Skincoin, the cryptocurrency designed specifically for the gaming industry is soon going for an ICO as it undergoes further development. During the ICO the platform looks forward to raising a total of 100,000 ETH by offering a total of 600 million Skincoin tokens (SKIN). The ICO, going live on 21 June 2017 will provide a starting early bird bonus of 20% to investors participating in it during the first two days.
The cryptocurrency taps into the $5 billion game skins market, by allowing the use of SKIN to trade and wager skins and other digital goods. It will soon be used as a mainstay in-game currency in various games and betting platforms as well. In order to ensure all-round development of the cryptocurrency ecosystem, the Skincoin team, comprising of some of the well-known people in the gaming industry is busy forging partnerships with other gaming marketplace and trading platforms.
Some of Skincoin’s existing partners include SteamTrade Network, Skinwin.com and Case Club. The Skincoin initiative is the brainchild of Alexey Zakharov and Igor Solomatin who have extensive experience working with Hewlett-Packard and lots of other companies. They have been involved in various gaming products in the past, allowing them to gain an in-depth understanding of the market and the opportunities that are worth exploring. Rest of the team members have also worked on various gaming projects before coming together to work on Skincoin.
Unlike other cryptocurrencies, Skincoin’s primary focus is on a particular niche — online gaming. The use of cryptocurrencies in gaming sector is already picking up. However, most of the gambling applications currently in the market work with Bitcoin. But given the transaction delays and higher miner fees associated with the digital currency, it is no longer as attractive as it used to be. Skincoin can easily fill the gap, replacing Bitcoin with something which is tailor-made for the industry.
Considering these factors, Skincoin has a tremendous market opportunity in front of it and being part of the initiative early on, through ICO participation may not be such a bad idea after all.