- Due to the bear market, Levana is separating its GameFi section from its DeFi offering. It needs to obtain fundraising or investor support to build GameFi and preps simultaneously.
- The development team claims their best way forward is through an independent GameFi offering.
The team behind Levana, creators of the adventure game Levana Dragon Rider, had meetings with legal advisors and discussed the path forward due to the shift in the crypto regulatory climate.
They had a poll on November 17, discussing spinning off the GameFi sector instead of freezing it indefinitely.
Levana’s Path Forward
Levana is facing a crypto winter, and they are separating their GameFi division from their DeFi offering.
The goal of their GameFi sector is to have a community-owned, decentralized GameFi platform, as well as other products.
These products include all NFTs in the treasury, the Luna from the Terra Royalties that are not stuck, all 8,888 NFT images of baby dragons, all NFT images, the source code to all existing games, and the 3.8M UST.
Furthermore, they also include the estimated amount of the Luna which would be unblocked from Terra 2. Additionally, they offer IP rights to the story, characters, images, the book, and the comic book.
Throughout the update, Levana also announced plans for a governance token, where Levan will work with the GameFi community to identify the best way to transfer the 10 million LVN tokens to the Decentralized Autonomous Organization (DAO) that would represent the community.
How Levana Got to This Point
Levana originally launched in August 2021 and had the main goal of building two leverage projects on Terra at the time, Leveraged Index Tokens and Perps.
Over time, the team started building on two paths: the leveraged DeFi products and the GameFi Products.
The team released eight games on Terra, with over 10,000 monthly active players. However, Terra crashed, and Levana lost $7 million from the Levana Treasury, which included $4 million in LUNA/UST.
Source: Official Medium Post
Over time, Levana moved to Juno. It was here that new NFT Dragon Riders were minted.
On the Flipside
- Levana is still unsure about the future of the GameFi section of their offering, as it is still unclear what the best way to fund their project is.
Why You Should Care
The GameFi section could move to a community-led project or be bought out by traditional fundraising.
However, the future of Levana’s GameFi section is still unclear. It is clear that the team is trying to get ahead, despite the regulatory environment and crypto winter, and if someone is willing to pick this project up, it could push their offering forward.
However, if they fail to get the funding they need, the project could be stuck indefinitely. It is clear Levana will only be pushing the DeFi sector forward themselves.
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