To process fruitlab tokens – PIPs
Fruitlab players expected to generate half a million monthly transactions on the Aventus Network
London, UK, Aug. 10, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) Aventus Network – a layer-2 blockchain protocol that brings scalability, speed and lower costs to Ethereum transactions – today announced a partnership with the innovative social network of gamers, fruitlab, to enable creators and community members to earn revenue and compete for value.
With over 625,000 registered players in over 90 countries, and 100,000 monthly active users, fruitlab is an established and growing platform on web and app for the world’s gaming community. The Aventus blockchain solution will securely and cost-effectively execute all fruitlab token transactions, bringing rewards for Aventus Network validators and a scalable, long-term framework for fruitlab’s community.
The global gaming community struggles to earn revenue from video content and to access grassroots competitive gameplay for value. fruitlab is addressing these issues by introducing its own token – PIPs. Available today, PIPs are tokens for gamers that provide a secure method for creators to monetise content posted on fruitlab and for PIPs to be used to compete against each other for value.
PIPs are fairly distributed to users and creators based on their activity on fruitlab – users earn PIPs for both watching and posting content. This ensures consistent earnings for creators and clear incentives for the community. Earned PIPs will become tradeable for regular currency via the PIP secondary market or purchasing goods in the fruitlab Shop. The partnership with Aventus Network will see PIPs tokenised on blockchain to ensure the long-term scalability, efficiency and cost-effectiveness of fruitlab.
In excess of 500,000 PIP transactions per month are generated on fruitlab today. Once PIPs are tokenised, these transactions and associated fees will be processed via the Aventus Network. A minimum of ten million historic PIP transactions will be onboarded. These transactions significantly increase the scale of the Aventus Network and therefore the potential value of staking as a validator for Aventus Token (AVT) holders.*
Following the initial onboarding process, fruitlab and Aventus Network will establish a system whereby content uploaded to the platform can be represented as non-fungible tokens (NFTs). These will form a secondary market in which creators will be able to sell NFTs to other community members. Creators, or individuals who have purchased fruitlab NFTs, can then be credited with PIP tokens from fruitlab’s community when the content is viewed.
At present PIPs can be utilised for player-to-player competition in 10 on-platform games. fruitlab is currently developing technology to allow the PIPs-to-play framework to be deployed on a more significant range of games.
fruitlab’s goal is to establish the PIP as a trusted value unit that is earned by gamers and the recognised mechanism for competitive gameplay. This opens up significant growth potential in the number of transactions processed via the Aventus Network.
Alan Vey, Co-Founder and CEO of Aventus Network, said: “There is tremendous scope for blockchain to transform how content creators are rewarded in the world of online gaming. Currently, the model for creators is sometimes unfair and often unsustainable. Every day, we hear stories about online video platforms demonetizing videos, or unfair cuts being taken from fan donations by live streaming services. The PIP will ensure creators are always fairly rewarded for their content and that their fans have incentives to stay engaged. With the sheer scale of transactions passing through the PIP ecosystem, and significant plans for growth with NFTs in the longer-term, this announcement marks a milestone in the blockchain for the gaming industry.”
Anthony Fabrizi Chairman of fruitlab, added: “The fruitlab community has already grown significantly over the last two years and the tokenisation of the PIP is the next exciting step in our journey. The fruitlab web and app proposition for gamers is, we believe, highly attractive and it will only be further enhanced by the strategic move of tokenising the PIP with a view to bringing even more value to players and content creators. The partnership between fruitlab and Aventus Network will bring the speed and cost-consistency required for further scaling of the PIP ecosystem. We are confident in the appetite for a universal gaming token which can be used for trading NFTs and staked in competitive gameplay for value – we can’t wait to see what the future holds.”
-ENDS-
Notes to editors:
* AVT is Aventus’ publicly traded utility token. Token holders can become Validators by ‘staking’ their tokens. Validators’ tokens are allocated to network ‘nodes’ and used to process transactions, earning the holder $0.01 for each transaction processed.
About Aventus Network
The Aventus Network is a layer-2 blockchain protocol that lets any organisation build on the Ethereum network without the typical limitations of speed, scalability, and price. Founded in 2017, Aventus Network makes building on Ethereum accessible for businesses and decentralised platforms through fairer transactions. The Aventus Network is on a mission to ensure blockchain is future-proof by increasing interoperability with other chains within the Ethereum and Polkadot ecosystems. To learn more, visit: https://www.aventus.io/.
About fruitlab
fruitlab is a social network for gamers where players can earn PIPs, share content and compete against each other for value. Following its launch in 2019, fruitlab has grown to over 625,000 registered members that have uploaded over 1.4million videos that have received over 800 million views. Players can use their PIPs to compete against each other for value or exchange their PIPs for gaming products in the fruitlab Shop. fruitlab is available on the web at www.fruitlab.com and available to download from the App Store and Play Store.
