Plato Farm Completed its $5 Million IDO in 13 Hours

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San Francisco, USA, 15th January, 2022, Chainwire

At 15:00 UTC on January 14, 2022, Plato Farm launched IDO, and more than 5,000 users participated for the IDO quota. . In 13 hours, a total of 1 million PLATO tokens were all sold out.  

About the IDO:

Total supply: 1 million

Total Fundraising: $5 million

Token Price: $5

Quota per participant: $500-$5,000

About the IDO participants:

Participants who completed the KYC: 100,000

Participants who passed the KYC: 13,000

Participants who lined up in the IDO: 5,600

Participants who successfully completed the IDO: 2,547

Plato Farm is an NFT game that supports the HRC721, HRC1155, and ERC1155 protocols. Players need to grow crops and raise livestock on their farms to earn MARK and PLATO tokens. The current valuation of Plato Farm is $300 million, and has obtained investments from well-known institutional investors such as Chronos Ventures, BlockVenture, Huobi VenturesFormless, OKEx Blockdream Ventures, OP Crypto, Web4 Ventures, Cipholio Ventures, ZBS Capital, Chain Broker, CryptoDep, Vadym Piholenko, Gagarin Crypto, Gcrypto Media, Top 7 ICO, Block Patch, Incrypted , Bitwired, Magic Enterprises, CryptoPhd, etc.

Plato Farm allows players or communities to set up their own guilds. It allows players to provide commissions or rent NFTs to other players, and hire other players to play the game, so as to increase their income. Token holders can hire other players to play for them, so that they can make a profit without playing the game, and the hired player can play the game without any investment.

In the game, players can choose characters according to their specialties. They can elect a leadership committee through guilds or DAO governance, who will decide the best way or best people to spend the money. The Treasury shall be set up to make governance recommendations. Different characters will have different capital needs. Some players will focus on accumulating or harvesting certain types of products. Through the division of labor, Plato Farm is more in line with the working reality in the real world, thereby making the development more efficient, and generating more income.

The game is currently in the pre-launch of the GAMMA version, and players can only participate through ways like whitelisting. As of this writing, the total number of NFT transactions has been 1,067,981. Over 20,000 addresses hold the NFT assets of the game.

The tokenomics of MARK

MARK is the circulating token in Palto Farm. It serves as the medium of exchange in the game. General items and props in the game are anchored to MARK, and players must use MARK to purchase these items. When players use MARK  to buy items, Mark will be repurchased and burned by the system. The only way to get MARK is to complete missions and work in the game (through planting, breeding, processing, etc.). The ratio of MARK earned by completing tasks and working is 2:8. The output of MARK is based on the increase or decrease of the game’s GDP. When the game GDP increases, the MARK supply will increase according to the F(X) function, and when the game GDP decreases, the MARK supply will decrease according to the F(X) function. Whatever the case is, the daily output will not exceed 10 million.

Whether to increase the MARK supply is determined by the game GDP. Each additional issuance will be written into the blockchain, be publicized, and be able to check on the chain. Therefore, with the boom of the game ecology, the MARK will only affect the user experience reasonably and will bring more income sources to users.

Besides the gaming income, MARK can also help players to earn other income in Plato Farm, such as being staked for PLATO mining.

About Plato Farm:

Plato Farm is an NFT game which supports HRC721, HRC1155 and ERC1155 protocols. Players are tasked with growing plants and raising livestock on a small farm to earn MARK and PLATO tokens which can then be used with various NFT items to transform their barren land into a bustling city. Players can also start their own guilds and earn money while playing.

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