At 15:00 UTC on January 14, 2022, Plato Farm launched IDO, and more than 5,000 users fought for the IDO quota. Affected by this IDO, the gas fee on the ETH chain soared by 30% for a short period of time. In 13 hours, a total of 1 million PLATO tokens were all sold out.
About the IDO:
Total supply: 1 million
Fundraising: $5 million
Quota per participant: $500-$5000
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.
Development potential when compared with its peers.
Comparison with FarmsWorld, another farming blockchain game:
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.
After analyzing multiple indicators such as the number of registered users, daily active users, and the number of addresses holding the NFTs, it can be seen that the market performances of the two projects are similar. FarmersWorld is currently with more registered users and the price of NFT is higher. The basic investment threshold of PlatoFarm is 200U~500U, while that of the FarmersWorld is above 4000U. If the number of users and the NFT prices of Plato Farm and FarmersWorld are similar, the market value of PLATO will be 8~20 times that of Farmersworld, reaching $6 billion to $16 billion.
The outstanding market value of Plato Farm’s peers is about $800 million. If this is the case for PLATO, its price will at least reach 100U, or even reach the 400U in theory, an 80X increase from the IDO,
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.
Price estimation of PLATO
At the beginning of PLATO’s listing, there were only 2 million PLATOs in circulation, and was only open to the private placement, with a 5% of monthly release. For other releasing information, please check the above figure. According to its IDO platform Tokensoft, an international public offering platform, the IDO price was only 5U per PLATO. All told, the outstanding market value of PLATO was only $10 million. If it can reach the same outstanding market value as its peers, that is, $800 million, the price of Plato shall reach 400U! Besides, players need to consume PLATO to buy NFTs in the game. This will greatly reduce the outstanding number of PLATO, making it even rarer and more valuable. Therefore, its price is bound to rise from the 5U IDO price, and shoot up to 100U, a 20X increase! Its outstanding market cap will reach $200 million! It seems that Plato Farm must consider controlling the rapid growth of PLATO prices, in order to maintain healthy and reasonable growth.
Please follow the official accounts for the latest news:
TG group: https://t.me/platofarm
TG channel: https://t.me/PlatoFarm_News
Discord group: https://dsc.gg/plato-farm
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.