World’s first liquid NFT collection backed by a reserve pool of Ethereum, Chainbinders has just raised more than $5 million within the first two hours, right after the sale of their native utility token BND starts.
As part of the liquidity generation event (LGE), they have managed to raise $3.8 million in just 15 minutes. The funds collected on the first day of LGE totalled over $6.5 million, all thanks to the project’s high production quality, cleverly designed game-theory mechanics, and hyper-deflationary tokenomics.
In Japan, Gachapon refers to a variety of coin-operated machines that dispense random collectibles in capsules. Doki Doki DeGacha, the NFT platform that is hosting Chainbinders, is heavily inspired by Gachapons.
“Chainbinders is part game theory, part art collecting, part gacha, and part anime. It’s got elements of things ranging from Final Fantasy to Nier:Automata. We’re creating original IP and characters (a massive cast of 15 of them!), giving them each their own backgrounds, lore, stories, motivations, and then gamifying them on the marketplace with some clever token mechanics to make sure these NFT’s have instant liquidity and actual value.”
Roy Blackstone, the Creative Director of Doki Doki
Over 100 original and limited edition NFTs, such as characters, weapons, and artifacts from the Chainbinders universe, will be featured in the Gacha machine. Among the NFTs are 15 Legendary rarity Chainbinders, each with their own lore, support items, and backstories.
Players will be using BND tokens to play Chainbinders, which will be hosted by Doki Doki DeGacha’s platform. Once the BND token is spent on the Gacha machine, it will be burned forever. This means that BND is a hyper-deflationary token.
The blog post stated that 75% of the total ETH raised will be transferred to the Reserve Pool that backs the value of every Chainbinders NFT card. The NFTs have on-demand liquidity and can be burned to receive ETH from the pool. This ensures that the remaining holders get paid back a portion of Ethereum, which increases the value and scarcity of other NFTs in the collection as time goes on.
The BND tokens will be transferable and available to be used in-game after the sale. Around $6.8 million worth of tokens have been minted so far.
