ICO Analysis: Game Loot Network
Gaming related blockchain projects are now sprouting up all over the place. And for good reason, smart contracts and crypto will almost certainly play a lead role in tomorrow’s gaming economy.
A controversial company, Game Loot Network (established in 2015), is looking to get in on the action in a big way. They want to provide developers a platform to build, fund and distribute their new games to users who will pay for them in LOOT tokens.
Setting their hard cap at $41 million for the Private-Presale, Game Loot seems to be trying to take over the entire game. They plan to do this by solving systemic issues within the industry.
The company says:
“We want to give artists the resources to create the games they envision and reward the players who populate their virtual worlds. Game Loot Network™ will democratize the gaming experience, enabling developers to create and prosper regardless of gatekeepers or budget constraints. We want to give gamers a voice at the earliest stages of design so the games built are the ones people want to play.”
The platform will rival and innovate upon centralized systems like the Steam and App store. The cornerstone of the application will be the interaction between three platform portals:
- Build: A gateway for developers to access a crowdfunding catalog. Devs submit their game proposal on to a page, and users offer LOOT tokens to sponsor good projects. They then agree on percentages of revenue distribution in the future, programmed into a smart contract.
- Play: A decentralized app store and embedded games. Users will pay in LOOT tokens.
- Earn: Gateway that provides revenue generating tools, competitive tournaments, battle bidding, and a referral system.
LOOT token enables every reward resource on the platform. Users can enter tournaments, sponsor indie games, purchase upgrades, bid on online auctions, earn extra income and more.
- 55% Operations and Development
- 20% Taxes
- 15% Marketing
- 10% Founders/Advisors
Doug Kinney has been CEO of Game Loot since 2016. He was COO/General Manager for two car dealerships, then went on to be the CEO of VinSolutions from 2007-2010.
Here’s where things get weird. On his LinkedIn, he says he’s the current CEO of DAK Investment Ventures, LLC (KC, MO) since 2014. We couldn’t find any evidence of this; we did find a similar named, DAK Investment Group , founded in 2010 by Doug Kinney in Independence, MO. Current estimates show this company has an annual revenue of $110,000 and employs a staff of two.
Lance Baker is President and Founder. The only work history his LinkedIn shows is “President and founder of GameLootNetwork, since 2014.”
Pat Baggette is CFO and General Council. It looks like he and Doug Kinney worked at VinSolutions together back around 2009. Pat does not list Game Loot Network anywhere on his LinkedIn page.
Rick McMullin is Chief Technical Officer. This guy is the co-founder of Bitheads, a custom software solution company that is listed as a partner on the Game Loot site. Rick does not mention Game Loot anywhere in his bio.
Scott Simpson is Chief Strategy Officer. He is the CEO of that same Bitheads company. He’s also the CEO of Braincloud and Playbrains. All three of these companies are listed as partners of Game Loot.
Paul Winterhalder is listed as Chief Development Officer. He is a co-founder of Bitheads, playBrains, brainCloud and Game Loot Network.
So, basically, all these team members have been connected for years. And all the partnerships Game Loot has listed are former projects of the team:
Brain Cloud – A ready-made cloud-based backend, for the development of games, apps, and things.
Bitheads – Experts in building custom software solutions. Claim to have high profile clients Ebay, EA sports, etc..
Crowd Machine – an advanced distributed computer. Embedded within the computer is an app development engine that requires no coding, enabling anyone to create decentralized apps and smart contracts without limitation.
Play Brains a team of experts that help transform your idea into a finished product. Need help with art, programming, design, or all three? Looking to attach a social or mobile experience to your game? Expanding your IP from mobile onto the console or another platform? We do it all. Our specialists turn your game – or game idea – into the rich, high-quality product your audience is demanding.
Get Set Games – Looks like a poor quality website with eight available games to download.
Uphold – Digital money platform where you can change USD to BTC in seconds.
Game Loot says they will be a one-stop shop for all of gaming; play, purchase and design. They are asking for a lot of money, $41 million just from private investors. For this type of money, one would expect a way better sales pitch. The whitepaper is not detailed, and the team seems incapable of accomplishing their goals.
Actually, there is a very strong possibility this entire project is a scam, and the founders of Bithead, PlayBrains, BrainCloud and GameL oot are now doing an ICO. Not to produce what they promise, but to get filthy rich off sloppy investors.
- Private Sale Hard Cap: US $41,600,000.00. This is confirmed real. -1
- Private sale contributors have to be accredited investors and receive a 200% bonus. -1
- Their partnerships aren’t real partnerships. They are mostly past businesses founded by the same team as Game Loot.-2
- LOOT tokens not sold in the private and public sale will be divided equally among each of the 300 days for the daily blind auction. -1
- CEO Doug Kinney is not being honest with his employment history. -1
- They claim to have done extensive platform beta testing that yielded more than $5 million in revenue over just 7 months. However, they seem to be lying. When asked to provide evidence of this as well as other claims they made in the one pager. We were blocked from their Telegram, and our questions deleted as if we had never even been there. -1
- A Google search “Gamelootnetwork is a scam” returned plenty of damning evidence. This guy Ethan provides a very detailed investigation and concludes this is indeed a scam. -4 https://ethanvanderbuilt.com/2018/01/31/game-loot-network-scam-yes-opinion/
- They plan on “accommodating infinite expansion” into VR and everything that comes with it.+2
- Their roadmap is long and detailed, extends all the way into 2021. It seems like empty promises, but if by some miracle, this project is real, it will be pretty cool. +2
Stay away from this one. -5/10 (that’s right, negative 5).
- Platform: Ethereum.
- Symbol: LOOT
- Total Supply: 600,000,000 (600m)
- Price: $0.35
- Soft Cap: $5 million
- Hard Cap: private presale= $41.6m . total cap: TBD
- Private Sale: Accredited Investors only, apply here. (ends 31 July 2018 ) Phase 1
200% Bonus (Buy 1, Get 2 Free)
- Crowd Sale: Begins September 1, 2018
- Website: https://gamelootnetwork.com/
- Whitelist: https://gamelootnetwork.com/subscribe/step/contacts
- Whitepaper: https://gamelootnetwork.com/assets/documents/gameloot-whitepaper.pdf
- Telegram: https://t.me/gamelootnetwork_ico/