Gaming Social Network Fruitlab Selects Aventus to Process Fruitlab Tokens - PIPs
fruitlab players expected to generate half a million monthly transactions on the Aventus Network
London, August 10, 2021: Aventus – 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 to earn revenue from their content and to reward fruitlab community members. With over 625,000 registered players and 100,000 monthly active users, fruitlab is an established and growing web and app platform 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.
On many popular streaming and online video platforms, creators can only earn revenue from advertising or small fan donations. This can result in lower, unfairly awarded or inconsistent earnings. fruitlab is bucking this trend 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.
PIPs are fairly distributed to users and creators based on their activity on fruitlab – users earn PIPs for watching and posting content, or playing head-to-head games. This ensures consistent earnings for creators and clear incentives for their fans. Earned PIPs can be used in a number of ways, like trading them for regular currency via the fruitlab secondary market or purchasing goods in the PIP store. The partnership with Aventus Network will see PIPs tokenised on blockchain to ensure the long-term scalability, efficiency and cost-effectiveness of fruitlab.
A minimum 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 also 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 can sell NFTs to other community members. Creators, or individuals who have purchased fruitlab NFTs, will then be credited with PIP tokens from fruitlab’s community when the content is viewed.
fruitlab’s long-term ambition is to establish the PIP as a trusted all-game, all-device, value unit that can be earned by gamers and used for competitive gameplay for value. This opens up significant growth potential in the number of transactions processed via the Aventus Network.
Alan Vey, Founder and CEO of Aventus, 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. 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 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 will only be further enhanced by 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 competitive gameplay for value and can’t wait to see what the future holds.”