Pixelcraft Studios, the developers of the popular metaverse game Aavegotchi, announced on Monday that it successfully raised $30 million in a multiyear token sale. However, this is being hailed as one of the largest Web3 gaming sector fundraisers this year without any venture capital or investor participation. Of this amount, Pixelcraft will receive 25%, or $7.5 million, while the remaining amount of $22.5 million will go to AavegotchiDAO’s decentralized autonomous organization (DAO) treasury.
In a press release, Coder Dan, co-founder, and CEO of Pixelcraft Studios said: “The successful conclusion of this sale is monumental for the decentralized fundraising space, and we hope that it sets a precedent for responsible fundraising by future projects. We are extremely grateful to have such an enthusiastic and passionate community behind us and are excited about the potential of AavegotchiDAO receiving the majority of this raise.”
Pixelcraft Studios launched the sale of its native Aavegotchi token, GHST, in September 2020. Using a decentralized funding mechanism created by Ethereum founder Vitalik Buterin, users could deposit the stablecoin DAI into a smart contract to earn GHST before the token sale’s conclusion. However, due to the depegging of DAI in March following the collapse of Silicon Valley Bank, the community decided to end the token sale early out of concern for potential instability.
Aavegotchi is a decentralized Web3 ecosystem that utilizes non-fungible tokens (NFT) and DeFi protocols. Recently, its users voted to expand their wearable offerings within the game, allowing them to customize their digital pets further.
