Singapore, April 22, 2024 (GLOBE NEWSWIRE) -- What is Drift and what does it solve?
Drift Labs, a Web3 game studio, aims to retell the story of Web3 gaming tokens by introducing its studio token, DRIFT, which distinguishes itself from typical in-game tokens by offering utility outside the game. Players can tailor their gaming experiences with DRIFT tokens, accessing NFT skins and exclusive features. At the same time, non-gamers stake DRIFT tokens to receive a percentage of the game’s revenue. Furthermore, a portion of the game’s earnings is strategically allocated to bolster the DRIFT token’s liquidity. Most importantly, DRIFT is not an in-game rewards token, which alleviates the sell pressure many GameFi tokens face.
The core innovation driving DRIFT lies in its unique tokenomic structure, where the success of the game directly influences the studio token, and vice versa. Notably, the team has ingeniously implemented a two-way insulation mechanism between the game and the studio, effectively reducing sell pressure.
Leveraging their extensive experience in Web3 gaming and NFT publishing, the DRIFT team possesses invaluable insights into effective tokenomic models. Their track record, coupled with a profound understanding of the broader crypto landscape, underscores the team's commitment to creating a project that appeals to both Web3 gamers and non-gamers alike.
Drift’s first offering, Payout Pursuit, is a cross-chain racing game that invites players to compete by recording their fastest lap times in a tournament to win crypto prizes. The game, which already has a playable beta version, employs the play-to-earn (P2E) model, where players can earn real-world rewards in the form of cryptocurrencies for their in-game activities and achievements.
Token Overview
- Token name: Drift
- Token symbol:DRIFT/USDT
- Total supply: 10,000,000,000
The DRIFT token has utility for gamers and non-gamers. Gamers that hold DRIFT will be able to customize their gaming experience with NFT skins and other features. Non-gamers who stake DRIFT receive a percentage of game revenue, and the token also receives Liquidity from a percentage of game revenue.
The allocation is as below:
- Presale 1,703,373,977 17.03%
- IEO 1,375,000,000 13.75%
- Expansion Reserve 2,044,689,341 20.45%
- Marketing 986,878,633 9.87%
- Strategic Partnerships 826,078,603 8.26%
- Community 684,779,476 6.85%
- Dex Liquidity 172,413,793 1.72%
- Staffing Reserve 669,553,645 6.70%
- Game Pool 422,668,699 4.23%
- Ambassadors 68,134,959 0.68%
- Burn 1,000,000,000 10.00%
- Sponsorships 46,428,873 0.46%
- Total 10,000,000,000 100%
Team and the future
DRIFT Labs is led by a seasoned team with a background in GameFi, Web3, NFTs, and the broader crypto industry. CEO Josh Chand has extensive experience in crypto, having led a number of projects. CFO and GM Dr Michael Tabone boasts immense expertise in Web3, with experience at Cointelegraph Research, numerous consulting clients, and is currently a Professor at the University of the Cumberlands, teaching in the Masters program for Global Business in Blockchain. Paul de Havilland, CMO, and Sophie Hendry, CDO bring a significant wealth of experience in the GameFi, NFT, Metaverse, and DAO space as marketing and design professionals. CTO Muhammad Nabeel has extensive experience in smart contracts, Web3 Dapps, and a number of Web3 projects.
The challenge of launching a sustainable token in GameFi was not lost on the team. As Josh Chand emphasized, the studio’s primary goal for its token was to address the challenges that plagued Web3 gaming, stating:
“Many Web3 games failed due to poor economic design, focusing more on Web3 integration than game quality and sustainable models. We wanted to do something entirely different.”
The DRIFT token has already completed three presale rounds, and mis moving to the IEO phase before launching the token on multiple CEXes and DEXes.
Amid the persistent challenge of in-game token isolation within the Web3 gaming space, DRIFT Labs’ Web3 studio emerges as an innovative contender, featuring a delicate equilibrium designed to mitigate token sell pressure while maximizing benefits for all participants. As Web3 gaming continues to evolve, solutions like studio tokens may bridge the gap between isolated ecosystems, paving the way for a new era of sustainable tokenomics and immersive gaming experiences.
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