PlayDapp

What is PlayDapp (PLA)?

PlayDapp is a decentralized application (dApp) service platform with a vision of creating a world where digital assets are more valuable and accessible to everyone.

Holding to the Web3 ethos of true ownership of digital assets being handed to users along with rewards for ecosystem participation, PlayDapp features a C2C marketplace and tournament for user engagement.

Launched in 2017, PlayDapp also allows developers to transform traditional applications into dApps and “NFT-fy” items to gain interoperability between different games, metaverses, and even the offline sphere.

When was PlayDapp Launched?

PlayDapp’s first game launch came in 2019 with Crypto Dozer, and Dozer Bird followed soon after. These two successful launches allowed PlayDapp to raise funds in the second half of the year, scoring 2 billion KRW from SBI Investments and 1 billion KRW from Korea Investment Partners.

In 2020, PlayDapp’s C2C Marketplace launched, and the company was selected for “Pre-Unicorn” by the Korean Ministry of SMEs and Startups. LINE Unblock Ventures also came on board with a half-billion KRW investment.

Who are the Founders of PlayDapp?

PlayDapp Inc. was established by a group of professionals, the public face of which is PlayDapp Head of Operations, Brian Choi. Choi is a Harvard graduate in Economics and has a finance background, including a stint at the ill-fated Lehman Brothers group.

How Does PlayDapp Work?

PlayDapp, as a platform, is based on the idea of interoperable NFTs (non-fungible tokens). A common example are in-game items such as weapons that can be used in other games by the user who owns them.

According to PlayDapp, no matter how interesting a service (or game) is, there is a finite product life cycle. While this assumption is arguable, it can be suggested that it holds true for most players.

So, when a user wants to migrate to a new game, an NFT that is interoperable with this new game serves as a reward for previous action and a natural cross-promotion between the two titles. This can create synergy between games, and the value of the NFTs increases through wider usage of digital assets in multiple titles.

Furthermore, the cross-promotional aspect between titles also minimizes marketing costs, and the entire PlayDapp ecosystem is strengthened since users receive diverse benefits.

PlayDapp also works with established global blockchain foundations to create trusted and reliable decentralized systems of operation. Polygon is PlayDapp’s chosen sidechain provider to deal with Ethereum, and the project uses Chainlink’s Verifiable Random Function for randomness when merging and upgrading NFTs.

For developers with non-blockchain games that want to port them into dApps, PlayDapp offers NFT item management and operational tools, NFT indicators, a data analytics dashboard, and integration with the PlayDapp C2C marketplace.

What makes PlayDapp Unique?

PlayDapp already has an ecosystem of games and non-game services built out that utilize its interoperable NFTs. In the non-game category, Line Friends, the Everland Resort Theme Park, KB Kookmin Card, and JDB Entertainment all offer a look at how PlayDapp can add value to enterprise technology.

However, when it comes to games, it could be argued that PlayDapp has some way to go to catch up with projects like ImmutableX and Enjin, which also feature interoperable NFTs and facilitate game development on chain.

How is the PlayDapp Network Secured?

PlayDapp doesn’t offer its own blockchain or layer 2 solution. Rather, it comes in the form of an SDK and an on-chain marketplace. The latter is built on the Ethereum blockchain and uses Polygon as a scaling solution, which means PlayDapp security is based on that of those two blue-chip blockchains.

What is the Use of PLA?

PLA is the native token of PlayDapp and is a utility token using the Ethereum blockchain. It is an ERC-20 standard token and acts as the primary means of exchanging value between PlayDapp users.

Game dApp operators and developers receive PLA tokens when users trade or purchase in-game items. But note that PlayDapp also takes a cut of these transactions.

How Much PLA is In Circulation?

The PLA token has a total supply of 700 million, the lion’s share of which went to investors, partners, and the team.

455 million PLA tokens were allocated to investors and partners, and 95 million PLA went to the team. On top of that, a further 25 million went to project advisors. After 25 million were devoted to marketing, only 100 million PLA tokens were left over for the PlayDapp ecosystem.

How Do You Buy PLA?

The PLA token is available on several major cryptocurrency exchanges, including the decentralized giant Uniswap. It’s also listed on most major centralized exchanges and has plenty of liquidity.

How Do You Store PLA?

As an ERC-20 token, all you need to store PLA is an Ethereum-compatible wallet. This means you have your pick of some of the best wallets in the industry, including Metamask, Ledger, and the Trust Wallet.

Is PLA a Good Investment?

PlayDapp can’t be considered one of the leaders of blockchain gaming, but it could certainly be argued that it has its niche. Significant institutional support is another major advantage that the platform has, and it's already achieved considerable success in its operation to date.

However, PLA tokenomics may be a red flag to some. That same institutional support that the project has could count against it in this regard, with a truly massive proportion of the token supply having been allocated to investors.