VirtuePoker launches IDO

Jon Pill
Posted on: May 12, 2021 12:19 PDT

VirtuePoker announced a date for their full launch and for an Initial DEX Offering of their proprietary digital token, VPPs. Both events will be opened up to the public on May 28, 2021.

The IDO will be managed by SuperFarms on their SuperStarter platform. This IDO will start out with 2 million VPPs, on sale at a starting price of $0.125. This reflects the price from previous sales. VirtuePoker previously raised $5 million from investors, some of whom were awarded VPPs.

The VirtuePoker press briefing begins: "Virtue Poker is pleased to announce Virtue Poker will be launching the VPP token following our IDO on May 28th 2021 via Uniswap. Virtue Poker will be launching our IDO on SuperFarm's SuperStarter platform."

SuperFarm is a " cross-chain DeFi protocol designed to bring utility to any token by turning it into an NFT farm with no code required. With an innovative suite of visual tools, any project can now deploy the world’s most exciting new farm with custom rules that incentivize the behaviors they value most."

As yet, Phil Ivey, VirtuePoker's brand ambassador, has not chimed in on the launch.

What are VPPs good for?

Currently, ownership of VPPs allows players to earn part of the platform's rake. The tokens can also be used to pay the buy-in to special tournaments. In the future, VPPs will also give owners a say in how the platform functions and on any updates to the systems.

The main goal of the IDO at this time is to get more VPPs out into the wild. Currently, only 475 players have bought VPPs and around 1,000 have earned them by playing on the site's Beta version.

The initial circulation is a little over 12 million, with a potential cap of 500 million.

VirtuePoker also hopes that in the long run, VPPs will gain their own intrinsic value from their utility as a cryptocurrency. For the moment though, their main value is in the ecology of the VirtuePoker site.

SuperFarm tweeted about the IDO saying, "Ready to challenge your luck, SuperFarmer? We're excited to announce the next project launching on SuperStarter: @Virtue_Poker, the @Consensys backed platform for playing provably fair poker on the blockchain."

VirtuePoker's virtual poker

VirtuePoker's main selling point is that the shuffle is decentralized. Players' computers each shuffle the deck, sharing decryption codes to deal the board cards.

So, VirtuePoker's big draw is that it addressing the time-honored question: "Is online poker rigged?"

To which the answer has been "No," for decades. However, in theory, VirtuePoker's setup makes it almost impossible for a super-user-type situation. It renders hacking a given hand much more complicated. This may assuage some people's doubts. Though it remains to be seen if it will translate into market share.

One of the most recent details from the presser is that VirtuePoker's site will be integrating Non-Fungible Tokens into the platform. Because, of course they are. This move puts them ahead of the current curve. So far the only other big names in poker to go the NFT route are the WPT and Tony G.

Players will be able to earn NFTs called "bounties" for tournament knock-outs and NFTs called "bracelets" for tournament wins. There will be a further marketplace for NFTs of player avatars and "much more."

These NFTs will use the same cross-chain tech as the VPP tokens.

Featured image source: Twitter