Animoca Brands raises $5M funding for its NFT marketplace, Quidd
A marketplace for a variety of digital collectibles, Quidd, has announced a raise of $5 million through a private pre-sale and initial DEX offering (IDO) combined. Also, a subsidiary of Animoca Brands, Quidd, informed that the token sale had taken place on November 18 on Polkadot’s project incubator Polkastarter. The allotment of 2 million QUIDD tokens set at a pricing of US$0.25 per token had reportedly sold out in less than an hour. The total raised came at $500,000. Animoca Brands is a Hong Kong-based gaming software company and venture capital company that specializes in blockchain gaming.
Earlier in November, the private sale of the Ethereum-backed QUIDD tokens had raised US$4 million from investors that included Binance Smart Chain Growth Fund, Kingsway, Genesis Block Ventures, Sanctor Capital, OneFootball, Mind Fund Group Ltd, and various other angel investors.
At November 3 pre-sale event on the Animoca Brands’ Launchpad, a total of 1001 vouchers had been sold out in only 22 minutes. Each voucher costs around $500, thus bringing the total value of the pre-sale to $500,000. The vouchers would also be useful in redeeming 2500 QUIDD tokens after May 3, 2022. Following its successful IDO, the QUIDD token was made available in the trading market on the PancakeSwap, the Binance Smart Chain decentralized exchange platform. At present, the tokens can be traded for Wrapped BNB (WBNB), in addition to a number of Animoca-owned tokens, including REVV (REVV), Tower (TOWER), Prosper (PROS), Lympo Market Token (LMT), and Bondly (BONDLY).
The current pricing of the token stands at $3.28, which represents a 1212 per cent increase from its IDO pricing of $0.25. It is down 31.9 per cent from its all-time high of $4.73 on November 20. A total supply of one billion tokens has been noted of now.
Executive Chairman and Co-Founder of Animoca Brands, Yat Siu, has said that the QUIDD token represents the “evolution of collectibles into digital formats.” Quidd’s CEO and Co-Founder Michael Bramlage, has added that the token ushers Quidd into the historic movement towards the emerging world of web 3.0. Bramlage said that older collectibles markets usually talk about acquiring users to buy and sell, but the QUIDD token would “help us build a community of the future.”
Presently, the Quidd marketplace has 7 million users with over 2.1 billion pieces of NFT artworks for sale. Quidd has described its marketplace as “chain-agnostic,” stressing that the token would give buyers and collectors their personal choice “to mint their collectibles on their preferred networks among WAX, Ethereum, and Flow.”
The QUIDD tokens also enable its holders voting rights on the use of Quidd’s content and licensing budgets. On October 21, Animoca Brands had announced raising $65 million with more than 43.8 million of newly issued shares at $1.51 per share.