While Valve has removed Bitcoin payment options from Steam amidst the cryptocurrency flailing in value and stability, Crytek is doubling down on cryptocurrency by offering their very own form of encrypted cash, and its aptly named Crycash.
Crycash is an entirely new cryptocurrency designed with gamers in mind, likened as “an independent decentralized ecosystem of products for gamers fueled by an all-new, gamer-centric cryptocurrency.” The partnership with Crytek will see the blockchain-based cryptocurrency implemented into their free-to-play shooter, Warface.
The ecosystem is made up of four components all powered by the token (CRC), including: the Plink app acting as the umbrella for the entire operation with its messaging and chat service, a social network, a task manager, and a CRC wallet.
While most cryptocurrencies are obtained via “mining” them on specialized GPUs and CPUs, you can earn CRC via completing in-game tasks instead. These tasks are assigned to players via the Plink app, and once completed you’ll get CRC, a process likened as a replacement of menial in-game achievements.
You can use CRC on in-game items, or other games, or simply to resell later for cash if the value of the currency should go up. It’s currently valued against Ethereum (another cryptocurrency), which Gamesindustry.biz reports that CRC will be offered initially from December 12th through January 15th at 0.001 Ethereum for one CRC.
As one Ethereum currently trades for roughly $410, that makes a CRC equal to like $0.41. This price is only for the initial offering, and they’ll include early and bulk buyer bonuses. Crycash is hoping to get other third-party developers to sign on next year, while Crytek is getting 1.5% of all CRC transactions, and contracted developers will pay 20% tax on all transactions as well.
Crycash is even planning to launch an eSports gambling platform that will (of course) deal in CRC, by later next year. Prize pools for Crycash-based tournaments will be taxed at 4%. They’re also planning a Crycash-based advertising platform to allow developers to target specific demographics.