Dear GAME Credits Community,
It has recently come to our attention that there has been some confusion and concern within our community regarding the ability of holders of the former GAME token from the previous GAME Credits platform to redeem the forked ERC-20 GAME token, which operates as the utility token for the current GAME Credits platform. Hearing these concerns, the management of the GAME Credits team came together to work on providing clarity and the solution outlined below. But first, I believe some additional context would be helpful.
In November of 2019 we became aware that the old GAME Credits platform was, for lack of a better word, dying. Having been big fans of the goals that the original GAME Credits team set out to achieve, we decided that it would be worthwhile for us to make it part of our own goals to carry that mission forward. Given that GAME Credits already had a great community that was excited about the project, we inquired as to whether the previous GAME Credits team would be willing to sell us the intellectual property rights to continue our mission using the GAME Credits name and ticker symbol for what would be a new ERC-20 GAME token. Of course, we could have simply forked the project under a new name and ticker symbol or continued to use the Nova Token name, but we wanted to carry forward the mission of the original GAME Credits project and thought the best way to do so would be under the GAME Credits name. So, we acquired the name and started developing our new platform.
On June 13th, 2020 the new forked ERC-20 GAME utility token went live on the Ethereum blockchain. Because we were deciding to rebrand the Nova Token platform to GAME Credits and continue to develop Nova Token under the GAME Credits name, and because Nova Tokens would no longer have utility after the change, we airdropped each Nova Token holder an amount of GAME that was proportionate to their total holdings of Nova Token and the new maximum supply of GAME.
Additionally, because our goal of continuing to develop our project under the GAME Credits name was to carry out the mission of the original GAME Credits project rather than seeing it die, we wanted to offer holders of the former GAME token, which had by that point lost nearly all of its utility, the opportunity to join us in our project and hold our new ERC-20 GAME utility token. To accomplish this, we started by working with various exchanges where the old GAME was listed to facilitate automatic redemption of the old GAME held on the exchanges for new ERC-20 GAME. Roughly 60% of all GAME was redeemed this way. However, because the old GAME was not an ERC-20 token, we could not simply airdrop new GAME tokens to users who were holding GAME in their personal wallets. So, we created a redemption process and offered a 6-month redemption window that ended December 31, 2020 (a period we understood to be considerably long for a forked token) for former GAME holders to redeem the new ERC-20 GAME token. We did everything we could to communicate this redemption period to all GAME holders, but because of the anonymous nature of blockchain, there were limitations. Nevertheless, a significant number of users got the message and redeemed their old GAME for the new token.
We recently became aware that our GAME redemption form was left active until very recently, which has created some confusion regarding former GAME holders’ ability to redeem beyond the December 31, 2020 cutoff. Because we value having each of you in our community, we have made the decision that we will honor valid requests that came in before the form was taken down on February 23rd. If you previously filled in the form, or reached out, we have recorded your request, and will contact you in the next two weeks regarding a redemption. We ask that you please be patient as this will take time.
Going forward we will no longer be offering redemption of the former GAME token for the forked ERC-20 GAME token.
We have several exciting developments we will be announcing in the next few months and could not be more excited for what the future holds for GAME Credits. Thank you for being a member of this amazing community.
Chief Executive Officer