NFT Marketplace Quidd Raises Additional $500,000 in IDO, Funds Total $5M

By November 22, 2021NFT
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Quidd marketplace, has reportedly raised an additional $500,000. The NFT digital collectibles platform raised such an amount of funds via the token’s IDO on Polkstarter, the project launchpad on the Polkadot ecosystem on Thursday, the 18th of this month.

Reports revealed that the number of tokens allocated for the event were 2 million QUIDD. However, the tokens on the Polkadot ecosystem were sold out in under sixty minutes at a cost of $0.25 per token.

The extra funds adds to the $4M and $500,000 raised earlier this November. Investors that participated in the private sale included; Binance, OneFootball, Kingsway, Sanctor Capital, Genesis Block Ventures, and other ventures.

The pre-sale, which was held on the Animoca Launchpad, sold 1001 vouchers at a price of $500 each. According to Animoca, users can use each voucher to claim 2,500 tokens in May, next year.

Before getting the $5M funding this November, Quidd had previously gotten $13M in a funding round led by Sequoia Capital four years ago.

QUIDD Is Available For Trading on Pancakeswap

After the completion of its IDO, the QUIDD tokens were listed for trading on Pancakeswap, Binance’s decentralized exchange. As of the time of this publication, the tokens can be traded for Wrapped BNB and other tokens affiliated with Animoca, such as Tower, Revv, Prosper, etc.

Since the completion of the IDO, the ERC-20 token’s price has risen by a staggering 1,212% to $3.28. On November 20, it once attained an ATH of $4.73 before dropping 31.9%.

Token Marks the Start of Quidd’s Roadmap to Web 3.0

Quidd’s executive Michael Bramlage, said that the token marks the starting point of the marketplace’s goal towards web 3.0. Speaking about the funding, Yat Siu of Animoca Brands, said that the Quidd token is a representation of digital collectibles, adding that the tokens can help develop a community of Non-fungible markets and enable users to trade items conveniently.

Quidd is the foremost marketplace that allows users to buy and sell individual digital collectibles. The marketplace has over seven million users and two billion NFTs at its disposal for sale.

Quidd executives revealed that the token will allow buyers to mint their collectibles on their preferred blockchain network. In addition, holders will have voting rights and influence certain decisions as regards content and budget.

Animoca Brands is a blockchain game software company and a venture capitalist headquartered in Hong-Kong. The company alongside Harmony blockchain network purchased Quidd in a bid to bolster expansion of digital collectibles sales in August 2019.

Aside from onboarding its games, Animoca announced that it’s major aim is to solve scalability issues, which is prevalent in various digital collectibles platforms.

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