Aavegotchi Token Sale Raises $30 Million
• Pixelcraft Studios, the creators of the popular metaverse game Aavegotchi, announced on Monday that they have raised $30 million in a multiyear token sale.
• The token sale was concluded without any venture capital or investor participation.
• 25%, or $7.5 million, of the treasury will be received by Pixelcraft Studios while the remaining $22.5 million will go to the protocol’s DAO treasury.
Pixelcraft Studios Behind Aavegotchi
Pixelcraft Studios is a game development studio based in Hong Kong and founded by Yat Siu and Coder Dan. It is responsible for creating the popular metaverse game Aavegotchi which has gained a strong following since its launch in 2020. In September 2020, Pixelcraft Studios began a token sale where users could purchase their native Aavegotchi token (GHST) using Ethereum’s stablecoin DAI as well as other cryptocurrencies.
Fundraising Round Concluded
After several months of fundraising, Pixelcraft Studios concluded its multiyear token sale on Monday due to concerns about the stability of the DAI stablecoin. The successful fundraising round resulted in $30 million being raised without any venture capital or investor participation; 25%, or $7.5 million, of this amount will be received by Pixelcraft Studios while the remainder ($22.5 million) will go to its decentralized autonomous organization (DAO) treasury fund.
Yat Siu Co-Founder & Executive Chairman
Yat Siu is an entrepreneur and co-founder at Animoca Brands who serves as executive chairman at Pixelcraft Studios. He is also an active investor in both NFTs and Web3 technology and sees great potential in what Web3 can achieve in terms of gaming experiences and virtual asset ownership.
The conclusion of this successful fundraising round showcases how decentralized solutions can lead to effective fundraising for projects in today’s digital landscape – it opens up potential opportunities for many more projects to come into fruition within the space going forward!