Developers of NFT Gaming Metaverse Raise 30M from Community and Players in the World’s Longest Token Sale
SINGAPORE, March 20, 2023 /PRNewswire/ — Pixelcraft Studios, the creators of Aavegotchia rapidly growing Web3 gaming protocol and community, has announced the successful completion of a multi-year token sale, raising a total of 30 million dollars.
Starting on 14 September 2020the sale of the $GHST token was structured as a DAICO (Decentralized Autonomous ICO) – a decentralized fundraising model originally proposed by Vitalik Buterin – founder of Ethereum.
The sale lasted more than two years and finally ended when AavegotchiDAO, the official governing body of the Aavegotchi protocol, voted to end the sale due to uncertainty about the stability of the DAI stablecoin.
Ironically, the selloff ended on the exact same day as the depegging of DAI and USDC caused by the collapse of Silicon Valley Bank.
The final elevation of 30 million represents one of the largest fundraising rounds of 2023, particularly in the GameFi sector. Notably, no VCs or angel investors were directly involved in the raise.
Funds will be split between community participants, with the lead developers of Aavegotchi – Pixelcraft Studios – receiving 25%, or $7.5 millionand the DAO Treasury receives the remaining 22.5 million dollarswith all funds earmarked for development, marketing, liquidity provision or protocol rewards.
The Aavegotchi team expressed their gratitude for the overwhelming support from the community. “The successful completion of this sale represents a watershed for the decentralized fundraising space and, we hope, a model for responsible fundraising projects in the future. We are thrilled to have such a strong and passionate community behind us and are excited by the potential to AavegotchiDAO is receiving the lion’s share of this increase,” said Coder Dan, co-founder and CEO of Pixelcraft Studios.
The Aavegotchi ecosystem combines gaming, DeFi (decentralized finance) and NFTs (non-fungible tokens) to create unique and engaging experiences for users. Players can purchase and customize Aavegotchis, which are ghostly digital pets with unique characteristics and abilities. These Aavegotchis can then be used to fight other players or participate in various games and activities within the Aavegotchi universe (The Gotchiverse).
The announced roadmap for 2023 includes a brand new game blockchain powered by Polygon Supernets with GHST as the gas token, new cross-platform game titles and full on-chain decentralization of the Aavegotchi protocol.
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SOURCE Pixelcraft Studios
