UPDATE: I'm a Vampire now! Lets hope the curse doesn't wane!
. The main question of 'what is the point?' isn't answered and many are learning that you are what you are. I was a Hunter then I was a Vampire and now I'm a Hunter again. I would assume that players of the opposite 'faction' iced me but there is one statement in the instructions and FAQ that tells me it doesn't matter and there is no strategy that a individual or group can follow. Basically Zynga will decide who wins each round. If you are interested in only icing players of the opposite faction there is a setting in the filter area of the Assassin-a-Nator  . Right now I can only hope (and find it hard to believe it hasn't happened) that just 1 of the 72% Vampires will ice me so I can be one too! A reprint of the FAQ is shown below.
Blood Reign - FAQ
Q: What is Blood Reign?
A: Blood Reign is a 7 day long Fight event in which all fighters are split into two Factions, Hunters or Vampires. Each Faction is trying to convert Fighters from the other Faction into their own by Icing them.
Q: How do I participate?
A: All Fighters belong to one of two Factions in Blood Reign, Hunters or Vampires. You can Ice opponents in Fights in order to convert them to your Faction.
Vampires and Elder Vampires are trying to Curse Hunters by Icing them and turning them into Vampires. Hunters are trying to Cleanse Vampires by Icing them and converting them into Hunters.
Q: How is it determined whether I will be a Vampire or a Hunter?
A: A small section of players will be randomly chosen as Elder Vampires, all other players begin as Hunters. You can see your current Faction on the Event Banner on the Home Page, and by the icon next to your name on the Fight Page.
Q: What are Elder Vampires?
A: Elder Vampires are Vampires who cannot be converted into Hunters even if they are Iced. There are only a few selected players who are Elder Vampires.
Q: I was a Vampire, but I’m now a Hunter. Why?
A: There are three ways in which your Faction can change: if a player of the other Faction has Iced you, then you are converted to their Faction; alternatively, during the course of a Round, the Curse can intensify or wane, causing some Fighters to switch Factions; finally, after a Round had ended all players, except Elder Vampires, are converted back into Hunters for the next Round.
Q. I Iced a Vampire/Hunter and they did not get converted. Why?
A: If you Ice a Fighter of your own Faction, they stay in your Faction. Additionally, Elder Vampires do not get converted even if Iced.
Q: How do I win a Round?
A: At the end of each Round, Vampires have to be above the Threshold in the Curse Meter to win the Round. If Hunters prevent the Vampires from reaching this Threshold at the end of the Round then Hunters win the Round.
Q: Where can I see the Vampire’s Threshold?
A: The Threshold is marked on the Curse Meter:
The Curse Meter is shown on the Home Page and at the top of the Fight Page.
Q: How long does a Round last and what are the Rewards?
A: Below is the duration of rounds and rewards: