Pixelverse (PIXFI) Token Launches via Airdrop, Approaches $200M in Market Cap

Pixelverse, a non-fungible token (NFT) and gaming platform on The Open Network (TON), launched its native token, PIXFI, in a much-anticipated airdrop on July 18.

NFT and gaming platform Pixelverse, operating on The Open Network (TON), has launched its native token, PIXFI, in a highly anticipated airdrop on July 18.

The token surged nearly 50% in the first hours of trading post-listing and approached $200 million in fully-diluted market capitalization before retracing later in the day, data from CoinMarketCap showed.

Centralized exchanges listing the PIXFI token include Bybit, HTX, Gate, Bitget, MEXC, among others, according to a separate Pixelverse X post.

Pixelverse airdropped 10% of PIXFI's total supply to holders of its Rare, Epic and Legendary NFT collections, the project announced in a post on the X platform. Another 20% of the tokens will be gradually distributed to Pixelverse and Pixelchain users.

The project is behind the hit Telegram game PixelTap, a cyberpunk-themed mini game that reportedly attracted 50 million new users in June alone. It is built on TON, a layer-1 blockchain initially created by the team behind the Telegram messaging app and currently overseen by the TON Foundation.

Related: Pixelverse to integrate Pudgy Penguin character into Telegram mini game

In a bid to curb the sharp selloffs that often follow free token distributions, the airdropped tokens are automatically "staked" for additional rewards and any immediate withdrawal will incur a 90% penalty, Pixelverse X noted.

"While early airdrops were seen as a way to reward real users and were welcomed by the community, farming and sybil attacking have since taken over amongst industrious users and airdrops these days usually lead to community outrage and negative price action on tokens," Pixeverse noted in its airdrop documentation.

PixelTap — along with other Web3 gaming hits like Hamster Kombat — has pioneered the "Tap-to-Earn" social gaming phenomenon, which sees players getting rewarded for their regular engagement.

Gamers can adopt in-game characters modeled after iconic memes — such as Doge from the Dogecoin memecoin — that engage in over 10 million daily battles, according to Pixelverse.

On July 16, Pixelverse announced the upcoming integration of “Pudgy” — the character representing the popular NFT collection Pudgy Penguins — into the PixelTap game.

In May, Pixelverse closed a $5.5 million funding round led by Delphi Ventures, Merit Circle and Mechanism Capital.

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