Greetings from team PlayCoin.
It’s been two years since PlayCoin came into the world. We have received a lot of attention for its unique business model of blockchain game platform and social mining for indie developers and have been focusing on blockchain games and many other businesses with PlayWallet as the hub for the past two years.
Recently, many other ICO projects have failed to achieve their goals, or there were many “scam” projects only focused on ICO funding, causing social controversy. PlayCoin is not a scam project or a broken project because it fails to achieve its goal. However, from the perspective of the project’s objectives and profitability, we concluded that it would be better to expand and improve the current business and continue to expand the ecosystem and make substantial profits rather than to maintain the initial business model of PlayCoin. Therefore, we have decided to pivot our business model.
The new business model supports the crypto projects of partners and subsidiaries and is designed to create a flexible revenue structure as holding companies. PlayCoin has been collaborating on various projects with many partners and cooperating companies. Some of these projects didn’t match up with our new business model, so we only provided technology, but we invested in others with high growth potential. Among them, we selected high-performing and high-growth projects and included them in the PlayCoin Crypto Alliance. If a collaborating project’s growth is not matching the projected rate, we will spin-off them, and one with a higher growth rate, a higher chance of inclusion they will have.
The PlayCoin Crypto Alliance (PLX) buys back 20% of the profits of the included projects, gradually reducing the amount of PLX in the market, and supports PLX to participate in token sales of new projects or one-way swaps of PLX to new project tokens. This is a new business model for existing PlayCoin and new PLX investors and holders.
PlayCoin is rebranding as PlayX (PlayCoin Crypto Alliance) and will be re-listed on exchange. At the beginning, the amount of the reward may not satisfy the holders, but we will continue to reward the existing PlayCoin holders, and the rebranded PLX (PlayX) will satisfy investors and holders by applying a carefully calculated compensation model to increase business continuity and profitability. We start with the Crypto Alliance business model for several projects.
As the reflection of holders’ desire, we will always try hard and reward holders with sincerity.