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Crowdfunding from Crypto Investors Pools in Rs 3.72 Crore for IBC DAO

By: Business Desk

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Last Updated: November 27, 2021, 11:43 IST

‘Aims To Build Biggest Gaming Guild’: IBC DAO Raises Rs 3.72 Crore In Crowdfunding

‘Aims To Build Biggest Gaming Guild’: IBC DAO Raises Rs 3.72 Crore In Crowdfunding

IBC DAO aims to build a business gaming model based on a P2E (Play to Earn) platform. It will provide a platform for players to play and earn income from various P2E games.

ItsBlockChain (IBC), a decentralized autonomous organization, recently announced a “successful end” to their crowdfunding round and raised $500,000, roughly Rs 3.72 crore, pooled by 50 crypto investors from around the world. With the influx of a substantial amount of money, the organisation laid grounds for its future investment in a press release.

IBC DAO aims to build a business gaming model based on a P2E (Play to Earn) platform. “For more than a decade, games’ dominance over players was prevalent but not vice-versa. As a result, the exchange of in-game assets among the players and the capital-centric benefits associated with it were non-existent. Thanks to blockchain technology and the emergence of NFTs (non-fungible tokens) that will now change,” the press release stated.

IBC DAO will provide a platform for players to play and earn income from various P2E games. In addition, the organisation will also provide the players with seed money since most of them have skills to excel in a particular game but do not have the capital for initial investment.

The gaming guild that IBC DAO envisions aligns with the conglomeration of the gaming and crypto industry. The intersection of these two, novel yet potential-laden industries, incorporates a nexus where the economics involved in the game and the finance in the real world can be amalgamated, giving rise to a system where in-game assets can be owned and transferred in the form of digital tokens on the blockchain.

IBC DAO gives the example of Axie Infinity, the largest P2E game that is currently dominating the crypto industry and witnesses traffic of over 1 million users on a daily basis. However, such games require an initial seed capital, be it NFTs or cryptocurrencies, to start playing games. This is where IBC DAO will play its role and eradicate the initial hindrance.

The company recently purchased a myriad NFTs with the help of their first crowdfunding round.

“We are grateful to our genesis members for their contribution to our first round of funding. It is great to know that we share the same long-term vision to build the biggest game guild with a community of empowered and driven Indian players,” said IBC DAO founder, Hitesh Malviya. Hitesh also announced the release of the organisation’s governance system in the vicinity of their official launch three months later.

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first published:November 27, 2021, 11:29 IST
last updated:November 27, 2021, 11:43 IST
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