March 22, 2023
By Sharan Kaur Phillora
Pixelcraft Studios, the creators behind the popular metaverse game Aavegotchi, said it raised $30 million in a multiyear token sale.
Here’s what we know:
The funding round is said to be one of the largest in the Web3 gaming sector this year so far, with no venture capital or investor participation. Pixelcraft Studios said it would receive 25%, or $7.5 million, of the treasury, while the protocol’s decentralized autonomous organized (DAO) treasury will receive the remaining $22.5 million.
Pixelcraft Studios began the sale of its native Aavegotchi token, $GHST, on September 14, 2020. Using a decentralized funding mechanism created by Ethereum founder Vitalik Buterin, users deposited the stablecoin DAI into a smart contract to earn GHST before the token sale concluded.
But the recent collapse of Silicon Valley Bank pushed the community to end the token sale earlier than anticipated in fear of token instability.
“The successful conclusion of this sale represents a watershed moment for the decentralized fundraising space and, we hope, a model for responsible fundraising for projects in the future,” said Coder Dan, co-founder, and CEO of Pixelcraft Studios, in a press release. “We are thrilled to have such a strong and passionate community behind us and are excited about the potential of AavegotchiDAO receiving the lion’s share of this raise.”
The roadmap for 2023 includes an entirely new gaming blockchain powered by Polygon Supernets with $GHST as the gas token, new cross-platform gaming titles, and the full on-chain decentralization of the Aavegotchi protocol.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
