There are many things that make new cryptocurrencies and tokens exciting. Things like getting paid to be active through organizations like STEPN, fractional real estate investing projects like RealT, or even tokenized renewable energy certificates are just a few of the thousands of use cases why people get excited about blockchain and crypto.
Community as a use case
But one of more polarizing aspects that attract or repel people from different crypto projects is community. Community seems to be a buzzword among both crypto enthusiasts and skeptics alike to support their arguments for or against the viability of a particular project.
Crypto enthusiasts and supporters of different projects are quick to point to the “strength of the community” as a reason that a project should be adopted or invested in. They point to projects with eye popping market caps and viral successes like Dogecoin or Shibainu as case studies in associating strength of community with value. They argue that even though projects like Dogecoin are known to have been started as a joke, the strength of the community around the project gives it value.
On the other hand, skeptics argue that community aside, many so-called “altcoins” offer nothing more than an opportunity to speculate on the value of a coin or a token. What’s even more sinister according to opponents of the strength of community argument is that many of the tokens that don’t offer any use cases to their communities result in rug pulls.
A rug pull is a type of crypto scam that occurs when a team pumps their project’s token before disappearing with the funds, leaving their investors with a valueless asset. Source: https://cointelegraph.com/explained/crypto-rug-pulls-what-is-a-rug-pull-in-crypto-and-6-ways-to-spot-it
With so many rug pulls occurring this year alone, crypto projects that count on the strength of community as their only derivation of value likely won’t have as much success as the projects that preceded them. So what should these token founders do?
The simple answer is to offer their communities a real-world use case for their tokens.
Custom crypto casino: A new use case for token founders
A simple, fun, and exciting use case that many token projects are already starting to undertake is to offer their communities a custom crypto casino. And there are a couple of benefits to why token founders should offer a crypto casino to their communities.
- Beyond providing a fun use case for your token community, offering a crypto casino generates a stream of revenue to support the continued development of your token. This additional revenue stream can provide the capital required to enable token founders to deliver on their project roadmap if the token has a goal to solve a real problem and was developed for more than just fostering a community. In turn it increases stakeholder value for all token holders.
- Token founders can also structure their crypto casino in a way that rewards token holders. One cool way that you can reward token holders is to airdrop a portion or all of the profits generated by the casino to wallets that hold your token. In essence, your community also becomes a part-owner of your crypto casino. At the same time, this unique feature provides an incentive for people to hold your token for longer than they otherwise would have.
- Crypto casinos, by design, are fun and engaging. It gives your project an additional touchpoint to showcase your brand and your personality in a fun way. Especially with white label crypto casino software by Lion Gaming Group, the entire look and feel of the crypto casino can be customized with the project’s unique branding all the way down to the table felt and card design in the crypto casino’s games.
- It can expose your project to those who haven’t heard of it before. Online gambling is a massive industry. Players are always looking for crypto casinos that offer the best gaming experiences. With Lion Gaming Group’s white label crypto casino platform, you can attract an audience that loves to play online to give you an additional revenue stream and also expose those players to your project.
Start a custom crypto casino for your token
Token founders and blockchain builders are starting to realize the benefits of offering iGaming products to their communities, and it’s not hard to see why. To learn more about the ways that a crypto casino can help you deliver more value to your community, contact us at [email protected] or request a demo here.