Upcoming nonfungible token (NFT)-based mobile role-playing game Guild of Guardians has sold out two tranches of its native token, GEMS, totaling $5.3 million.
The token sale, held on CoinList on Tuesday, was oversubscribed by 82 times, with around 808,000 users registering. More than 10,700 new GEMS holders from over 100 countries purchased a maximum of $500 worth of tokens. However, users from Australia, the United States, Canada and China were prohibited from purchasing tokens amid mounting regulatory concerns.
Guild of Guardians allocated 6% of the total 1 billion tokens to the CoinList sale, while 63% of the supply will be distributed via community-driven events, activities and core gameplay.
The play-to-earn game’s soft launch is planned for Q1 2022, with 400,000 users already pre-registered.
The game was developed by Ukrainian developer Stepico Games in partnership with Australian-based NFT layer-two scaling solution Immutable X. Immutable X is the first layer-two scaling solution for NFTs on Ethereum and is backed by Galaxy Digital and Coinbase.
I’m super bullish on quality Aussie crypto projects and love to support them as I’m sure others do too so I hope the exclusion of Australians being able to invest in $IMX is just an error by @CoinList
— Nish Sequeira (@nishseq) August 26, 2021
Immutable X head of marketing Nicholas Kelland said Guild of Guardians is launching on mobile so that it can be available to most people.
“Not everyone has really robust gaming rigs and PCs and so on and so forth. So mobile was an easy choice for us.”
Just pretty damn cool, really pic.twitter.com/a3MFzrgMZt
— GuildOfGuardians (@GuildOfGuardian) November 29, 2021
The success of Guild of Guardian’s initial DEX offering comes as play-to-earn gaming becomes increasingly popular. In GOG, every in-game asset that users own is a tradable and exchangeable NFT.
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“I think the concept of in-game asset ownership is a foregone conclusion. And it’s a matter of when not if,” Kelland said, adding, “It goes back to the concept of the content creator economy and people — people basically owning this stuff that they deserve to own.”
This comes after the first Founder NFT sale in June, which raised $3 million in 24 hours. The second wave raised $5 million, and the third and final wave raised over $4 million.