In a bid to be the leading NFT gaming platform in the metaverse, Balthazar has kicked off its Token launch with a US$3 million token sale, valuing the DAO at US$30 million.
Animoca Brands, a global leader in gamification and blockchain with a large portfolio of over 150 investments in NFT-related companies and decentralised projects, was the lead token purchaser in the round and will be providing advisory services to Balthazar.
Other token purchasers include Finder Group (through Hive Empire Capital, which is led by Fred Schebesta), Zip co-founder Larry Diamond, Digital Asset Capital Management (DACM), Fantom, ZED Run, Darling Ventures, Pluto Digital, San Francisco-based VC Side Door Ventures, Algorand, and Three Arrows Capital’s TPS Capital.
Launched in September 2021, Balthazar aims to be the largest decentralised autonomous organisation (DAO) in the play-to-earn space. It’s a community-focused platform, removing the barrier to entry for gamers to access play-to-earn games through its scholarship program with no upfront costs.
The play-to-earn space is so valuable, just one particular game, Axie Infinity, is earning more revenue than any other form of cryptocurrency, behind Ethereum. Axie Infinity is the most popular NFT game, generating over US$64 million in December alone, reaching over US$1 billion in revenue for the year.
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The Pokemon-inspired game allows players to earn rewards from breeding, battling and trading Axies. The rewards are distributed in Smooth Love Potion (SLP), which are NFTs and are needed to pay for breeding and buying land and items in the marketplace. The game also launched a governance token, Axie Infinity Shards (AXS), which can be traded on digital exchanges, as well as SLP.
Other gaming companies are catching onto the NFT trend. A study by Stratis found 58% of 197 game developers from the US and UK said they are starting to use blockchain technology, while 47% have already started incorporating Non-Fungible Tokens (NFTs) in their games.
Balthazar has plans to develop tech platform
Balthazar is more than a guild, with plans to to develop its tech platform, its rent-to-earn lending model, and to scale up its community.
John Stefanidis, CEO of Balthazar, said the token sale marks a significant milestone for the DAO. “We are so thrilled to be backed by Animoca Brands and all of our supporters in helping to shape the metaverse and to continue assisting and expanding our community. This support means we can fulfill our vision of empowering the biggest community of gamers to create a self-sustaining, wealth-building ecosystem. We are developing the most incredible platform that will bring together gamers, crypto holders and individuals through our own NFT games, valuable tokenomic strategies and gaming partnerships. I’m excited about the future of the play-to-earn space, in particular how it’s spreading earning opportunities to those who need it most, as well as providing a new use-case for cryptocurrency.”
Balthazar has a thriving and fast-growing community, offering opportunities for all people to be involved in the NFT gaming space, including gamers, game companies, and crypto holders.
Prior to the token sale, Balthazar deployed 1,100 scholars into several NFT games including Axie Infinity, Splinterlands and Thetan Arena, with a further 30,000 people on its waitlist, and a community of more than 70,000 people in its Discord channel.
Balthazar has opened a private token sale round, with plans to sell US$8 million of tokens at a token cap valuation of US$150 million by February, 2022.