ASX-listed mobile game developer iCandy Interactive (ASX:ICI) has announced the development of a suite of blockchain and cryptocurrency based games.
The first to hit the market – Cryptant Crab.
Cryptant Crab is a spin-off of the companies award-winning game âCrab Warâ.
Gamers will be able to challenge one another to crab battles and have their unique blockchain-powered virtual crabs emerge as winners in online tournaments.
The game will be powered on the Ethereum blockchain network and beÂ compliant with the ERC721 standard.
As the ERC721 is not able to be subdivided into smaller fractional tokens the ERC721 is considered a digital token and not a cryptocurrency token.
This will allow Cryptant Crab to remain as a Web-based game and according to iCandy, avoid cryptocurrency regulations in most jurisdictions.
âThe Web-based game will be easy to access from Web pages but will be powered by the Ethereum blockchain network at its backend.â said iCandy Interactive in its release to the ASX.
âEach virtual crab in Cryptant Crab has unique markings, parts, and elements that reimagine the concept of fighting fish.
âWith each virtual crab represented by a ERC721 token, the temper-proof nature of the blockchain technology will ensure gamers cannot cheat without adhering to the game rules.
âThe blockchain network would also allow tokens to be transmitted securely between the Company and gamers, as well as amongst between gamers.â
The company anticipates premium crabs will be purchased for between US$5 – US$200.
In a move similar to the global CryptoKitties gaming phenomenon – gamers will be able to breed and/or mutate their crypto crabs by earning or purchasing âcryptantâ.
Crabs will also be tradable.
Just like Cryptant Crabs, CryptoKitties are represented in the form of ERC271 tokens on the Ethereum blockchain.
It’s estimated CryptoKitties players have spent more than US$20m breeding and trading cartoon kitties on the network.
Cryptant Crab will accept Ethereum and Fiat payments.
The game is expected to go live in Singapore and Malaysia within the next 3-5 months and then be gradually rolled out into other countries.
iCandy Interactive is the company behind the NITRO blockchain game development platform which is powered by NOX Tokens.
The company has also recently announced the development of a blockchain and cryptocurrency powered mobile game based on the MasterChef reality TV show.
Following the Cryptant Crab announcement, iCandy shares lost ground on Tuesday, dropping 4% to close at $0.066.