NFTs
expanding the use of NFTs beyond digital art
Galaxya post-hype NFT platform, secured $10 million in funding ahead of the launch of its token. Investors include well-known names like Chainlink, Ethereum Name Services (ENS), and Rarestone Capital.
Let’s see all the details below.
Galaxis aims to expand the use of NFTs beyond digital art
As predicted, Galaxis, a Singapore-based Web3 platform, raised US$10 million in financing for the launch of its token.
Top investors include Chainlink, Ethereum Name Services (ENS), Rarestone Capital, Taisu Ventures and Nick Johnson, co-founder of ENS.
Part of the financing also came from the sale of more than 11 thousand “Galaxis engines”, which contributed to the total amount raised. Galaxis is a platform that helps creators and brands launch collections of non-fungible tokens (NFTs).
Among its collaborators are celebrities such as DJ Steve Aokiactor Val Kilmerand NBA star LaMelo Ball. Over the past two years, Galaxis has sold more than 225,000 NFTs, generating more than 32,000 ETH (approximately $100 million) in secondary NFT sales.
Now, the platform is planning “mass distribution,” the company said.
The CEO and co-founder Andras Kristofwho installed the first Bitcoin ATMs in Singapore have stated that the company’s next step will be to see its native token GALAXIS powering the ecosystem.
As a post-hype NFT utility platform, Kristof argues that NFT technology will have real value beyond the hype, extending to multiple industries beyond Web3.
Galaxis, incubated by CoinMarketCap, allows individuals and brands with communities to create engagement and reward mechanisms through NFTs, without the need for third-party tools. Thus creating an integrated economy for community management.
Bybit announces Galaxis IDO: a fundraising campaign through decentralized exchanges
Bybit, one of the world’s leading cryptocurrency exchanges, has announced that it will host an initial DEX offering (IDO) for Galaxis on its Web3 platform.
An IDO, or initial DEX offering, is a fundraising method that uses decentralized exchanges, allowing investors to purchase new tokens through liquidity pools.
Unlike an ICO, the IDO does not involve centralized exchanges, offering greater decentralization.
Bybit stated that the IDO subscription period began on May 3rd and will end on May 7th. Thereafter, there will be a three-day break before the presentation, purchase and listing of the token, which will begin on May 10th.
The token will have the symbol “GALAXIS” and the total supply will be limited to ten billion units. To participate, users must have a Bybit wallet with at least 300 USDC on the Ethereum blockchain.
The IDO will have a maximum of 2,000 winners and no secondary accounts will be allowed. Once tokens are received, participants will be able to redeem them but will be responsible for paying gas fees blockchain.
Emily BaoBybit Web evangelist, commented that Galaxis’ vision is aligned with Bybit’s philosophy, which aims to support innovative Web3 projects.
Bao added that Bybit is committed to promoting a more connected, open and fair Web3 ecosystem, and that the Galaxis project is an important step towards this vision.