Plato Farm launched its initial DEX offering (IDO) at 3 pm UTC on Jan. 14, 2022, in which more than 5,000 users participated. A total of 1 million PLATO tokens were sold out within 13 hours.
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 Know Your Customer (KYC) procedure: 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 a nonfungible token (NFT) game that supports HRC-721, HRC-1155 and ERC-1155 token standards. Players must grow crops and raise livestock on their farms to earn MARK and PLATO tokens. The game allows players or communities to establish their own guilds. Additionally, players can also increase their income by providing commissions or rented NFTs to other players or hiring other players to play the game. However, only tokenholders may hire other players; hired players can play without any investment.
Characters are created according to their specialties. Players may elect a leadership committee through guilds or decentralized autonomous organization governance, who then decide the best way (or best people) to manage money. The treasury is set up to make governance recommendations. As different characters will have different capital needs, some players will focus on accumulating or harvesting certain types of products. Through division of labor, Plato Farm makes development more efficient, thus generating more income.
The game is currently in the pre-launch of the gamma version, and players can only participate through methods such as whitelisting. The total number of NFT transactions had reached 1,067,981 by the time of this writing, with over 20,000 addresses holding NFT assets in the game.
The current valuation of Plato Farm is $300 million, and the game has obtained investments from well-known institutional investors, such as Chronos Ventures, BlockVenture, Huobi Ventures, Formless Capital, OKEx Blockdream Ventures, OP Crypto, Web4 Ventures, Cipholio Ventures, ZBS Capital, Chain Broker, CryptoDep, Vadym Piholenko, Gagarin Crypto, G. Crypto Media, Top 7 ICO, Block Patch, Incrypted, Bitwired, Magic Enterprises, CryptoPhd and more.
The tokenomics of MARK
MARK is the circulating token in Palto Farm and serves as the medium of exchange in the game. General items and props in the game are anchored to MARK, which players must use to purchase said items. When players use MARK for purchases, the token is subsequently repurchased and burned by the system. The only way to obtain MARK is to complete missions and work in the game through planting, breeding, processing and more. MARK’s ratio — earned by completing tasks and working — is 2:8. Its output is based on the increase or decrease of the game’s gross domestic product (GDP). When the GDP increases, MARK’s supply increases according to the F(X) function, and when it decreases, the supply decreases according to the same function. Whatever the case is, the daily output does not exceed 10 million.
Whether or not to increase MARK’s supply is determined by the game’s GDP. Each additional issuance is written into the blockchain, publicized and able to be checked on the chain. Therefore, with ongoing growth in the game’s ecology, MARK guarantees a reasonable user experience and brings more sources of income to users.
Besides gaming income, MARK can also help players earn other profits in Plato Farm such as staking for PLATO mining.
About Plato Farm
Plato Farm is an NFT game supporting HRC-721, HRC-1155 and ERC-1155 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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