The Crafty token sale is an example of a previously functioning platform trying to add a token to its product. Formerly Diarissima, the company distributed an app for hiring freelance domestic help.
Now, the rebranded project has bigger ambitions to expand to other freelance positions. With this, Crafty has ridden the trend of ensuring token payments to freelancers, as a means of avoiding high fees for international transactions.
The project has already opened its preliminary registration and KYC procedures. In my ICO review of Crafty, I'd like to take a look at whether this token has long term potential and if you should invest your money into the project.
In the next few days, the Crafty ICO will decide on an Ethereum-denominated hard cap, as fluctuating prices will need to settle a bit to come up with an estimate for the intended market cap of $35 million.
Table of Contents
What is Crafty?
- Crafty White Paper
- Country of origin: Brazil/Uruguay
- Ticker: CFTY
- ICO Dates: 12 February – 13 March
- Hard Cap: $35 million
- Funds raised: Unknown
- Industry: Hiring, Services
- Funds accepted: Ethereum, Bitcoin, Binance Coin (BNB)
- My Rating: 4/5
Crafty Social Media
The Crafty project relies on a widespread business model, which is based on the Brazilian market. The ICO sales pitch starts immediately with the size of the market, and the potential number of freelancers from various industries. The chief claim of the Crafty project is that its direct payment system would allow for wages and hourly fees to be paid directly to the freelancer, without intermediaries taking a cut. Great idea, right?
The Crafty platform itself currently handles payments in cash, through credit card. In the future, that option will remain, despite the crypto coin inclusion. The CRFTY tokens would be an additional reward for the workers on the platform, given for good reviews.
The Diarissima platform is already operational, claiming to have 250,000 users. The Google Play store shows 50 to 100,000 installs for the app, with generally positive reviews. However, the market for the site is limited to the Brazilian market.
The Crafty Team
Curiously, for such a practical product, the team is truly heavy on developer experts. The Crafty team is not just the Uber of housework, in their own works. The Crafty product is not a simple platform for ordering domestic help – in the future, artificial intelligence would be used to boost matches for jobs, as more professions are added.
Headed by Reinaldo Silva, founder and CEO, the core team is centered around developers and AI experts: Normann Kalmus, Alessandro Ferreira, and Ricardo Bessa. The ICO has also picked up advisors from all areas of business, including legal experts. The team has even picked up a dedicated advisor on mathematical algorithms.
In all, the selection of experts seems to fit the bill of a solid algorithm-based business project, aiming to disrupt traditional freelance employment.
About Crafty Token
The Ethereum-based CFTY token will have a large supply of 10 billion units. Of that amount, 50% will be distributed in the token sale, and 30% would be left in a reserve. The CFTY token is not only a unit of fundraising, but will also be used as a reward within the renewed app, by adding to the balances of registered users as a reward for good previews.
Investing in Crafty: The Pros
This is a high-quality ICO with one rather rare thing: a working product with a real user base. It seems there's already adequate interest in the Crafty product, which is directed toward solving a real-world problem. The ICO is focused on a single market, which seems to be well-known to the team and founders.
At a minimum investment of 0.02 ETH, the ICO is accessible for international backers. But there is one more curious thing: the acceptance of BNB tokens. Binance is a new exchange which only had its ICO last year, but is becoming increasingly popular. The move to take up Binance tokens may mean the team has plans to try and list the CFTY token on Binance. However, this is in no way guaranteed, as Binance is highly selective.
The inclusion of BNB tokens also targets users who only have coins on exchanges, and do not wish to withdraw them and incur fees. With this move, the Crafty ICO specifically targets Binance-based traders, and while it is not the best advice to hold coins on an exchange wallet, this is a rather common practice for both newcomers and crypto veterans, mostly because of convenience.
The Crafty project has been unusually active on social media, with 20,000 followers joining the Telegram chat.
We reached the second place on ICOWHITELISTS! Let´s take the first place! Check out in https://t.co/6K2vvrP5ub -Thanks to everyone who believes in our project. #crafty #craftywork #easethework #ICO #blockchain #ethereum #cryptocurrency #app pic.twitter.com/oPdu65K93D
— Crafty Work "Not giving away ETH/BTC" (@craftywork_) February 3, 2018
The ICO has a good reputation, and the community may add to the value of the token.
The Risk of Crafty
Crafty is currently picking up tokens to create the next version of its product, which is already working and successful. The team has high expectations, going for a $35 million hard cap, an amount that even in cryptocurrency prices, may be quite high for a startup.
The other risk is the general perception that the cryptocurrency market has entered the bear stage, and may see sliding prices for a while. Crafty has somehow diversified its assets, but with Bitcoin sinking, and Ethereum far from the peak prices, the token sale haul may fluctuate in price. Still, Crafty should be well-funded enough to complete its product.
There are certain competitors to the Crafty business model, with projects like DistrictOx offering a working freelance platform, as well as informal channels of crypto coin payments. However, Crafty bets on its competitive advantage and experience in the freelancer market.
Also, the relatively high headcount of the ICO community may be due to an aggressive campaign related to an airdrop and the generous bounty program. It is unknown whether the target users of the Crafty app are the same people that have flocked to the ICO, to receive token airdrops or participate in the bounty program.
Final Thoughts on Crafty
Crafty is, for now, one of the most reputable upcoming ICOs. As the buyers become more savvy and skeptical, finding quality ICOs is getting harder.
Because of its high profile, users should be extremely careful about attempts to clone the ICO site, as well as continued special offers for token bonuses. Such attacks have been very active recently, and since Crafty is becoming a high-profile ICO, potential buyers should double-check the correct wallet address.
Still, at this point, My Grade for the Crafty ICO is 4/5, for a very clear idea of what needs to be done on the problem selected. Crafty will have competition, but there are niches in the ICO space that may need more than one project to cover all communities and geographical areas.
Additionally, despite the recent downturn in cryptocurrency markets, some believe 2018 may be the Year of Ethereum, so the Crafty ICO, with its call for ETH tokens, may end up well-funded.
In the future, the Crafty project will aim to bring other companies on board, and spread the CFTY token rewards to other professional networks. In the end, it is unknown which digital asset for freelancers would remain the winner. What do you think?
Should YOU Invest?
Honestly, most people looking to invest in altcoins, tokens, and ICOs are hoping they discover the next Bitcoin or Ethereum. The chances of that are rare.
So where is your money best invested? My recommendation might surprise you. It's free to join, and won't require that you invest in risky cryptos!