[NEWS] bitFlyer to conduct IEO of Elf Token (ELF) issued by Hashpalette

On the 8th, bitFlyer, a domestic cryptocurrency exchange, announced that it will hold an IEO for the ELF Token (ELF) issued by HashPalette on its IEO platform, "bitFlyer IEO." This will be the fifth IEO in Japan.

According to Yoshihiro Yoshida, CEO of HashPort, the parent company of HashPalette, this will be the first IEO for a game token in Japan.

As for future plans, they will start accepting IEO applications from 7:00 p.m. on the 9th. Applications will close on the 20th of this month, with the lottery, settlement, and awarding taking place on the 21st. They will also decide on the start date for the period from the 22nd to March 31st.

The total number of Elf Tokens issued will be 1 billion ELF, and the total number for sale will be 100 million ELF. The selling price will be 12.5 yen, and the application unit is 1 unit = 500 ELF. The application limit is 1,500 units (750,000 ELF).

What is Elf Token (ELF)?

Elf Token is a cryptocurrency used to play "THE LAND Elf Forest", a metaverse farming blockchain game that Hashpalette plans to release on the 26th of this month.

You can earn Elf Token by converting items acquired in the game into NFTs and buying and selling them on Hashpalette's NFT marketplace "PLT Place". According to the announcement, staking Elf Tokens will give you an advantage in the game.

Hashpalette, which issues Elf Token, is working on "Palette Chain", a blockchain specialized for NFTs.

In July 2021, the company conducted an IEO of Palette Token (PLT), the native token of Palette Chain, on the cryptocurrency exchange Coincheck. This IEO attracted a lot of attention, attracting approximately 22.4 billion yen in applications for a subscription of approximately 900 million yen. This IEO through bitFlyer will be the company's second IEO.

At a press conference, Hashport's Yoshida said of "THE LAND Elf Forest" that "it will become a product that will be loved around the world, especially in Asia."

He also positioned the game as a "marketing platform," aiming to accumulate user consumption behavior through SBT and other methods, while also showing an attitude of attracting users who have not yet experienced Web 3.0.

Furthermore, when asked why he chose bitFlyer as the cryptocurrency exchange to conduct the IEO, he said, "We wanted to work with bitFlyer, which has been a leader in the industry. Also, this is bitFlyer's first IEO, so we wanted to work together on a new theme."

Reference: Announcement
Image: Quote from the announcement

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