Animoca Brands raises $5M for NFT marketplace, Quidd

The big funding came via private sale, pre-sale, and the token’s IDO, which sold out in under an hour.

Quidd, a marketplace for digital collectibles and a subsidiary of Animoca Brands, has raised a total of $5 million in private pre-sales and an initial DEX offering (IDO).

The token sale took place on Polkadot project incubator Polkastarter on Nov. 18. The allotment of 2 million QUIDD tokens at a price of US$0.25 per token sold out in under an hour, raising $500,000.

Earlier this month, the private sale of the Ethereum-based QUIDD tokens raised US$4 million from investors including Binance Smart Chain Growth Fund, Genesis Block Ventures, Kingsway, Mind Fund Group Ltd, Sanctor Capital, OneFootball, and other angel investors.

During the Nov. 3 pre-sale on the Animoca Brands’ Launchpad, 1,001 vouchers sold out in 22 minutes. Each voucher cost around $500, bringing the total value of the pre-sale to $500,000. The vouchers can be used to redeem 2,500 QUIDD tokens after May 3, 2022.

Following its successful IDO, the token was made available for trading on the Binance Smart Chain decentralized exchange platform, PancakeSwap. The tokens can currently be traded for Wrapped BNB (WBNB), and a number of Animoca-owned tokens including Tower (TOWER), REVV (REVV), Lympo Market Token (LMT), Prosper (PROS), and Bondly (BONDLY).

The current price of the token is $3.28, representing a 1,212% increase from the IDO price of $0.25. It’s down 31.9% from the all-time high of $4.73 on Nov. 20, and there is a total supply of one billion tokens.

Quidd is the first marketplace built for buying and selling limited-edition, individually serialized digital collectibles. The QUIDD token is the ERC-20 utility token for the Quidd community of collectors, creators, and developers.

— Animoca Brands (@animocabrands) November 19, 2021

Animoca Brands is a Hong Kong-based game software company and venture capital company specializing in blockchain gaming.

Yat Siu, executive chairman and co-founder of the firm, said that the QUIDD token represents the “evolution of collectibles into digital formats.”

Michael Bramlage, CEO and co-founder of Quidd, added that the token marks Quidd’s movement towards the world of web 3.0.

“Older collectibles markets talk about acquiring users to buy and sell. The QUIDD token helps us build a community of the future.”

Related: Animoca and Harmony Acquire Quidd to Expand Sale of Crypto Collectibles

The Quidd marketplace has 7 million users and over 2.1 billion pieces of nonfungible artworks for sale.

In an announcement shared with Cointelegraph, Quidd described its marketplace as “chain-agnostic,” noting that the token “will give buyers and collectors the choice to mint their collectibles on their preferred networks, such as Ethereum, WAX, and Flow.”

The QUIDD tokens also entitle holders to voting rights on the use of Quidd’s content and licensing budgets.

On Oct. 21, Animoca raised $65 million with more than 43.8 million of newly issued shares at $1.51 per share.