IMT Token Experiences a Drop, with Planetarium CEO Kim Assuring a Long-Term Focus: "Building for the Long Run"
Base Article Rewritten:
Holy moly, Immortal Rising 2's IMT token has plummeted a whopping 53% since launch! Many folks, including JC Kim, CEO of Planetarium Labs, were taken aback by this steep fall. In response, ol' Kim released a formal statement, shedding light on the company's game plan and the state of web3 gaming in general.
Now, here's the tea: Kim revealed that the launch price of the token was purposely kept from being too flashy. Instead, Planetarium went for a more natural approach, bucking the trend of many web3 initiatives that aim for a high Fully Diluted Valuation (FDV) at launch. According to Kim, high-FDV launches have been the industry's downfall, in his humble opinion.
The Big Problem with High-FDV Launches
Kim wasn't blind to the fact that a higher initial price would've benefited airdrop recipients and even the devs themselves. But, the team dismissed that approach, viewing it as one of the reasons web3 gaming is on life support.
He also took aim at the practice of launching tokens on centralized exchanges from day one. Kim believes that this artificially inflates prices, benefiting only early investors and the project team. In his words, "High FDV token launches are designed to scam Day 1 buyers."
Despite the dip, Planetarium stays focused on the long haul. Kim promised the community that the team hasn't dumped any IMT tokens and is dead set on delivering hit games.
"Ideally, we'd welcome everyone, but if we gotta pick sides, backing long-term holders and stakers is the better call."
While the short-term price dance might leave a sour taste for some, Planetarium's strategy hints at a long-term vision for sustainability in the web3 gaming space.
Onward and upward!
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Even though Kim didn't explicitly state that high-FDV launches are hurting the web3 gaming industry, the search results indicate that he does advocate for long-term sustainability over short-term hype in the web3 gaming biz. For example, he explained that the team deliberately avoided hyping the pre-launch price of IMT, focusing instead on long-term organic growth, hinting at a broader concern about the sustainability of token launches and the need for organic growth rather than relying solely on initial hype[4]. But, specific comments about high-FDV token launches aren't explicitly mentioned in the available information.
- JC Kim, CEO of Planetarium Labs, expressed concerns about high Fully Diluted Valuation (FDV) launches in the web3 gaming industry, believing they contribute to its instability.
- Kim believes that the practice of launching tokens on centralized exchanges from day one artificially inflates prices, primarily benefiting early investors and the project team, ultimately marketing these launches as scams against Day 1 buyers.
