Faced with a general feeling that the majority of young Spaniards aspire to become civil servants, statistics reveal that in recent years our country has become the fourth European country in the number of emerging companies, thanks, in part, to the digital transformation. Diego Basanta is just one of the thousands of names that put a face to this change of model in which technology plays a fundamental role. At only 24 years old, this Cantabrian decided to develop an idea that germinated in his head when he began to delve into the complex universe of blockchain technology and cryptocurrencies.
The plan was to create a video game platform with its own digital currency and for users to earn money based on their victories against opponents. After getting involved in other projects that he considered he could improve, he began to shape his own and contacted investors and experts in different fields to help him materialize his idea. “I didn’t know anything about programming or web development, so I started doing interviews on LinkedIn and looking in forums or communities. My main problem was not finding the person I needed, but knowing what exactly I needed,” he tells LA REASON. After two weeks of arduous searching, he found the initial team and in October 2021 they made Calpe, in Alicante, their own Silicon Valley. “The four of us went to a house I rented there. We were a video game designer, a video game programmer, a web programmer and me. The first week we started a financing round. The goal was to get a maximum of 50,000 euros, and if we didn’t achieve it, everyone would go home, but we did it in just 40 minutes. It was our first milestone“Basanta recalls proudly.
This is how Life Games was born, a platform that has 6 video games and its own cryptocurrency, $LFGMwhich offers users who bet the guarantees of blockchain technology.
Only six months after starting to develop the project, it seemed that everything was ready to launch its coin on the market. In April 2022, Basanta brought together several investors and influencers in a great event in Galapagar to announce the departure of $LFGMbut he and his team had to face an unexpected problem that cut short their ingenious marketing campaign.
Life Games is on fire
“I’m a film specialist, so it occurred to us that I could get burned during the Twitch live, before throwing the coin. The idea was to create a lot of expectation so that everyone would be attentive to the token launch, and after a few minutes , say everything was fine and launch it. The problem was that, right after I got burned, a developer on the team called me to tell me that the audit we had hired said that there was a problem in the code and it was not safe to launch the coin. We were talking for almost two hours, and in all that time People thought I had been burned alive., others began to argue… There was no longer so much ‘hype’. It was a disappointment, to be honest,” explains the CEO of Life Games, who emphasizes: “The worst thing is that it was an audit error, our code did not have any flaws.”
In fact, the plans were to resume the sale of the cryptocurrency a few days after the first attempt, but then there was “a resounding fall in the market” and Bastanta and his team – today of eleven people – They decided to postpone it indefinitely.
New round of investments
Now, they hope to take advantage of the Bitcoin halving scheduled for 2024 and the good forecasts for the cryptocurrency market so that this is the year in which $LFGM finally hits the market and Life Games operates at full capacity.
Running its own cryptocurrency is important for this project because, “unlike others that need to issue tokens to pay players, which creates hyperinflation in their tokens and sinks their value, At Life Games we not only do not issue tokens, but we also reduce the total supply by buying them back and burning them, creating a deflationary system and increasing the value of the token“.
At this time, it is common to find Life Games at events such as the Web Summit in Lisbon (where they had their own stand) or at the International Startup Congress in Seville, an event they took advantage of to present their project. Furthermore, they have already established contact with different ‘venture capitals’ and ‘angel investors’, with the intention of raise its current seed round of between $600,000 and $1.8 millionwhich they intend to allocate “especially to invest in marketing so that everyone finds out about the launch of the $LFGM token.”