Animoca Brands subsidiary Quidd raises $5M for NFT marketplace

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

Animoca Brands subsidiary Quidd raises $5M for NFT marketplace

Quidd is an NFT marketplace and a subsidiary of Animoca Brands, which has raised a total of $5 million in private, pre-sales, and an initial DEX offering (IDO). Animoca Brands is a Hong-Kong based game software company and venture capital company specializing in blockchain gaming.

The token sale happened 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 with raising $500,000.

Lately, the private sale of the Ethereum based QUIDD tokens allocated 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, Every voucher cost around $500. bringing the total value of the pre-sale $500,000. The receipts 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 decentralized exchange platform Binance Smart Chain, PancakeSwap. The tokens can right now be traded for Wrapped BNB(WBNB), and other Animoca-owned tokens including Tower (TOWER), REVV (REVV), Lympo Market Token (LMT), Boundly (BONDLY), and Prosper (PROS).

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 an all-time high of $4.73 on Nov 20, and there is a total supply of one billion tokens. The Quidd marketplace has 7 million users over 2.1 billion pieces of nonfungible artworks for sale.

Quidd expressed its marketplace as "chain-agnostic," noting that the token "will supply buyers and collectors the choice to mint their collectibles on their preferred networks," Such as Ethereum, WAX, and Flow.

The QUIDD tokens additionally qualify holders to voting rights on the use of Quidd's content and licensing budgets.

Read: The Reserve Bank of India preparing to bring digital currency next year

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