A virtual reality project built on top of blockchain technology has raised over $26 million in ether via an initial coin offering (ICO).
Decentraland, as previously reported by CoinDesk, is looking to create a virtual world, in which blockchain acts as a registry for digital plots of land. Among those involved is developer Manuel Aráoz, who also built the bitcoin document timestamping tool Proof of Existence .
Kicking off yesterday afternoon, the ICO raised 86,206 ether ($26,203,082 at press time), according to the Decentraland website, and hit its pre-set hard cap in a little over an hour.
The speed with which the raise was completed evoked memories of the Brave sale in May, which concluded in an astonishing 30 seconds . Perceptions that, as a result, the tokens sold will have ended up in the hands of a few bigger investors stoked some criticism on social media.
Decentraland’s ICO is the latest in a string of such crowdsales, as illustrated by data from CoinDesk’s ICO Tracker , that have raised more than a billion dollars-worth of cryptocurrency to date. More than $500 million was raised in July alone through the funding model.
Also completed this week, was an ICO held by 0x , a decentralized exchange project, which raised $24 million.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Brave.
VR set image via Shutterstock
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