Drift Labs Launches on Coinstore After Its IEO Was 250% Oversubscribscribed
06 Mayo 2024 - 12:00PM
DRIFT, the studio token behind DRIFT Labs, was oversubscribed by
more than 250% on its Coinstore IEO, creating immense momentum as
the GameFi studio token heads into launch.
The IEO followed DRIFT Labs’ three presale rounds and is the
last step before the token launched on Coinstore and
DEXes. The overwhelming response to the IEO, which was fully
subscribed well inside the two-day sale period, can be attributed
to enthusiasm among the DRIFT community, the professionalism of
Coinstore, and Coinstore’s user base.
Chief Marketing Officer Paul de Havilland went on to say:
“We see a lot of enthusiasm around GameFi in this cycle, and we
see the enthusiasm for $DRIFT, for Payout Pursuit, and for our
studio generally is exciting. We’re aiming high and hoping for big
things in the near future.”
What is Drift
Labs?
Drift Labs, a Web3 game studio, aims to retell
the story of Web3 gaming tokens by introducing its studio token,
DRIFT, which distinguishes itself from typical in-game tokens by
offering utility outside the game. Players can tailor their gaming
experiences with DRIFT tokens, accessing NFT skins and exclusive
features. At the same time, non-gamers stake DRIFT tokens to
receive a percentage of the game’s revenue. Furthermore, a portion
of the game’s earnings is strategically allocated to bolster the
DRIFT token’s liquidity. Most importantly, DRIFT is not an in-game
rewards token, which alleviates the sell pressure many GameFi
tokens face.
The core innovation driving DRIFT lies
in its unique tokenomic structure, where the success of the game
directly influences the studio token, and vice versa. Notably, the
team has ingeniously implemented a two-way insulation mechanism
between the game and the studio, effectively reducing sell
pressure.
Leveraging their extensive experience in Web3
gaming and NFT publishing, the DRIFT team possesses invaluable
insights into effective tokenomic models. Their track record,
coupled with a profound understanding of the broader crypto
landscape, underscores the team's commitment to creating a project
that appeals to both Web3 gamers and non-gamers alike.
Drift’s first offering, Payout Pursuit, is a
cross-chain racing game that invites players to compete by
recording their fastest lap times in a tournament to win crypto
prizes. The game, which already has a playable beta version,
employs the play-to-earn (P2E) model, where players can earn
real-world rewards in the form of cryptocurrencies for their
in-game activities and achievements.
The futureDRIFT Labs continues to build
its ecosystem of partnerships and its hotly anticipated Payout
Pursuit already has racing and drifting gamers salivating. As 2024
builds towards a bullish year for crypto, DRIFT Labs is preparing
to take on the established players in GameFi and cement itself in
the Web3 ecosystem.
The challenge of launching a sustainable token
in GameFi was not lost on the team. As Josh Chand,CEO of Drift Labs
emphasized, the studio’s primary goal for its token was to address
the challenges that plagued Web3 gaming, stating:
“Many Web3 games failed due to poor economic
design, focusing more on Web3 integration than game quality and
sustainable models. We wanted to do something entirely
different.”
The DRIFT token has already completed three
presale rounds, an IEO, and has now launched on Coinstore and
SushiSwap.
Amid the persistent challenge of in-game token
isolation within the Web3 gaming space, DRIFT Labs’ Web3 studio
emerges as an innovative contender, featuring a delicate
equilibrium designed to mitigate token sell pressure while
maximizing benefits for all participants. As Web3 gaming
continues to evolve, solutions like studio tokens may bridge the
gap between isolated ecosystems, paving the way for a new era of
sustainable tokenomics and immersive gaming experiences.
Drift Official MediaWebsite
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Pursuit
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Alvin Lee
Project Management
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85119183
alvin at coinstore.com