Singapore-based gaming platform Ethlas is conducting a public sale and launch of its ELS token. The move follows a successful fundraising round in the early booming days of 2022, when Ethlas garnered an impressive $9 million from backers such as Sequoia India, Dragonfly Capital, Makers Fund, and YGG SEA.
Having made substantial progress in developing its gaming platform, Ethlas has sold out its playable genesis Komos NFTs and introduced more than 30 casual games, drawing the attention of over two million unique wallets.
Ethlas’s Strategic Moves: Building and Tokenising
Central to Ethlas’ strategic approach is the development of its unique technology, Ethlas Web Services, designed to provide interoperable experiences across multiple games.
This technology is then packaged into an SDK for the use of other studios. The company’s CEO, Wui Ngiap Foo, elucidated the vision, saying, “We are passionate about the power of decentralized technology to shape the future of games, and aspire to build both great game titles, and also a suite of web3 games infrastructure to power web3.“
The ELS token, having already sold out on IDO platforms, is now accessible through the Gate and MEXC exchanges.
Token holders can stake their tokens to attain tiered membership level benefits, which range from converting platform NFTs into playable avatars in multiple games to gaining access to exclusive games, in-game items, and rewards. Governance features are also on the table.
Moreover, the token will serve as the fuel powering in-game economies and cross-chain infrastructure across Ethlas’s growing games ecosystem, enhancing gameplay mechanics and promoting seamless ownership and interoperable NFTs.
Implications for the iGaming Industry
The developments at Ethlas offer intriguing insights into the future trajectory of the iGaming industry:
- Interoperability and Integration: Ethlas’ approach to creating interoperable experiences through its technology could prompt other platforms to follow suit, fostering an environment of seamless interaction across diverse games.
- Tokenisation and Incentives: The use of tokens to reward players and provide exclusive perks hints at an evolving gaming business model, where user engagement is incentivised through tangible rewards.
- Adoption of Decentralised Technology: The growing acceptance and adoption of decentralised technology like blockchain, as demonstrated by Ethlas, could signal a seismic shift in the gaming industry’s operational framework, enhancing transparency and security via NFT gambling or following the example of web3 lotteries already operating in the iGaming landscape.
Through the launch of ELS token, Ethlas is not just aiming for a financial boost; it’s envisioning a new age in gaming, powered by web3 and decentralised technology. This is the dawn of an era where gaming and cryptocurrency markets are seamlessly integrated, opening new avenues of possibilities for both developers and players.