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Quidd, a marketplace for digital collectibles and a subsidiary of Animoca Brands, has raised a total of $ 5 million in private presales and an initial DEX offering (IDO).

The token sale took place on the Polkadot Polkastarter project incubator on November 18. The award of 2 million QUIDD tokens priced at US $ 0.25 per token sold out in less than an hour, raising $ 500,000.

Earlier this month, the private sale of Ethereum-based QUIDD tokens raised US $ 4 million from investors including Binance Smart Chain Growth Fund, Genesis Block Ventures, Kingsway, Mind Fund Group Ltd, Sanctor Capital , OneFootball and other angel investors.

During the presale on November 3 on the Launchpad of the Animoca brands, 1,001 vouchers were sold in 22 minutes. Each coupon costs approximately $ 500, bringing the total value of the presale to $ 500,000. Vouchers can be used to redeem 2,500 QUIDD tokens after May 3, 2022.

Following its successful IDO, the token was made available for trading on the decentralized Binance Smart Chain exchange platform, PancakeSwap. Tokens can currently be exchanged for Wrapped BNB (WBNB) and a number of tokens owned by Animoca including Tower (TOWER), REVV (REVV), Lympo Market Token (LMT), Prosper (PROS) and Bondly (BONDLY) .

The current token price is $ 3.28, which is a 1212% increase from the IDO price of $ 0.25. It is down 31.9% from an all-time high of $ 4.73 on November 20, and there is a total supply of 1 billion tokens.

Animoca Brands is a Hong Kong-based gaming software company and venture capital firm specializing in blockchain games.

Yat Siu, executive chairman and co-founder of the company, said the QUIDD token represents “the evolution of collectibles to digital formats.”

Michael Bramlage, CEO and co-founder of Quidd, added that the token marks Quidd’s movement to the world of Web 3.0.

“Older collectibles markets talk about acquiring users to buy and sell. The QUIDD token helps us build a community of the future.

Related: Animoca and Harmony acquire Quidd to expand sale of crypto collectibles

The Quidd Marketplace has 7 million users and over 2.1 billion non-fungible works of art for sale.

In an announcement shared with Cointelegraph, Quidd described its market as “chain agnostic,” noting that the token “will give buyers and collectors the choice of minting their collectibles on their favorite networks, such as Ethereum, WAX and Flow “.

QUIDD tokens also give holders voting rights over the use of Quidd content and license budgets.

On October 21, Animoca raised $ 65 million with over 43.8 million newly issued shares at $ 1.51 per share.