expansion of the use of NFTs beyond digital art

Galaxis, a post-hype NFT platform, has secured $10 million in funding prior to the launch of its token. Among the investors are well-known names such as Chainlink, Ethereum Name Services (ENS), and Rarestone Capital.

Let’s see below all the details. 

Galaxis aims to expand the use of NFTs beyond digital art

As anticipated, Galaxis, a Web3 platform based in Singapore, has raised $10 million in funding for the launch of its token. 

Among the main investors are Chainlink, Ethereum Name Services (ENS), Rarestone Capital, Taisu Ventures, and Nick Johnson, co-founder of ENS.

Part of the funding also came from the sale of over 11,000 “Galaxis engines”, which contributed to the total amount raised. Galaxis is a platform that helps creators and brands launch collections of non-fungible tokens (NFTs). 

Among its collaborators there are celebrities like DJ Steve Aoki, actor Val Kilmer, and NBA star LaMelo Ball. In the last two years, Galaxis has sold over 225,000 NFTs, generating more than 32,000 ETH (approximately 100 million dollars) in secondary NFT sales. 

Now, the platform is planning for “mass distribution,” the company stated.

The CEO and co-founder Andras Kristof, who installed the first Bitcoin ATMs in Singapore, stated that the next step for the company will be to see their native token GALAXIS powering the ecosystem.

As a post-hype NFT utility platform, Kristof argues that NFT technology will have real value beyond the hype, extending to various sectors beyond Web3.

Galaxis, incubated by CoinMarketCap, allows individuals and brands with communities to create engagement and reward mechanisms through NFTs, without the need for third-party tools. Thus creating an integrated economy for community management.

Bybit announces Galaxis IDO: a fundraising campaign through decentralized exchanges

Bybit, one of the leading cryptocurrency exchanges in the world, has announced that it will host an Initial DEX Offering (IDO) for Galaxis on its Web3 platform.

An IDO, or Initial DEX Offering, is a fundraising method that uses decentralized exchanges, allowing investors to purchase new tokens through liquidity pools. 

Unlike an ICO, the IDO does not involve centralized exchanges, offering greater decentralization.

Bybit has declared that the subscription period for the IDO started on May 3rd and will end on May 7th. Subsequently, there will be a three-day interval before the presentation, purchase, and listing of the token, which will start on May 10th. 

The token will have the symbol “GALAXIS” and the total supply will be limited to ten billion units. To participate, users must own a Bybit wallet with at least 300 USDC on the Ethereum blockchain. 

The IDO will have a maximum of 2,000 winners and secondary accounts will not be allowed. Once the tokens are received, participants will be able to redeem them, but they will be responsible for paying the gas fees blockchain.

Emily Bao, Bybit Web evangelist, commented that the vision of Galaxis is in line with Bybit’s philosophy, which aims to support innovative Web3 projects. 

Bao added that Bybit is committed to promoting a more connected, open, and fair Web3 ecosystem, and that the Galaxis project is an important step towards this vision.