Will The ‘Initial Scavenger Hunt Offering’ Become The Next ‘Big Thing’ For Crypto Token Issuers?
Satoshi’s Treasure, which is a keys-hunting game with a reward of $1 million Bitcoin, allows gamers to experience the crypto industry. The project is run by Primitive Ventures, a tech company, will be releasing puzzles of about 1,000 keys, and the first gamer to collect 400 keys will walk away with the bitcoin prize.
According to Eric Meltzer, the co-creator of the game, Tezos Foundation is their first client with a game offering players Tezzies as prices that will be launched in December. According to Meltzer, 20% of the main game’s keys have already been released, with the rest being released by mid next year.
Satoshi’s Treasure began seven months ago and already has 50,000 subscribers via email. Among the supporters of the business, venture includes Balaji Srinivasan, Naval Ravikant, and IDEO CoLab Ventures.
Quorum Control, a blockchain-powered startup, is debuting a video game with over ten keys to Satoshi’s Treasure BTC prize and other prizes based on the company’s blockchain, Tupelo. This business model is helping Primitive Ventures in the distribution of their tokens without the necessity of an airdrop model. Although Quorum isn’t a client of Satoshi’s Treasure, it offers gamers the opportunity to experience the gamification of crypto projects.
Winners will also receive strings of letters and numbers in the form of a Non-Fungible Token (NFT). The NFT is part of the initial token supply and acts as a promissory note. About 120,000 Tupelo tokens will be credited to over 17 winners’ wallets.
Tupelo tokens will not be issued through a public sale like other tokens such as Ethereum. This unique characteristic of the Tupelo tokens allows all investors to trade in it, even those who are not accredited. When trading in other tokens, everything is exposed in public, but Tupelo tokens come with privacy.
Initialized Capital is also planning to have a share of the Tupelo tokens through the company’s equity deal, according to Garry Tan, the co-founder. Tan believes the game will help to boost brand awareness in the crypto market and is a way of testing the technology.