bitFlyer IEO first round begins to apply for elf tokens for new HashPalette game

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On the 8th, bitFlyer Co., Ltd. announced plans to handle ELF Tokens issued by HashPalette Co., Ltd. on its IEO (Initial Exchange Offering platform) bitFlyer IEO.

Four domestic IEOs have been conducted up to June 2023, but this is the first time they have been held at bitFlyer. We will begin accepting IEO applications for Elf Tokens from 7pm on February 9th, and trading is expected to begin between February 21st and the end of March.

IEO is a method in which an exchange that handles crypto assets is responsible for examining and selling tokens issued by a project. IEOs allow projects to raise funds for initial listings, easily secure liquidity, and reach the exchange's user base from an early stage, among other benefits.

HashPalette Co., Ltd. was established in 2020 as a wholly owned subsidiary of HashPort Co., Ltd., which develops products specializing in NFTs (non-fungible tokens). HashPalette conducted its first IEO in Japan on Coincheck on July 1, 2021, and issued the governance token “Palette Token (PLT)” for the NFT platform “palette”. 60,000 people participated and a total of 22.7 billion yen was raised.

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Elf token sales details

The “ELF Token'' sold at bitFlyer IEO is a crypto asset (virtual currency) used in the NFT farming game “THE LAND Elf Forest'' (hereinafter referred to as “THE LAND'') being constructed by HashPalette.

Source: bitFlyer

The game is scheduled to be released as a smartphone app in 2024. This is his NFT farming game where players build their own town and grow crops in the game.By building their own town and growing crops, players can trade NFT crops and earn tokens.

Elf tokens are obtained by participating in tournaments or by converting and selling items acquired in-game into NFTs, and are used to purchase NFTs of land and items in-game. Furthermore, by staking these tokens, you will be provided with special features to enjoy the game even more.

The NFT specialized Layer 1 blockchain pallet chain will be used as the issuing platform for elf tokens. Of the total issued amount of 1 billion ELF, the number of tokens sold through IEO is 100 million ELF, which is 10%.

The total amount of tokens to be sold is 1.25 billion yen, and the price of 1ELF is set at 12.50 yen. Japanese yen is used for purchases. Applications are based on units, with each unit purchasing 500 ELF. The application limit per investor is 1,500 units, equivalent to a total of 750,000 ELF.

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