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GamyFi, the first fantasy sports platform in blockchain, has closed its seed and private investment round, raising $1 Million. Spark Digital Capital led the investment rounds.
Gamyfi will use the proceeds to develop their range of products and the GamyFi ecosystem and introduce blockchain to a significant userbase making GamyFi a gaming platform for everybody.
GamyFi Team Gearing Up Launch More Products
The team at GamiFy is working on launching its first set of products from the beginning of Q2. The products include:
- The user-friendly NFT marketplace.
- Prediction Market.
- The hybrid Fantasy Sports app.
- The complete GamyFi ecosystem.
The main problems GamyFi faces are the Ethereum gas fees and scalability, which might be a deal-breaker for most users. GamyFi is working on solutions for the same and will publish more details before launching their products.
GamyFi Token Launching Soon
GamyFi will be launching its token, $GFX, at the Token Generation Event planned for the end of Q1.
The GFX token will be the utility token that powers the GamiFy platform. The GFX tokens will be used on the Fantasy Sports, Lottery, and Prediction Market as payment to join games and earn rewards.
GFX token holders share 51% of the platform profits, and as its the governance token of the platform, it allows token holders to participate in project decisions. Token holders will receive a certain number of free games too.
There will only ever be 10,000,000 GFX tokens. 20% of the token are allocated for ecosystem rewards and liquidity incentives each. Token sales allocation is at 20%, while 10% are for airdrops. The treasury will contain 15% of the tokens, the GamyFi team will own 10%, and Advisors will own 5%.
These allocations have a specific percentage of the tokens released at the token generation event (TGE) and at each quarter, details of which are on the GamyFi website.
GamyFi is a cross-chain gaming and fantasy sports platform built on Polkadot. The gaming ecosystem also contains betting, lottery, PVP games, and an NFT marketplace. GamyFi aims to be the global platform where users can interact with games and people from all over the world.
The seed and private funding round led by Spark Digital Capital also gained support from AU21 capital, LD capital, Momentum 6, Angel One, Infinity Labs, Chain Ventures, Bitmart Exchange, 499 Block, UNITY capital, BK capital, OASIS capital, YBB Foundation, Ternary capital, Searchlight capital Incuba Alpha to name a few.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.