Oct 23, 2021
In a general sense, RFOX stands for two things:
- The name of the main cryptocurrency being offered by Southeast Asia-based venture and metaverse builder RedFOX Labs, and
- The shorthand version of the RedFOX Labs brand, including its ventures, ecosystem, and other instances where the brand is being used.
In this article, we take a deep dive on what RFOX represents, both as crypto token and blockchain ecosystem brand.
The RFOX Token
The RFOX token serves as the main cryptocurrency and utility token of RedFOX Labs, its ventures, and other related businesses and partnerships. RFOX currently acts as a form of digital payment, used for the settlement of trading fees, the development of liquidity pools, the creation and trading of NFTs, the main token of digital economies being built in the RFOX VALT metaverse, the provision of liquidity for crypto-financial products, and more.
While RFOX assumes the role of being the main currency for RedFOX Labs’ ventures, the token’s utility also extends to current and upcoming platforms, through partnerships that RedFOX Labs secures with other companies.
RedFOX Labs is working on various innovations, such as a single log-in system, additional payment provider integrations, and additional wallet integrations, so that RFOX can be used for more payment settlements across more chains.
RFOX is available on the following exchanges: Kucoin, Bittrex, Liquid, Gate.io, Uniswap, CoinSpot, Loopring, and XanPool.
The RFOX Ecosystem and How RFOX Is Used in These Ventures
As a term, RFOX also refers to the ecosystem in which the RFOX token is being used as means of payment and utility. Throughout these past few years, RedFOX Labs has built ventures across high-growth verticals in the tech industry, such as gaming, digital finance, online media, NFT assets, e-commerce, and more. Here are some of the ventures within the RFOX ecosystem, with additional notes on how the RFOX token is being used in these businesses:
- RFOX GAMES. This venture was founded with the vision of creating an ecosystem of interoperable tournament-based games that utilize emerging technologies. It focuses on the play-to-earn (P2E) business model for the mobile gaming space. Currently, you can use RFOX tokens to purchase KOGs (Keys to Other Games), which are collectible, playable, and tradable non-fungible tokens (NFTs). You can also earn RFOX tokens on KOGs: SLAM! by exchanging KOINS (in-game currency), a free-to-play, play-to-earn blockchain game modeled after the POGS game of the 1990s, this time using KOGs as playable assets.
- RFOX FINANCE. This venture engages in decentralized financial markets. Through RFOX FINANCE, users can access DeFi (decentralized finance) products such as swapping, supplying liquidity, yield farming and single-asset token staking. You can use RFOX tokens to fund RFOX FINANCE’s staking pools and crypto token farms, in exchange for earning more RFOX tokens, as well as VFOX tokens and other benefits moving forward.
- RFOX MEDIA. This venture, which was formed from the acquisition of MyMedia Myanmar (an online media platform that reaches 13 million users) earlier this year, focuses on three pillars, Create, Play and Earn. RFOX MEDIA allows users to earn rewards for creating content, playing games, and earning through participative contribution. RFOX tokens will feature prominently in the rewards and earning opportunities that this venture will launch in the near future.
- Whitelabel NFT Platform Solution. Recognizing the power of NFTs as a major blockchain-powered innovation, RedFOX Labs developed this solution as a means for the launch of compelling NFT assets in the market. Buying and selling NFTs through this NFT solution will require the use of RFOX tokens.
- RFOX E-Commerce Streaming (Upcoming). The e-commerce streaming app will be bolstered by the release and launch of RFOX TV and streaming. However, this is the biggest standalone venture and will still require a significant amount of work before it reaches its full potential. But this early, we can disclose that RFOX will be used as the main payment method for this venture.
The RFOX VALT: A Case Study on RFOX Utility
So far, we have discussed the utility of the RFOX token across every part of the RFOX ecosystem, except for one. As RedFOX Labs evolves in its focus from various blockchain-powered ventures to building the metaverse, we now take a detailed look at RFOX VALT, the upcoming metaverse-based virtual marketplace, and how RFOX will be used by different RFOX VALT participants:
- RFOX token holders can participate in various economic activities within the RFOX VALT, including the purchase of NFTs and other assets featured in the metaverse, the placement of bids for SHOP auctions, the rental of various spaces within the virtual space, and more.
- Quartermasters will earn compensation for the work they do in their respective quarters in the form of RFOX tokens, which they can use to buy things from the virtual marketplace or for trading within and outside the RFOX VALT.
- Content creators within RFOX VALT will earn RFOX from the sale of NFTs they offer within the RFOX VALT, as well as receive RFOX grants under the ongoing RFOX VALT Grants program.
As the RFOX VALT metaverse unfolds, there will be more use cases explored for the RFOX tokens in the future. One key method for use case expansion of RFOX tokens is through the pursuit of collaborations with other blockchain companies.
For example, Yield Guild Games (YGG), a major player in the fast-rising play-to-earn gaming industry, has entered a partnership with RedFOX Labs, wherein it has become a Marquee client in the RFOX VALT. This expands the utility of RFOX tokens to the YGG community of metaverse builders and gamers, while unlocking more benefits to RFOX VALT participants everywhere.
This is the final article of a three-part series on the newest partnership between RedFOX Labs and YGG. To learn more about the partnership, read this article. For more information about YGG, read this article.
