto currency token – rather a fractional token of the ERC721 standard ethereum token for digitising data.
It will launch the game in a free-to-play model, with some in-game virtual items or characters offered at a premium, costs of which ICI says will be in the realm of $5 to $200.
Those payments can be made on either conventional payment channels like credit cards or Ethereum Ether – but players need not to have a blockchain wallet directly to play the game.
iCandy shares (ASX:ICI) were trading up 8 per cent in mid-morning trade at 7.5c — about half of their value before suspension in November.
iCandy shares fell 57 per cent after they returned to trading last week.
The mobile game maker went into suspension in November as it unsuccessfully sought to take over another company, then remained suspended thanks to ASX rules around share issues.
To keep frustrated shareholders sweet iCandy (ASX:ICI) offered one loyalty option at a “nominal” price for every two shares owned.
The offer briefly pushed iCandy’s shares up almost 10 per cent — but they soon fell back.
ICI says it expects to launch the new game within the next 3 to 5 months, initially targeting its nearby jurisdictions of Singapore and Malaysia, and where it says it sits within the regulation of the gaming codes of practice.