f13.net

inXile, Obsidian, and Double Fine have launched Fig (https://www.fig.co/about), a new crowdfunding and investing site only for games. Unlike Kickstarter, it will allow actual investment in games by accredited investors, in addition to the glorified pre-order system that is Kickstarter these days. Now, accredited investors (http://www.investor.gov/news-alerts/investor-bulletins/investor-bulletin-accredited-investors) can get some form of actual equity in crowdfunded games, instead of having to try to re-sell $18K virtual starship packages to another sucker just giving away money out of the goodness of their hearts.

At least this approach (assuming it gets SEC approval) might reduce the bad feelings around big-name studios getting free money from their fans--their (accredited investor) fans can end up owning equity in the projects and thereby have a claim on sales or profits.

Hmm... so basically they're creating a publisher that's partially driven by whales big-ticket backers, giving them actual equity instead of a dinner with the developers or whatever. They probably want to end up with a bunch of billionaires / millionaires like Notch / Dracogen / etc to keep funding their shit.

Of course since one of the parties in this venture is Double Fine, I think this concept is pretty much dead-on-arrival.  :awesome_for_real:

Star Citizen Part 2  :awesome_for_real:

3 companies that have never FINISHED a game.

Great.

Since they are only the Advisory board, I guess they won't have too much to do with the daily dealings of Fig.

Still, fuck them if they think I will make another account on another crowdfunding platform. If its not on Kickstarter, I'll wait until its on Steam.

I could write a 10-page essay on this about how bad it is but here are the highlights:

1. You don't actually get equity on investment, all you get is profit-sharing for a single platform for that game, with priority that I assume comes after things like IndieFund payments. No sequels, no derivatives, no IP exploitation, etc.

2. They keep using the example of Oculus getting tons of FB money, and how that would be different here. But it wouldn't be different here - it would go down exactly the same, with the "investors" getting nothing.

3. Unlike KS this thing doesn't say that rewards must be fulfilled - it specifically says there is no liability and no refunds. In terms of donator protection it's worse than KS.

4. In interviews the people keep saying that it's different from KS in that they are going to work with the devs to help make the games good, but in their actual terms and services they make it very clear that they have nothing to do with the development of the games, have no responsibilities or liabilities, etc. They don't pledge to actually do anything to differentiate it from KS in any way that matters, when it comes to game quality, delivery, etc.

5. The Outer Wilds website includes this line: "they're curating what titles can be on their platform so you know the games on Fig will definitely be finished." Whoever wrote that should be ashamed.

This is the new model for funding based off of the newer legalization of crowd funding. Real estate is doing it as well with all the same caviats and problems Margalis pointed out. It's a legal way of fleecing rich but stupid investors. Oh sorry I meant "accredited individuals".

You need a minimum net worth of 1 million to be an SEC accredited investor as an individual. That's not as much as it once was and those people are looking to grow it quick and easy to become "real" rich instead of "common person" rich. Just ripe for this sort of fleecing.
http://www.ecfr.gov/cgi-bin/retrieveECFR?gp=&SID=8edfd12967d69c024485029d968ee737&r=SECTION&n=17y3.0.1.1.12.0.46.176

I guess they figured out the Kickstarter well has been dried up by the combined efforts of them, other has-beens, and con-artists and now are looking to control the crowdfunding hotness themselves.

lmao Infune and the Shenmue kickstarter really were the last straw weren't they?

Fig - When OCD Walking Wallets Can't Ruin Their Financial Lives Fast Enough For the Next Big Thing, Thee's Fig.

/fnord

Right now you do, but they are looking to open it up to everyone in the near future. Basically to sucker in day-trader types I assume.

This is just as dumb as Kickstarter, except it provides an even bigger illusion of return.

The bigger the lie, the more they believe.

i'll invest in hentai. if available.  :why_so_serious:

I assume they're trying to get it registered under the provisions of the JOBS Act (https://en.wikipedia.org/wiki/Jumpstart_Our_Business_Startups_Act) so pretty much everyone can get fleeced rich quick.

Accredited investor status is either from $1M net worth (not counting primary residence) or $200K/yr income over the past two years with a "reasonable expectation" of the same in the current year. A lot of non-junior tech workers or management at tech companies (especially in Silicon Valley) qualify under the latter part even if they're living paycheck to paycheck.