Solana NFT platform SolChicks is backed by…113 VC funds

SolChicks, a play-to-earn fantasy game built on Solana, has become the talk of the town after it was revealed that 113 different venture capital funds have invested in the project.

Death by VC for the new Solana game?

A new play-to-earn fantasy game launched on Solana caused a stir in the crypto community on Wednesday, raising questions about the sustainability of the current fundraising model in DeFi.

SolChicks has been getting a significant amount of attention for being backed by over 100 different VC funds—113 to be exact. The project’s official website lists some familiar names among its partners, including Gate.io, but the majority remain obscure funds focused on small-cap DeFi projects.

In a press release published after its successful IDO, SolChicks said that it has raised over $20 million from more than 300 private investors. The game’s IDO is set to be conducted on 38 launchpads at a public price of $0.05 per token, implying a fully diluted market capitalization of $500 million.

The success of SolChicks’ IDO was what tipped some members of the crypto community to dive deeper into the game’s development.

The fact that over 100 VC funds invested in the project led many to question its legitimacy, with many saying that it was only a question of time before all of them dumped $CHICKS on the market.

So who’s gonna provide liquidity for all the good people behind those shiny logos ? Any volunteer ? 🤔 https://t.co/xjXyeVtD8O

— Cherry 🌸 (@cherry_cbl) December 1, 2021

According to one trader, this isn’t just a baseless assumption—one of SolChicks’ founders was reportedly involved with several other equally ambitious projects that failed spectacularly just months after launch.

Solchicks is the 3rd project he’s launch this year, after launching two others on BSC.

His first project was in May 2021 – https://t.co/J6Z8aBLDkG pic.twitter.com/HtIk9y5uQg

— Trader Of Corn (@bitcorntrader) December 1, 2021

The $CHICKS token is set to have its IDO on December 2nd across 38 launchpads, with its token generation event (TGE), as well as public exchange listing scheduled for December 6th. We are yet to see how the market reacts to next week’s listing.