The developer of virtual reality title, Perfect, has made a bit of a mobile gaming first. The Reality Gaming Group has $3.5 million via an Initial Coin Offering (ICO) for the upcoming mobile game, Reality Clash.
The ICO, which is running until September 29th, gives gamers and investors the change to buy the in-game currency at a third of the normal price. The cash for this has been raised using cryptocurrency, Ethereum, with investors earning additional bonuses as well as the in-game RCC Gold Tokens.
The funds from this will go towards development of the game, which is due out in Q3 2018 for iOS and Android users. $3.5 million has already been raised since the August 29th start of the ICO
Reality Clash is a free-to-play mobile AR game where players can fight each other with weapons using their phone's camera. An augmented reality version of the world is created between two combatants who are found using geolocation game invites. So the idea is that you are invited to fight X on the street corner and the two phones will create an AR battlefield for you to fight in. Users will also be able to trade in-game weapons in a marketplace.
Reality Gaming Group co-founder, Tony Pearce, spoke to Develop about how the company took this unusual approach to crowdfunding, about the pitfalls and the positives. "It’s for entrepreneurs as there is no equity dilution and it’s great for investors as they can trade your coins anytime on the blockchain exchanges making their investment very liquid," Pearce said. "However you must have a virtual currency/coin that offers investors a good reason and incentive to buy early.
"Reality Clash offers investors both a big discount on the coins before the game is launched, plus early access to exclusive weapons which are only available to ICO investors. These weapons can then be traded for money on the Reality Clash platform or the secondary markets on the blockchain - you can become a virtual arms dealer.
"Running an ICO is not an easy process though. There is no one singular crowdfunding platform like Crowdcube or Kickstarter to focus all your PR at. With ICOs, you need to promote your campaign at the cryptocurrency investors and blockchain markets and get these guys interested in your project. Forums and social media are extremely important, as this is your only real contact with anyone interested in investing.
"It can seem like the wild west out there, so as a game developer or publisher it’s extremely important to get advisors on board who have been through an ICO and know the potential scams and pitfalls."