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Jul 12, 2022, 09:00 ET
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SEOUL, South Korea, July 12, 2022 /PRNewswire/ — Global blockchain and NFT company CRIPCO has announced the successful listing of its native ‘IP3 token’ (ticker: IP3) on leading global cryptocurrency exchange, FTX.
A total of three million ‘IP3 tokens’ were sold in CRIPCO’s Initial Exchange Offering (IEO) that took place on July 8, 2022, at 13:00 UTC, on the FTX exchange. Despite the current bear market, the total amount of FTT (FTX Token) staked in this IEO was worth about USD 120 million. The IEO subscription rate was 15 to 1. The public offering price was about USD 0.2 and as of 00:00 a.m. July 12, increased by about 440% to USD 1.08.
The IEO’s success can be attributed to the high level of reliability and stability of the IEO listing and the participation of global leading venture capitals, FTX Ventures and SOLANA Ventures, as investors. Accordingly, FTX and CRIPCO believe that the IEO exceeded expectations and that significant results were achieved for CRIPCO’s IP-based blockchain and NFT business vision.
"Individuals and members of the global blockchain and NFT industry ecosystem, including IP and blockchain companies, have expressed interest in CRIPCO’s unique IP-based NFT business model," said an official at FTX, positively evaluating CRIPCO’s FTX IEO performance and response from the industry.
With the listing of the ‘IP3 token’, CRIPCO is now building the ‘CRIPCO Marketplace’ and will introduce its first NFT project in August, ‘WADE NFT’. This project utilizes the WADE IP, created by CRIPCO’s DAO key members, IPX (formerly LINE FRIENDS), and KB LEE, a famous street fashion artist. This marks the start of a collaborative project with SOLANA which will be promoted in the second half of 2022.
WADE is a virtual artist immersed in subculture. In addition to participating in ComplexCon, a street fashion conference in the United States, WADE has collaborated with brands, including Leica, which exhibited WADE’s works at the ‘O! Leica 2022 – Out of the Ordinary’ photo exhibition in Seoul, drawing international attention and establishing a new trend in the virtual IP space.
Operating on the SOLANA chain, the ‘WADE NFT’ is the first IP NFT project selected by CRIPCO’s DAO. With full support from the DAO members, including NAVER Z(ZEPETO), Fujiwara Hiroshi, MUSINSA, and KASINA, who display outstanding talents, creativity, and inspiration, ‘WADE NFT’ is expected to generate high levels of synergy and anticipation.
Through the DAO governance, CRIPCO will continue various NFT projects, launch the ‘CRIPCO Marketplace’ this year to maximize IP and NFT usage by companies and individuals, and enable the implementation of its digital content businesses. Through this, the company plans to demonstrate the benefits of building the CRIPCO ecosystem in the IP-based blockchain and NFT spaces.
About CRIPCO
CRIPCO is a Singapore-based global blockchain and NFT company that aims to popularize NFTs based on various IPs and has listed its native token ‘IP3 token’ on the FTX exchange on July 8, 2022. Investors and partners include FTX Ventures and SOLANA Ventures. CRIPCO’s governance is based on a Decentralized Autonomous Organization (DAO), which oversees all business-critical decisions from IP screening to IP-based NFT projects. The CRIPCO DAO consists of corporations from various fields, renowned artists, and other influential members across industries, such as IPX (formerly LINE FRIENDS), NAVER Z (ZEPETO), Marciano MMG, Fujiwara Hiroshi, Edison Chen, KB LEE (Kyubum Lee), and James Fauntleroy, etc. In addition to attracting investment from global blockchain venture capitals and a major fashion platform, CRIPCO has secured partnerships with companies in the blockchain industry and is building its ecosystem to realize its ‘IP 3.0 Hub’ vision.
To learn more about CRIPCO, please visit https://cripco.com
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