FLIP CERTIFICATION REPORT - CryptoCentral

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FLIP CERTIFICATION REPORT

Certification Reports

FLIP CERTIFICATION REPORT

CryptoCentral February 17, 2018
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A review of the FLIP website, white paper (WP) and encompassing information was conducted by the team from CryptoCentral.io (CC).


Purpose

A review of the GameFlip.com website, white paper (WP) and encompassing information was conducted by the team from CryptoCentral.io (CC). This process is going to speed up the process of the ICO by becoming officially certified by the CC team, with our stamp of approval.

By being ICO certified, potential investors will have the confidence they need to know that the ICO information has been studied, and a thorough investigation into the ICO was conducted. By showing the stamp of ICO certified, it will give extra credibility to the team, and entice investors to trust the team.

The investigation was conducted with utmost care, and is understood to be above what the average investor would conduct during a due-diligence investigation. All information from the website, WP, and provided information is taken as true and factual.

Introduction

GameFlip and competitive gaming is quickly becoming a large revenue generating enterprise for many companies and businesses. People are starting to spend more money on games, and buying digital only style items, that is, items that are only available inside of their favorite game.

It is estimated that the global gaming industry will be over $125 billion by 2020. It is experiencing rapid growth, at roughly 16% annually.

While the community for gaming and GameFlip continues to grow, gamers are presented with a problem. This problem stems from the lockup of their items inside of the games that they are playing. Usually it is not possible to pass along items from one player another inside of the game. There are a few platforms, such as Steam Marketplace, that are attempting to solve this issue but it does not allow for cash withdrawals. However, this has been met with limited success as there is no way for users to cash out from their steam accounts to their bank.

The solution that is needed for gamers is to be able to take items they have acquired in game, and sell them to other players and be able to convert that into real fiat money they can put into their bank account. According to research, gamers will be much more likely to buy digital goods if they know they have a way to get money back by selling the same item to somebody else once they have finished playing their game.

GameFlip intends to be this marketplace that will solve the issues that gamers are facing. On their platform they will utilize Ethereum smart contracts in order to facilitate trustless transactions between gamers. No long will there be issues with people not sending payment, or not sending the item after payment has been received. With Ethereum smart contracts the entire process will be fully automated and transparent.

White Paper Review

The WP reviewed was GameFlip – Whitepaper V5.3.

No information or consideration will be given concerning grammar or spelling, unless it is extreme.

One of, if not the, most crucial pieces of information that an ICO can give potential investors is their White Paper (WP). It is of utmost important to have a clear, concise, and professional WP. With this document the company will have the opportunity to get their message across to the readers, and convince them that the project has merit and is worthy of receiving their investment

The WP for the GameFlip project is well put together and organized. It starts out with a nice executive summary and general overview of the project and then proceeds to walk the user through some economics, stats and details, and the process of how the platform will

Right at the beginning it covers some legal matters that point that US citizens are not allowed to participate in the ICO, which is good because it will help investors understand the projects legal stances early

The WP uses graphs and figures to effectively show the process and idea behind the GameFlip platform, and it will help readers better understand the technical details of how the “behind the scenes” functions will work. It is also translated into some common languages so most people will be able to find a translation they can understand.

The roadmap give a good idea of what to expect as the project matures, and the breakdown for the token sale information makes it very clear how bonus, structuring, and distributions will work.

Overall the WP is very well written and does a good job explaining the platform and what it hopes to achieve.

Business Key Products

The business plan behind the GameFlip platform is bring together gamers who wish to sell virtual items to each other. The global gaming industry is expected to be over $125 billion by the year 2020, and continue to see rapid growth.

One of the main issues facing gamers today is that they are unable to unlock the value in the virtual items. There are many instances where a gamer may find a rare item, that would be able to be sold fiat money, but are unable to do so because of game mechanics or lack of a marketplace.

GameFlip will bridge the gap for players by creating a marketplace that is a secure, fast, and convenient to retrieve value from virtual items. By utilizing the Ethereum blockchain they are able to track ownership, value, and transfer between people thanks to smart contracts.

A major issue facing the current gaming markets places is that an element of trust is involved. If somebody wants to sell an item (assuming they are even able to due to game mechanics) they currently will have to find somebody who wants to buy it and hope they send money after the item is given up.

However, there is no protection in place for the buyer or seller if one of the parties decides to scam the other.

Ethereum smart contracts will facilitate the transfer as a trusted escrow and the only possible outcome is that which both parties agree to. The respective players will put in the virtual item and the payment (crypto currency) and the smart contract facilitates the trade.

Gameflip already has a thriving marketplace for this to happen, and facilitates over 500,000 unique monthly visitors. By incorporating smart contracts, they will be able to make the entire process safe and more convenient.

There are forecasts for how they expect the global gaming industry to grow, however the team does not dive extremely deep into how their revenue will be derived. There is mention of transaction fees, so it would make sense the platform would have a service fee for facilitating the trade on their platform

Team Review

After reading the WP, the next place that potential investors will closely scrutinize is the project team. It is imperative that the team information is accurate, up to date, and all information is readily available.

An in-depth review of the team was conducted in order to identify any potential weakness in the presentation or areas of concern. Investors will want to see that the team has the past experience, and strategic partnerships in order to fulfill the promises in the WP, and deliver on the milestones set forth in the road map.

The team for GameFlip is comprised of gaming industry veterans. The main three leaders all worked together at a gaming company before forming GameFlip. This is a great advantage because they already know each other, know how to work together, and will be able to bring their previous work experience into the new model.

They have a strong team advisors from all over the world to assist in matters pertaining to their specialties. The GameFlip team will have a plethora of knowledge to call upon in case they encounter issues during their ICO and production timelines.

A key advantage that this team will have is that they are building the platform to solve the issues they see within the gaming industry. Since they are previous game developers, designers, and programmers they know exactly how to build the marketplace in order to seemingly tie into the current generation of games.

Their longevity at previous employments is great for a confidence standpoint. This team has had great success at their previous roles and are bringing the value to GameFlip.

Another point is that the GameFlip platform is already a working company and are using the blockchain to increase efficiency and safety for their existing users, and to onboard more users.

Below is a summary of the executive team and the advisory group.

Executive team:

JT Nguyen: JT is the CEO of GameFlip. He holds degrees from University of Illinois, Standford, and UCLA. He was the previous COO of the successful game title company Aeria for over 7.5 years before starting GameFlip. He has been active and working on the GameFlip platform for almost 3 years. He has a strong background in gaming company management and will be able to effectively lead the team at GameFlip.

Terry Ngo: Terry is CTO for the GameFlip project. He holds a MS in Electrical Engineering from Stanford University. He worked with JT Nguyen previous at the game company Aeria, where he was also the CTO. Before he worked at Aeria and GameFlip he held senior level software engineering positions at various other companies. He has experience with hands on engineering and software development which will suite him well to oversee the technology side of the GameFlip business.

Bryan Talbot: Bryan holds an MS in Computer Engineering from University of California San Diego. He is Head of Engineering for GameFlip. Along with Terry and JT, he worked for an almost a decade at Aeria gaming. He has held a number of system architecture and engineering positions.

Advisors:

Richard Melmom: Richard is the co-founder of the video game company Electronics Arts. He has been a serial entrepreneur for a number of years and has started many companies and successfully led them into major players before being sold. His experience will prove very valuable to the team as they begin their climb to being a top game item marketplace.

Kotaro Yamagishi: Kotaro is the CEO of Keio Innovation Initiative, Inc. KII is the venture capital arm of the Keio University. He is also the co-founder of GREE which is a video game company. He has experience being an executive team member at a number of high net worth companies.

Website and Social Media Review

The website for the Hades project website was visited and inspected on December 6, 2017.

Having a clean and professional website is absolutely critical to impressing potential investors who are investigation your project. The website is the visual, and written representation of the company as a whole, if the website is not up to par, potential investors will leave without a second look back.

The GameFlip website is well put together and designed. It definitely is a good representation of the dedication of the team to make this project a success.

The website has all of the information regarding the ICO that is needed. It starts with token sale information, moves onto bonus and presale amounts, and gives team information, roadmap for the project, and a general overview of how the system works– It is simple and answers the questions.

Being open and transparent is really important in the ICO world and showing the amount that was raised during pre-sale and possible bonus will help investors to see how the tokens were sold to incentivize early investment.

The team has done a good job of getting the word out about the project and building a community. When searching google for “gameflip ICO” pages of information come up about the project. They have partnered with reputable ICO rating websites, and youtubers in order to get the word out about the project. Marketing is very important for ICOs and GameFlip has done a good job of reaching out to media outlets to have the crypto community informed of the project.

GameFlip has a strong community built around it. They have over 50k followers in Twitter, over 35 pages on their Bitcointalk forum thread, and over 2,000 people in their telegram channel. The biggest correlation to the success of an ICO is the community support. They have done a great job building a community and getting people involved in the project. It is obvious they understand the important of community and creating a sense of belonging for people who are interested in the project.

They have posted the smart contract for the ICO on their github which is a nice gesture. Sometimes ICOs do not post this information, and having GameFlip share the information just shows their commitment to transparency and being open with their product.

Economic Evaluation

An economic evaluation is the most difficult part of an ICO. There are so many factors that go into how the markets will react to a coin that it is almost impossible to define. Sometimes great projects with solid teams achieve little in terms of price appreciation, and somebody worse projects get pumped.

For this section only established market caps for the current industry will be used and compared.

The current market for the video game item is expected to reach $128 billion by the year 2020. The success of current market places cannot be understated, however they do not have the blockchain technology to make the marketplaces 100% secure like GameFlip does.
Based on forecasts by researchers, the market for virtual items is growing and continues to follow the projection of the video game and esports industry. From this we can deduce that the odds the market GameFlip is breaking into will not contract over the coming years is very high.

The project will have a total of 100 million tokens. If GameFlip is able to achieve 1% of the virtual item market share by the year 2020 the value of the tokens can be calculated by 0.01*(128,000,000,000/100,000,000) = $12.8 USD. This is a very bullish estimate for the price, and if we assume 1/5th of 1% of market share, the price of the tokens would be $2.56, which is a more conservative estimate.

At a current Ethereum price of $443, the price per token with the current bonus structure is $1.77. With some simple maths, it is reasonable to assume that the project will be able to sustain the value of the token from a pure market capture perspective.

Another factor that cannot be quantified is the effect of supply and demand. Since there are an estimated 2.8 billion gamers in the world, only have 100 million tokens will create a scarcity based on the higher number of people than tokens.

This by no means is financial advice, nor should this be taken as a reason to invest. The economic evaluation is simple a series of “what if” scenarios, and discussion of potential outcomes.

SWOT Analysis

Strengths

GameFlip has a very solid team of leaders and executive team members. They have previous work experience at a successful game company. Along with good leadership they have strong advisors from many different aspects of the business and crypto world. The market they are going into is growing quickly, and they are positioning themselves to disrupt the norm with blockchain technologies. They have marketed themselves well and have a strong community behind the project. GameFlip is already an established business with turnover, so they will not be starting from scratch to gain clients.

Weakness

The token price is slightly high, at over $1.77 each at current Ethereum prices. The website and WP only come in English, and then 3 other Asian languages. The token is pure utility and if not used will not achieve value.

Opportunities

As their WP explained they are planning to partner with current gaming companies in order to create interfaces and APIs that tie directly into their marketplace. They will be able to have companies and gamers use their platform in order to facilitate trading of virtual items. GameFlip will also be able to partner with these companies in order to incentivize every aspect of the transactions.

Threats

The Esports, gaming, and virtual item trading marketplace is getting saturated as more companies attempt to break into this area. As more companies are vying for the same market share it becomes more difficult to compete and get more clients. Should this system prove successful, game companies may wish to create their own internal platforms and cutout the market places such as GameFlip.

Conclusion

Video gaming, Esports, and virtual item trading is a growing market and will continue to grow over the coming years. With growth rates expected at over 16% annually, this will be a great place for blockchain startups to make a name for themselves.

As was explained in the previous sections, the community behind the project is strong and growing stronger every day. With an excellent community outreach program in place they are able to get the word out about the platform and bring gamers on board.

Thanks to the team’s previous experience and connections they are very likely going to be able to integrate the GameFlip marketplace into existing and upcoming games. With this integration the amount of users for the platform will grow exponentially. They are tackling a real problem in the gaming community and with the plans they have in place should be able to bring a valuable product to the gaming industry.

GameFlip has a strong team of experienced game developers and leaders, and based on the review of their website, WP, team, and internet presence should have a very good chance at being successful.


Disclaimer This is not an investment advice. It is of paramount importance that everyone should do his or her own due diligence before investing in any product, platform, tokens etc. Cryptocentral.io does not endorse any content or product published on this page. Our aim is to simply provide all the readers with the latest information in the field of cryptocurrency / blockchain industry that might be of interest to our readers.

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