Drift Labs Launches on Coinstore After Its IEO Was 250% Oversubscribscribed

SINGAPORE , May 06, 2024 (GLOBE NEWSWIRE) —

DRIFT, the studio token behind DRIFT Labs, was oversubscribed by more than 250% on its Coinstore IEO, creating immense momentum as the GameFi studio token heads into launch.

The IEO followed DRIFT Labs’ three presale rounds and is the last step before the token launched on Coinstore and DEXes. The overwhelming response to the IEO, which was fully subscribed well inside the two-day sale period, can be attributed to enthusiasm among the DRIFT community, the professionalism of Coinstore, and Coinstore’s user base.

Chief Marketing Officer Paul de Havilland went on to say:

“We see a lot of enthusiasm around GameFi in this cycle, and we see the enthusiasm for $DRIFT, for Payout Pursuit, and for our studio generally is exciting. We’re aiming high and hoping for big things in the near future.”

What is Drift Labs?

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.

The future
DRIFT Labs continues to build its ecosystem of partnerships and its hotly anticipated Payout Pursuit already has racing and drifting gamers salivating. As 2024 builds towards a bullish year for crypto, DRIFT Labs is preparing to take on the established players in GameFi and cement itself in the Web3 ecosystem.

The challenge of launching a sustainable token in GameFi was not lost on the team. As Josh Chand，CEO of Drift Labs 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, an IEO, and has now launched on Coinstore and SushiSwap.

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.

Drift Official Media
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