New NFT gaming platform Balthazar raises US$3 million in token sale

Posted: 25 January 2022 10:00 am
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A disruptive platform enters the play-to-earn space that connects players who can't afford the cost of entry with NFT investors.

Balthazar, a young entry in the growing play-to-earn NFT game space, raised US$3 million in its first token sale and opened a private token sale to raise US$8 million, which closes in February.

The company's goal: to connect people who want to play but can't afford the price of entry with NFT investors who can, and let both profit.

Animoca Brands led the first token sale, one of the leading investors in the crypto space with more than 150 investments in NFTs and play-to-earn games.

"We are so thrilled to be backed by Animoca Brands and all of our supporters in helping to shape the metaverse and to continue assisting and expanding our community," said John Stefanidis, CEO of Balthazar.

Balthazar pairs would-be players with investors

This Decentralized Autonomous Organization (DAO) aims to empower gamers and create a self-sustaining, wealth-building ecosystem that will benefit players and gaming NFT investors.

Balthazar connects investors in NFT gaming assets and lets them rent their assets to players — called scholars, or wizards. Scholars use investors' assets to play games including Axie Infinity, Splinterlands and Thetan Arena, earn tokens and share their winnings with investors.

"I'm excited about the future of the play-to-earn space, in particular how it's spreading earning opportunities to those who need it most, as well as providing a new use-case for cryptocurrency," said Stefanidis.

Borrowing someone else's assets lowers the entry bar

Play-to-earn and NFT-based games are a rapidly growing niche. Axie Infinity, the most popular NFT game, generated more than US$64 million in December alone, reaching over US$1 billion in revenue for 2021.

But entering pay-to-earn games requires an upfront investment to buy NFTs. Depending on the game, entry can cost anywhere from under US$100 to several thousand dollars. This entry costs can make it difficult for new players who can't afford to buy NFTs.

Balthazar solves this problem by letting players borrow NFTs from investors.

What's more, Balthazar's skilled gamers give expert advice to scholars to help them use the optimal winning strategy. The result in the popular Axie Infinity game is that Balthazar's scholars earn 227% more than the minimum yield of 75 SLP per day. This is beneficial for the players, the NFT investors and the Balthazar ecosystem.

Balthazar's treasury

Initially, the Balthazar team will maintain the platform governance, but once the governance utility is live, the community will decide via voting. Every DAO has a treasury funded through token sales. Balthazar's token is US$BGG and token owners can vote on DAO governance in the future, or they can stake it for future rewards.

The treasury funded with the token sale will be primarily used to buy and manage NFT gaming assets, to manage undistributed tokens in circulation and to perform financial operations.

Balthazar has over 1,500 active scholars

As of January 2022, Balthazar has around 70,000 discord members and over 1,500 scholars who are actively playing games, including Axie Infinity, Splinterlands and Thetan Arena. There are 30,000 players on the waitlist.

Future plans

Balthazar's goal is to become the leading guild in the play-to-earn gaming space by having the most numbers of scholars deployed than any other guild.

Balthazar also aims to launch its own NFT game, to release a gaming console concept and let gaming studios launch games through the platform. At some point, platform members will be able to sell NFT game assets through Balthazar.

Finder's Fred Schebesta is an advisor

Finder Group is one of the investors through Hive Empire Capital, led by Fred Schebesta. Other investors include Zip co-founder Larry Diamond, Digital Asset Capital Management (DACM), Fantom, ZED Run, Darling Ventures, Pluto Digital, San Francisco-based VC Side Door Ventures, Algorand and Three Arrows Capital's TPS Capital.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Kliment Dukovski doesn't own Balthazar tokens as of the publishing date.

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