As of late, the landscape of crowdfunding platforms has been rather generic and standard, and popular companies such as GoFundMe and Kickstarter have been tightly holding the reins. However, a new player in the industry hopes to change and disrupt this status quo. This company is FundYourselfNow (FYN). FYN has developed their own unique ecosystem that allows entrepreneurs the ability to crowdfund their projects using cryptocurrencies (the platform currently uses a system that utilizes ETH and their own proprietary token-based currency) rather than standard national currencies.
How FYN Differs from Other Platforms
Other than the aforementioned use of cryptocurrencies, FYN differs from platforms such as GoFundMe and Kickstarter in a few key ways. The first is transaction costs. According to FYN’s whitepaper, the platform hopes to undercut the transaction and listing fees associated with sites such as Kickstarter. The whitepaper claims that FYN will only charge a 5% listing fee which is quite a difference to Kickstarter’s 3-5% transfer fees and 5% listing fees.
The FYN platform also utilizes unique marketplace and accountability systems. Essentially, their marketplace system allows for project helpers to receive project tokens through bounties that can be converted to cash or reinvested into other projects. Their accountability is also rather different than their competitors as it uses Blockchain-based funding disbursement as well as milestone based payments that force project creators to actually make progress in their projects in order to be paid.
Why Use FYN?
One of the clearest reasons to use FYN’s platform is because it is lucrative and mutually beneficial for both project creators and investors. Not only will investors receive the benefits of a successful project, but 70% of the profits made by the platform is distributed back to the investors using a token buyback program. Those who hold the platform’s FYN token currency are able to invest in projects at better rates. Due to this interesting token funding system, project creators are expected to receive up to 20% of their funding using the cryptocurrency.
The State of FYN
FYN is actually in the midst of a public crowdsale in which investors can purchase tokens. This is coming right on the heels of a presale that ended on June 13th that raised 430,000 USD. Those who purchase tokens within the first 21 days of the crowdsale will be able to receive a 20% token bonus, so potential funders may want to jump on the crowdsale rather quickly.
Overall, whether FYN changes the state of crowdfunding remains to be seen, but their unique cryptocurrency-based funding and marketplace systems not only gives them a great shot. If you would like to get in on the action, you can visit their website https://www.fundyourselfnow.com/.