Creators Behind Web3 Game Aavegotchi Raise $30M in Multiyear Token Sale

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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.

However, earlier in March, the depegging of DAI in the wake of the collapse of Silicon Valley Bank pushed the community to end the token sale earlier than anticipated in fear of token instability.

Aavegotchi is a decentralized Web3 ecosystem that utilizes non-fungible tokens (NFT) and decentralized finance (DeFi). The community recently voted to increase its in-game wearable offerings for Aavegotchis, or digital pets that can be used within the game’s ecosystem.