Justin Sun paid $500,000 for Fomo3D to migrate to Tron

Justin Sun, CEO of Tron, paid $ 500,000 for the developers of the popular Ethereum game Fomo3D to build a new version of the game on the Tron blockchain, according to the contract seen by Decrypt.

Tron is the 17th ranked cryptocurrency by market capitalization. Image: Shutterstock.

The deal was closed in October 2018 between Sun and one of the two core developers of Team JUST known as Mantso. A former Team JUST developer has confirmed Decrypt that the contract is genuine. The Tron Foundation did not respond when asked to comment.

After the contract was signed, it took a year for the game to develop. In December 2019, Team JUST announced it would launch the new game on Tron. News outlet Bitcoin.com described the game, which was called Just.game, as “Fomo3D on steroids”. It went live on December 22, with addictive reward mechanisms and puzzling paradoxes – and even rogue AI. But the core developers have since been disapproved from the Team JUST community and the game has failed.

Pay to attract dapps

Not surprisingly, the Tron Foundation paid for dapps to transition to its blockchain. In December 2018, Sun. announced a fund especially for this purpose. “#TRON will build a fund to save # ETH and # EOS developers from the collapse of their platform as long as those developers migrate their dapps to #TRON,” he said tweeted at the time.

More interestingly, he paid so much for a project that wasn’t exactly conventional. Fomo3D was not a typical crypto exchange app, nor was it a friendly game – it was, shamelessly, an exit scam game.

Fomo3D was an “exit scam” game. Image: dapp status.

Launched in early 2018, Fomo3D was a fascinating example of game theory. The rules were simple; anyone can put money in the pot and every time someone does that the timer is extended. When the timer expires, the last person to deposit money takes the lottery ticket.

This is obviously going to be quite tricky. With thousands of people looking at the pot, it is very difficult to win. Whenever the timer ran out, another person would add more and extend the timer. Many players would even set bots to automatically bid more and more. It doesn’t take long for the game to build up a huge inventory.

However, the game sometimes ended. A crafty player added some money to the pot and then spammed the Ethereum blockchain so hard that it was very difficult for anyone to make trades. Anytime they would try he would outperform them with higher transaction fees. By the time people realized what he was doing, he had won the pot – to a an amount of $ 3 million.

However, the new game did not do very well. According to Dappradar, only 336 people played it in the past week, with volumes at $ 1,007. Considering the original Fomo3D ever one prize of $ 9 million, it looks like Sun was not getting value for money.