The CryptoKitties team managed to raise up to $18 million in the latest Flow token sale as they are creating a new place to store their crypto collectibles. In our latest crypto news, we are reading more about the token sale.
Flow, the blockchain built for the entertainment industry raised $18 million in a public token sale, hoping to become the go-to blockchain for crypto projects that are using non-fungible tokens. So far, the blockchain attracted huge amounts of funding and attention in the crypto space. The Flow blockchain which is designed by Dapper Labs, which is the company behind CryptoKitties, held a public sale via the fundraising platform CoinList from September 21 to October 2. CoinList announced that the sale managed to raise up to $18 million from about 13,000 participants.
— CryptoKitties (@CryptoKitties) May 22, 2020
The sale provided the investors with a chance to purchase Flow tokens that are used to participate in Flow’s network and to also earn rewards. The CryptoKitties team managed to raise the funds after the token sale followed an auction as well. more than 12,500 users gathered up to $9 million in funds from FLOW tokens in the community sale. The auction registered users that submitted bids over a 12-day period for the 2% slice of genesis blocks. This brought them $9.5 million and the price of the Flow tokens closed at $0.38.
The total amount of money raised shows that there’s a massive interest in the world for non-fungible tokens. NFTs are a unique type of crypto tokens that cannot be replaced by other tokens. they are quite different from fungible tokens like Bitcoin which is interchangeable. This is mainly because they own identifying information which is recorded in the smart contracts. NFTs are linked to a specific asset like a piece of art of an in-game item.
Ethereum dominates the NFT market but the slow transaction speeds and the high costs have been troubling the market. This made a problem for the NFT projects that are selling cheaper in-game collectibles but there are teams that are dedicated to solving this problem. Dapper Labs raised $11 million last year to launch Flow and their goal is to create a blockchain that will be perfect for the NFT market.
Dapper Labs created the popular CryptoKitties game built on Ethereum which lets users buy and sell cute kittens that are represented by NFTS. The game was extremely popular and even crashed the network upon launch at the end of 2017.
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