$GIF’s $550,000 IDO Sells Out in 8 Hours
Surging interest in in-game NFTs has picked up following the sharp drop-off from the NFT art mania of early 2021, and in doing so, this new interest has spurred a mammoth $2 billion spend on NFTs during the first three months of 2021 alone. New NFT marketplaces, dApps, and the blockchain solutions that support them have been launching at breakneck speed as thousands of digital collectibles enter the market.
If NFT art was the catalyst for DeFi in the first half of this market’s crypto bull, then NFT gaming is certainly the benefactor of the market’s recent resurgence. For the first time, in-game NFTs are commanding demand and value in not only their respective game environments but the wider market as players can play-to-earn through an endless stream of unique and interesting gaming ecosystems.
$GIF IDO & Tezotopia Success
Gif.games is an emerging name in the NFT gaming space, buoyed by the fast success of the launch of its first big game, Tezotopia, and recent governance ($GIF) token IDO pre-sale. Taking place at 1400 UTC on Saturday the 28th, 2021, the IDO sold all 20,000,000 $GIF, raising 100,000 Tezos, ($550,000 USD) with 20% of the available $GIF being bought in just the last 60 mins. The $GIF token presale on Rocket Launchpad sold out in only 8 hours and was the first solo-launched project on Tezos from a native launchpad and the first solo launch to sell out.
Earlier in August Gif.games launched an NFT marketplace and open-world game called Tezotopia with a cryptocurrency called Unobtainium (UNO) that can be used in-game and traded openly on the market. The Tezotopia marketplace launch sold out in only 20 mins, raising an initial $76,514, which was spent on various in-game assets, and resources. The rapid nature in which both launches sold out reinforces the strong pull of the NFT gaming space right now and the wider market’s growing interest in being a part of interesting new gaming ecosystems like that of Tezotopia that can offer users monetary gains as well as a unique experience.
Gif.games has said that it will put 40% of the money raised into LP for $GIF, which will be locked for 1 year. The other 60% of the other funds raised will be used for marketing, game development, and the continued development of the Tezos NFT Ecosystem. Gif.games has stated that it will keep project funding goals to a maximum $300,000 USD to ensure that projects have a good funding pool to work with while also maintaining plenty of room for price growth to attract buyers outside of the IDO.