Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with PLA.
No securities regulatory authority has expressed an opinion about PLA, including an opinion that PLA itself is not a security and/or derivative.
Token Description & Project Background
PlayDapp is a blockchain gaming ecosystem platform that operates on the Ethereum and Polygon networks.
PLA is the platform’s native digital asset. It’s used within the ecosystem to purchase in-game NFTs. PLA was launched as an Ethereum-run ERC-20; it serves as the primary fungible token for the processing of transactions from users, the project said.
Gamers can play games to earn NFTs and rewards, distributed via PLA tokens. PlayDapp's C2C marketplace, also described as a dApp game portal, contains NFTs connected with the wider gaming metaverse, hence this platform’s distinction as both a gaming ecosystem and a blockchain-based C2C marketplace.
In late October 2021 PlayDapp announced the deployment of the P2E model into its flagship game, "Along with the Gods: Knights of the Dawn."
PlayDapp wants to appeal to gamers who are not into blockchain and crypto, which is why the platform is geared toward facilitating interplay and fair exchange among new and old school gaming platforms.
Seoul-based PlayDapp was founded in 2017. Its head of business, Sang Chug, is said to have two decades of experience in Korea's gaming industry.
In 2019, SuperTree, the developer of PlayDapp, was invited to participate in C-Lab Outside, a startup incubation program run by Samsung Electronics.
PlayDapp launched on Ethereum in 2020.
Risks of PLA
Like an investment in other crypto assets, there are some general risks to investing in PLA. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to thestatement.
In addition to these general risks, an investment in PLA is subject to the following specific risks:
- The play-to-earn blockchain gaming space faces significant competition. Any potential success associated with PLA depends on PlayDapp’s rate of adoption.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with PLA. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.
The PLA community and PlayDapp core team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of PLA have no recourse to the PLA community, PlayDapp core team, or Uphold if PLA declines in value for any reason.
Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.
Uphold’s Evaluation Process
Prior to listing PLA on the Uphold Platform, Uphold performed due diligence on PLA and determined that PLA is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following:
- The creation, governance, usage, and design of PLA, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
- The supply, demand, maturity, utility, and liquidity of PLA.
- Any marketing materials put forward by the PLA social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with PLA, including any code defects, security breaches and other threats concerning PLA and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
- Legal and regulatory risks associated with PLA, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of PLA.
Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.
Uphold users should read thestatement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.
Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following. Please also review the for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and statement.
Last updated on June 21, 2023.
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