Solana NFT platform SolChicks is backed by…113 VC funds |
The gaming industry is one of the most lucrative and fastest-growing industries in the world with over $100 billion projected to be generated by 2020. Blockchain technology will have a profound impact on how games are created, distributed, monetized and consumed going forward.
The “nft trading platform” is a blockchain-based platform for trading digital assets. The “Solana NFT Platform SolChicks is backed by 113 VC funds.”
After it was announced that 113 different venture capital firms had invested in SolChicks, a play-to-earn fantasy game based on Solana, the initiative has been the talk of the town.
For the upcoming Solana game, death by VC?
On Wednesday, a new play-to-earn fantasy game published on Solana generated a stir in the crypto world, raising concerns about the long-term viability of DeFi’s existing fundraising approach.
SolChicks has attracted a lot of interest due to the fact that it is supported by over 100 different venture capital funds—113 to be precise. Although the project’s official website claims several well-known companies as partners, such as Gate.io, the bulk of the funds are small-cap DeFi funds.
SolChicks said in a press statement after its successful IDO that it has received more than $20 million from more than 300 individual investors. The game’s IDO will take place on 38 launchpads at a public price of $0.05 per token, suggesting a market valuation of $500 million when completely diluted.
Some members of the crypto community were swayed by the popularity of SolChicks’ IDO to learn more about the game’s creation.
Many questioned the project’s credibility since over 100 VC firms invested in it, with some predicting that it would only be a matter of time until they all dumped $CHICKS on the market.
So, who’s going to give funds for all those nice individuals hiding behind those gleaming logos? Is there anybody willing to help? https://t.co/xjXyeVtD8O
December 1, 2021 — Cherry (@cherry cbl)
This isn’t simply a speculative assumption, according to one trader: one of SolChicks’ founders was apparently engaged in numerous previous similarly ambitious companies that flopped tragically only months after inception.
Solchicks is his third initiative this year, after the introduction of two others on BSC.
In May 2021, he started his first project – https://t.co/J6Z8aBLDkG pic.twitter.com/HtIk9y5uQg
December 1, 2021 — Trader Of Corn (@bitcorntrader)
The $CHICKS coin will have its first distribution on December 2nd over 38 launchpads, followed by a token generation event (TGE) and public exchange listing on December 6th. We’ll have to wait and watch how the market responds to the IPO next week.
Do you want to watch a whole fk fest? pic.twitter.com/41nYLZ6ZfS
December 1, 2021 — tt (@TTx0x)
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