Pixelcraft Studios, Developing Metaverse Game “Aavegotchi”, Raises Funds Worth 3.9 Billion Yen
Fundraising through Token Sale
Pixelcraft Studios, which develops the Metaverse game “Aavegotchi”, announced on the 20th that it has raised approximately 3.9 billion yen ($30 million/DAI) through a multi-year token sale. It is a form of collecting funds by selling its own token “GHST”.
THE CURVE IS NO MORE
A new chapter begins today for $GHST and #GOTCHIGANG
ARE
YOU
READYYY?!?! pic.twitter.com/XWPcMLFCX1
— Aavegotchi
(@aavegotchi) March 17, 2023
Venture capitalists and angel investors said they did not directly participate in the funding.
The funds raised will be distributed to the community, with Aavegotchi’s lead developer, Pixelcraft Studios, receiving 25%, or approximately 980 million yen ($7.5 million). In addition, the finance department of Aavegotchi DAO (decentralized autonomous organization) will receive the remaining approximately 3 billion yen ($22.5 million) and plan to use it for development, marketing, liquidity provision, protocol rewards, etc.
Coder Dan, co-founder and CEO of Pixelcraft Studios, commented:
The success of this token sale marks a turning point in decentralized fundraising, and we hope it will serve as a model for responsible fundraising for various projects in the future.
We are delighted to be supported by such a strong and passionate community. We are also excited about the potential that Aavegotchi DAO will receive for the majority of this funding.
What is a decentralized autonomous organization (DAO)?
Refers to a decentralized organization that functions autonomously. Abbreviation for “Decentralized Autonomous Organization”. Unlike general companies, there is no central administrator like a manager. Operation and management is performed by participating members and algorithms.
Cryptocurrency Glossary
What is Aavegotchi
Aavegotchi combines elements of games, DeFi (decentralized finance), and NFTs (non-fungible tokens) to provide users with a unique gaming experience. Players can purchase and customize digital pets “Aavegotchis” with unique traits and abilities.
The design of Aavegotchis is also reminiscent of the popular digital pet game “Tamagotchi” of yesteryear.
These Aavegotchis can be used to fight other players and participate in various games and events within their own metaverse, “The Gotchiverse.”
The unique token GHST is a token that serves the buying and selling of in-game goods such as the digital pet Aavegotchi. Additional rewards can be obtained by staking, and can be passed between users.
Effects of DAI Dipeg
Pixelcraft Studios will start selling its own token “ GHST ” on September 14, 2020. It was funded using stablecoin DAI.
Due to the Silicon Valley Bank (SVB) bankruptcy and the USDC dip (price divergence) that occurred in early March, the DAI deviated from its original price of $1 and fell to around $0.9 at one point. . Concerned about such instability, the token sale ended earlier than planned when the dipeg occurred.
Since then, DAI has rebounded to near $1.
The fact that more than half of the DAI collateral was held by the USDC stablecoin also contributed to the dipeg. MakerDAO, which manages the Maker Protocol, which is the basis for DAI issuance, passed an urgent proposal on the 11th to reduce the impact of USDC.
connection: Maker Dao Urgently Approves USDC Reduction Proposal to Strengthen DAI Stability
What are NFTs?
Abbreviation for “Non-Fungible Token”, a digital token that cannot be replaced and has a unique value. In addition to being used for exchanging “digital items” in blockchain games, it is also an epoch-making way for rights holders (creators) in the “secondary distribution market”, which was difficult to achieve with second-hand sales, as well as proof of ownership of high-priced art works. It is also attracting attention as a means of reduction.
Cryptocurrency Glossary
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