ICO Analysis: The Abyss
The gaming industry has witnessed exponential growth in the past decade, with revenues topping $100 billion in 2017. Digital distribution of games plays a significant role in the industry’s growth as it facilitates the delivery of video game content without the use of any physical media like CDs or cassettes. Digital distribution is becoming increasingly common, with major publishers and retailers paying more attention to digital sales, including Steam, PlayStation Store, Amazon.com, Origin, UPlay, and others.
The Abyss aims to become the next generation gaming distribution platform offering some unique benefits for both the gamers and developers. Some of the key benefits of using Abyss instead of the traditional game distribution platforms are as follows:
1. Multilevel referral: Players are offered individual referral programs in which an income is paid based on a five-level referral chain comprised of friends brought in and users brought in by friends. The affiliate marketing is available for both players and developers where the participants who are the first to bring in users to the platform earn the maximum income.
2. Earning opportunities for gamers: Along with the referral system, gamers can also earn from different activities on the platform like achievements, content generation, internal CPA Network, etc. Gamers can monetize content created like reviews, streams, guides, commentary, fan art.
3. Internal CPA (Cost Per Action) Network for developers: Developers get access to a universal advertising account for bringing in targeted traffic (interested in the game). Some innovative features are available for developers to promote their games like offering one’s traffic to other games in return of tokens, getting external traffic, traffic statistics, link referral etc.
The platform also offers some other features like support service, simple UI, opportunity to launch projects as an alpha or beta version for gathering opinions, fundraising (in future) and many more.
Active development of the platform will be done in Q3-Q4 2018, while the first version of the platform with basic functionality will only be available in Q4 2018. Development will continue in 2019 and 2020 with progressive addition of more features.
Ethereum based ERC20 tokens called ABYSS are the primary medium of exchange within the platform. To promote the usage of the platform and remove entry barriers, fiat currency will also be accepted along with ABYSS tokens for game purchases. Gamers are offered a discount for game purchases when using ABYSS tokens. However, some features in the platform will be exclusively accessible by using the ABYSS tokens.
The ABYSS tokens are used for the referral program payment, auction of in-game content, rewards and transfers. Allowing fiat along with the ABYSS tokens for payments will help faster adoption.
The Abyss digital distribution platform is being developed by Destiny.Games, one of Russia’s leading video game developer and publisher with significant expertise in game projects launching and operation.
Founder Konstantin Boyko-Romanovsky has over 17 years of experience in the gaming industry. He is the Founder and CEO of Destiny.Games. The website lists 12 members on the team, along with five advisors.
Considering their extensive experience, the leadership team will know the ins and outs of the gaming industry.
The first DAICO
The Abyss is looking to become the first project to test Vitalik Butrin’s “DAICO” concept.
The token raise will represent an advanced and improved ICO mechanism, allowing token holders to control the fund withdrawal limit, also providing an option to vote for the refund of the remaining contributed money in case the team fails to implement the project.
Being the first ICO to incorporate this concept has helped the team generate a significant hype about the project. Investors will also be able to trust the project, knowing that they can pull the plug when the team does not perform.
The Abyss is an ambitious project with a very broad scope. Creating a platform which has most of the features of existing competitors like Steam, UPlay or Origin along with its own unique ones makes Abyss not only an exciting project, but also quite risky. A lot will depend on the team’s execution, which we get to see only in Q4 2018. Having the five-level referral program will drive adoption in the initial days, but competing and gaining market share from well established platforms like Steam won’t be easy. Abyss has drawn the attention of many investors due to the DAICO concept, and its progress will be closely watched by the blockchain community.
- Competition is very high in the game distribution industry with many established competitors like Steam, Origin or UPlay. Amazon is aggressively trying to establish itself in this market. -3
- The Abyss is betting heavily on the referral system for platform adoption. However, this is not entirely a new concept. A platform called Green Man Gaming also had a unique credit system where users could review games, refer friends and pre-order games for GMG Credits. This feature was later removed from the platform for some reasons. Despite the credits system, GMG could not get a significant market share. -1
- The roadmap stretches until 2020. Only limited features will be available in Q4 2018. If blockchain phenomenon goes mainstream, competitors might tokenize themselves. -2
- The hard cap of $60 million seems a bit on the higher side. Although there is some sense of security due to the DAICO implementation. -1
- On paper, The Abyss has more functionality and features than all of its competitors. The words “on paper” hold significance here as none of these features have been developed yet (although some features previously developed for Destiny.Games would be used). +3
- The Abyss ICO is a marketing success since the team has been able to create a lot of hype about the project. The official Telegram channel already has around 29,000 members in it. +4
- The DAICO concept provides a sense of security to the ICO contributors and the stakeholders. The project’s development will be closely followed by the investor community. +2
- The referral program will help in the early adoption of the platform. +2
- The team and the founders have extensive experience in the gaming industry. +3
We arrive at a rating of +7 out of 10 for The Abyss. The rating is on the higher end due to the team, the hype surrounding the project and superior governance stemming from DAICO. Considering the investor interest, we expect The Abyss to achieve its hard cap, but there might be some slump post listing due to the initial product launch being still a couple of quarters away as well as the high valuation.
- Token Type: Utility
- Platform: Ethereum
- Symbol: ABYSS
- Initial Value: 1 ABYSS = $0.24 USD
- Pre-Sale: No Pre-Sale
- Public Sale: March 7, 2018, Whitelisting begins on 3rd March followed by KYC (date TBA)
- Public Sale Bonus: First 48 hrs = +25%, Day 3-7 = +15%, Day 8-14 = +10%, Day 15-24 = +5%
- Hard Cap: $60 million ($40 million international, $20 million U.S.)
- Jurisdictions Barred from Participating: China
- Website: here
- Whitepaper: here
Featured image courtesy of Shutterstock.