PlatoFarm is a multi-chain blockchain and NFT game that supports the ERC-1155 and HRC-721 token protocols. The game tasks players with farming plants and raising livestock on a small farm to earn both MARK and PLATO tokens, which can be used with various NFT items to turn their barren land into busy cities. Players can also build their own guilds and start earning money playing the game.
As a player, your farmland might start out small and meager. The project itself however is anything but small. PlatoFarm just raised a whopping $1.8 million in its latest seed financing round. The top financiers are some of the biggest names in crypto venture capital including Block Venture, one of the top VCs in Silicon Valley, and Chronos, a top Russian venture capital firm. Other VC firms joining in the fundraise include Cipholio Ventures, Web4 Venture, OP Crypto, Formless, K&R Limited, ZBS Capital and a few other institutions.
There is good reason for the buzz when you consider what the game has to offer and the innovative approach it’s taking to crowdfunding the project with NFTs. PlatoFarm is going to do it through an industry-first NDO.
Launching an IDO And the First-Ever NDO to Raise Even More Funds
With $1.8 million at its disposal, things are about to start looking even brighter for PlatoFarm. An insane 220,000 users have already preregistered to play the game and there are 70,000 Beta players already playing the game itself. Those users span the globe. While many of them are in the United States, Beta players are also in Russia, Japan, South Korea, and Southeast Asia.
Add those numbers to more than 50,000 users on Telegram, 10,000 users on Discord, and 17,000 users on Twitter, and it’s obvious that the upcoming launch of an IDO on popular decentralized exchanges is going to get the support of the community right away.
Anyone following the crypto world closely over the last year already knows that IDOs can add millions of dollars to the market cap of any new project, but it’s PlatoFarm’s first-ever NDO that takes things to a whole other level.
What Is An NDO and How Is PlatoFarm Going to Raise Money with It?
An NDO is a new public fundraising mechanism developed by the founders of PlatoFarm, a company called Second Space. It involves NFT asset transactions that issue tokens. The NDO will take place on the game’s official website, www.platofarm.game.
PLATO tokens will be entered into a trading pool using smart contracts. When users trade NFTs during this NDO, the smart contract associated with the trading pool will get triggered and the mining of PLATO tokens will begin giving users a much cheaper price on the tokens than they would get once they began trading on the open market.
PlatoFarm is the first-ever project to usher in a new era using this kind of fundraising model. What’s most exciting is that a percentage of the transaction fees and taxes generated by the event will go back to the project’s decentralized autonomous organization (DAO), which will feed further development and evolution of the game.
The Community Gets Some Control over the NDO
PlatoFarm will leave a lot of the decision-making process regarding the NDO. More experienced players of the game and avid supporters will get the chance to vote on whether the project should release over 200,000 PLATO tokens to users through three different trading pools featuring 30,000, 50,000, and 120,000 tokens respectively. PLATO tokens will continue to unlock until NFT trading is complete.
Users will have 24 hours to vote and the NDO launch will be announced on PlatoFarm’s Twitter account. Once it is complete, 2.5% of the NFT tax will be given back to the DAO as a way to support MARK and PLATO holders, volunteers, and avid players of the game.
With so much hype around the project, the founders of PlatoFarm expect that 100% of the 200,000 PLATO tokens scheduled to be circulated as a result of the NDO will indeed need to be released to satisfy demand.
Watch for the project to come to a hugely popular decentralized exchange very soon and an IDO/NDO token launch that is undoubtedly going to steal headlines across the cryptosphere.