Joshua Henslee

Joshua Henslee takes on CryptoFights token in latest explainer video

It’s no secret to BSV watchers that CryptoFights is the biggest success on the BSV blockchain so far. As the game locks in millions of daily transactions and growing, FYX Gaming has announced a fungible token for in-game use. Joshua Henslee is back with another video to explain what the announcement means and how the new CryptoFights token will work.

Recapping CryptoFights success and addressing critics

Henslee started the video by recapping CryptoFights’ epic success. He reminded viewers that CryptoFights now has more daily transactions than most major blockchains combined. That’s right, one game on BSV puts Ethereum, BTC, and XRP combined to shame most days.

He also addressed the fact that BSV’s critics claim that the transactions are spam. He disagrees with this. The in-game moves being logged have many benefits: it can help prevent cheating, allow players to study the logs to figure out winning strategies, and more.

About the new FYX Gaming token

Henslee covered the basics of the FYX Gaming token first.

  • There will be 1 billion tokens altogether.
  • It will have an initial circulating supply of 200 million.
  • 100 million of them will be sold in a public offering.
  • The tokens will be earned through staking.
  • They’ll be used throughout the entire FYX Gaming ecosystem.

“The way players can earn these is by crafting a top-tier component in-game,” Henslee explained. This is a strategy to incentivize new players to the game and bring back old ones. There will also be a referral system whereby players can earn FYX tokens to refer new players to the game. Players will also earn tokens for landing on top positions on the game leaderboard.

“Any hype is good for BSV,” Henslee said, explaining his perspective on why the token will be a good thing. He believes it attracts players into a game that ultimately runs on BSV without the negative associations many in the industry feel towards the BSV token itself.

Why keeping the free tiers is important?

According to the information available, it will now cost players to enter dungeons, craft items, build characters, etc. Henslee has no issue with this, but he also thinks it’s important to keep free levels to entice new players. 

He explains that he feels that paying right away is a potential turn-off for would-be players.

Is it all bots? Henslee doesn’t think so

The token will also help us discover how many real players there are within the game. If demand for the token is high, it means there are real players and will dispel what some critics say about BSV transactions being mostly generated by bots. 

This is an excuse far too many BSV critics use to dismiss its massive transaction volume. Finally, the FYX Gaming token might shed some light on how many actual players the game has.

Is it an ICO?

Henslee acknowledges that this is, in fact, an initial coin offering (ICO). However, he notes that it’s likely the first ICO by a team that already has a working product.

Overall, Henslee believes this will generate short-term hype, create demand for the FYX token, bring new players into the game, and generate new transactions. While there are risks associated with this, he considers it’s ultimately a good thing.

Learn more about the CryptoFights token by reading the announcement here.

Watch: CoinGeek New York panel, eSports & Blockchain: The Next Level of Professional Gaming

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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