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@ZenoArrow is correct. Nenad Rakocevic supported himself, with modest donations and other work, until he could raise the initial investment money. He and another full time developer have been working on it for a few years, using those resources. This is the next phase, with one goal being to grow the core team, but also encourage community involvement by being able to reward people.

One incentive for backers is if they want a say in how things are prioritized.

> What is the incentive for a potential backer to buy this token?

I would imagine to support the developers.

They also claim it might be used as gas on the blockchain in the future so if you want to run a dapp you will need it.

> "How is Red sustained, who currently supports it?"

IIRC there's a Chinese company that pays the lead developer to work on it.