PUBG Adopts Refereum (RFR): Where to Trade the Gaming Altcoin?
So internet sensation PUBG has jumped on the blockchain bandwagon, offering gamers the chance to get paid in Refereum (RFR) tokens.
Straight off the bat: the problem that Refereum aims to solve is actually quite a pressing one. Or at least, one with the potential for adoption. You see, there is an army of young gamers on Youtube and other platforms who give giant gaming corporations more free advertising than they could ever hope for.
This is done naturally, and without anyone noticing. Players upload clips of their gaming footage to share with their (often huge) gang of followers. In the process, gaming companies get round the clock advertising for free. Nike has to pay athletes to wear its products. Gaming companies don’t have to worry about such compensation.
On top of that, players can earn RFR for what they do in-game, such as winning matches, getting high scores, etc.
So assuming players take up the offer, what choices do they have when it comes to converting their tokens to cash, or other cryptocurrencies?
Upbit – RFR/KRW
The largest market by far for RFR tokens is the Korea-based Upbit exchange. At time of writing, RFR/KRW trades accounted for nearly 85% of the daily total. In the hours since the PUBG announcement, daily volume climbed to over $2 million – up from $120,000 a couple of days previously.
PUBG has headquarters in South Korea, and estimates suggest 5% of its 30-50 million user-base come from within the nation’s borders. With U.S players estimated to make up 25% of the user-base, that gives the seven times less populated South Korea a higher concentration per capita.
The second most active market on Wednesday was Upbit’s RFR/BTC pair, accounting for around 5% of the total.
Bittrex – RFR/BTC
The U.S-based cryptocurrency exchange, Bittrex, offers one Refereum trading pair on its exchange, but unfortunately it is not available to U.S users. That’s according to June’s announcement from Bittrex, which detailed the removal of 27 altcoins, including Refereum.
The same announcement noted that the 27 alts in question would be moved over to Bittrex International – presumably to avoid legal scrutiny.
On the day, around $80,000 worth went through Bittrex’s RFR/BTC pair, accounting for around 4.7% of the daily changeover.
The only other exchanges with trade volume in the five-figure range are OKEx and Gate.io. Both exchanges offer ETH and USDT pairs, with OKEx also hosting a BTC option. Other platforms include the EU-based BitMart, as well as Bibox and IDEX.
In the coming weeks and months, the build-up of trades (or lack thereof) on Bittrex might be a good indicator of RFR’s uptake among U.S based PUBG players. Also keep an eye on Refereum’s Etherscan page, which currently shows over 60,000 active addresses, and 270,000 transfers since launch in early 2018. For comparison, the recent headline maker, Chainlink (LINK), has just over 50,000 active addresses.
Despite the influx of trades on Wednesday, RFR lost 20% of its value in a flash, before regaining 10% just as quickly.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.