Pixelverse Launches PIXFI Token with Successful Airdrop and Strategic Plans

Pixelverse, a prominent NFT and gaming platform on The Open Network (TON), launched its native token, PIXFI, through a highly anticipated airdrop on July 18.

Market Impact and Listing

Following its release, the TON token surged by nearly 50% within the first few hours of trading, reaching a fully diluted market capitalization of approximately $200 million before experiencing a pullback later in the day, as reported by CoinMarketCap.

The PIXFI token is now available on several major centralized exchanges, including Bybit, HTX, Gate, Bitget, and MEXC, as confirmed by Pixelverse's post on the X platform.

Airdrop Distribution and Staking Mechanism

In its initial airdrop, Pixelverse distributed 10% of PIXFI's total supply to holders of its Rare, Epic, and Legendary NFT collections. Additionally, another 20% of the tokens will be allocated to Pixelverse and Pixelchain users over time.

To prevent the typical sharp selloffs associated with airdrops, Pixelverse implemented a staking mechanism where airdropped tokens are automatically staked for additional rewards. Immediate withdrawal of these tokens incurs a 90% penalty, encouraging holders to retain their tokens.

Addressing Airdrop Challenges

Pixelverse acknowledged the challenges faced by early airdrops, which were initially welcomed by the community as rewards for genuine users. However, the practice of "farming" and sybil attacks by industrious users has since led to community discontent and negative price actions. The project's airdrop documentation highlighted these issues and outlined measures taken to mitigate them.

Pixelverse and PixelTap: Pioneering Web3 Gaming

Pixelverse is the creator of PixelTap, a popular cyberpunk-themed minigame on Telegram that attracted 50 million new users in June alone. Residing on TON, a layer-1 blockchain originally developed by the team behind Telegram and now managed by the TON Foundation, PixelTap has been a significant success.

PixelTap, along with other Web3 gaming hits like Hamster Kombat, pioneered the "Tap-to-Earn" social gaming phenomenon, rewarding players for regular engagement. Players adopt in-game characters modeled after iconic memes, such as Doge from the Dogecoin memecoin, and participate in over 10 million battles daily.

Introduction of Pudgy Penguin Character

On July 16, Pixelverse announced the integration of "Pudgy," the face of the popular NFT collection Pudgy Penguins, into the PixelTap game. This move is expected to attract even more users and enhance the game's appeal.

Recent Funding Success

In May, Pixelverse successfully closed a $5.5 million funding round led by Delphi Ventures, Merit Circle, and Mechanism Capital, positioning the platform for further growth and development.

The strategic airdrop and continuous innovation in Web3 gaming demonstrate Pixelverse's commitment to creating a sustainable and engaging ecosystem for its users. As the platform evolves, it continues to set new benchmarks in the intersection of NFTs and gaming on blockchain technology.