Pixelcraft Studios, the creators behind the popular metaverse game Aavegotchi, said Monday it raised $30 million in a multiyear token sale.
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 will 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.
"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.”
Pixelcraft Studios began the sale of its native Aavegotchi token, GHST, in September 2020. Using a decentralized funding mechanism created by Ethereum founder Vitalik Buterin, users deposited the stablecoin DAI into a smart contract in order to earn GHST before the token sale concluded.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.