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PIXFI Token Makes a Spectacular Jump!
Pixelverse has distributed 10% of the total supply of PIXFI to holders of its Rare, Epic, and Legendary NFT collections.
PIXFI Token Makes a Spectacular Jump!
Pixelverse, a non-fungible token (NFT) and gaming platform on The Open Network, launched its native token, PIXFI, during a highly anticipated airdrop on July 18.
According to CoinMarketCap, The Open Network (TON) token increased by nearly 50% in the first few hours after its listing, reaching about $200 million in market capitalization before retracting later in the day.
Pixelverse distributed 10% of the total supply of PIXFI to holders of its Rare, Epic, and Legendary NFT collections, according to a Pixelverse post on the social network X. The project will distribute an additional 20% of its tokens to Pixelverse and Pixelchain users over time.
Pixelverse is the project behind the hit game on Telegram, PixelTap, a cyberpunk-themed mini-game that reportedly attracted 50 million new users in June alone. It is based on TON, a layer-1 blockchain initially developed by the team behind the Telegram messaging app and now managed by the TON Foundation.
The airdrop was designed to avoid the massive sell-offs that often follow free token distributions. The distributed tokens are automatically "staked" for additional rewards, and immediate withdrawal incurs a 90% penalty, Pixelverse stated on X.
"While early airdrops were seen as a way to reward genuine users and were well-received by the community, farming and sybil attacks have since taken over among industrious users. Nowadays, airdrops generally result in community anger and negative price action on tokens," stated Pixelverse in its airdrop documentation.
PixelTap - along with other Web3 hit games such as Hamster Kombat - pioneered the "Tap-to-Earn" social gaming phenomenon, which rewards players for their regular engagements. In the game, players adopt characters modeled on iconic memes - like Doge from the Dogecoin memecoin - who engage in up to 10 million battles per day, according to Pixelverse.
In May, Pixelverse completed a $5.5 million funding round led by Delphi Ventures, Merit Circle, and Mechanism Capital.
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