Quidd, a digital collectibles marketplace and Animoca Brands subsidiary, has raised $5 million in private pre-sales and an initial DEX offering (IDO).
On Thursday, the token sale took place on Polkadot project incubator Polkastarter. The allotment of 2 million QUIDD tokens, priced at $0.25 each, sold out in less than an hour, raising $500,000.
Binance Smart Chain Growth Fund, Genesis Block Ventures, Kingsway, Mind Fund Group Ltd, Sanctor Capital, OneFootball, and other angel investors contributed $4 million to the private sale of Ethereum-based QUIDD tokens earlier this month.
1,001 vouchers sold out in 22 minutes during the pre-sale on the Animoca Brands’ Launchpad on November 3. The vouchers cost roughly $500 each, increasing the pre-total sale’s value to $500,000. After May 3, 2022, buyers can redeem the vouchers for 2,500 QUIDD tokens.
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Following the successful IDO, interested buyers can access and purchase the token on PancakeSwap, the decentralized exchange platform run by Binance Smart Chain.
Users can exchange the token for Wrapped BNB (WBNB) and a variety of other Animoca-owned tokens. These include Tower (TOWER), REVV (REVV), Lympo Market Token (LMT), Prosper (PROS), and Bondly (BONDLY).
The token’s current price is $3.28, a 1,212 percent gain from its initial price of $0.25. It’s down 31.9 percent from its all-time high of $4.73 on Nov. 20, and there are one billion tokens in circulation.
About Animoca Brands
Animoca Brands is a game software company and venture capital that specializes on blockchain gaming. It was established in 2014 in Honh Kong by Yat Siu. The company was listed on the Australian Securities Exchange (ASX) since January 23, 2015. However, ASX delisted Animoca Brands on March 9, 2020.
In addition, Yat Siu, the company’s executive chairman, and co-founder, noted that the QUIDD coin represented the “evolution of collectibles into digital formats.”
Similarly, Quidd’s CEO and co-founder Michael Bramlage stated that the token signifies the company’s transition into the Web 3.0 environment.
“Older collectibles markets talk about acquiring users to buy and sell. The QUIDD token helps us build a community of the future.”
The Quidd marketplace includes over 2.1 billion nonfungible artworks for sale and 7 million users.
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Quidd touted its marketplace as “chain-agnostic” in an announcement shared with Cointelegraph, saying that the coin “would enable buyers and collectors the ability to mint their treasures on their favourite networks, such as Ethereum, WAX, and Flow.”
Holders of QUIDD tokens also have voting rights over Quidd’s content and licensing expenditures.
Animoca raised $65 million on Oct. 21 by issuing more than 43.8 million additional shares at $1.51 each.