bitFlyer, operator of one of Japan’s largest crypto asset exchanges, and HashPalette, Inc, Japan’s first P2E game studio, sign agreement for IEO

bitFlyer, operator of one of Japan’s largest crypto asset exchanges, and HashPalette, Inc, Japan’s first P2E game studio, sign agreement for IEO

HashPalette, Inc. (Head Office: Minato-ku, Tokyo, CEO: Seihaku Yoshida, hereinafter “HashPalette”) announced today that they have signed an agreement with bitFlyer (Head Office: Minato-ku, Tokyo, CEO: Masaaki Seki, hereinafter, “bitFlyer”), one of the largest crypto asset exchanges in Japan, for the game tokens of Japan’s first P2E (Play to Earn) blockchain game “ELF Masters”, to raise funds through an IEO (Initial Exchange Offering).

*IEO is a mechanism whereby issuers such as companies and projects form and strengthen communities and raise funds through token issuance, while crypto asset exchangers take the initiative in screening projects and selling tokens through crypto asset exchanges. It is possible to aim not only to raise funds through token sales, but also to form and strengthen communities. Recently, IEOs are attracting increasing attention due to the progression of the Web3 era, and IEOs are being implemented in a variety of industries, including gaming and sports.

■ Aim of this IEO

ELF Masters is Japan’s first fantasy adventure-type P2E blockchain game based on a palette chain specialized for NFT distribution, developed by HashPalette. The game allows players to combine 3 masters and 3 elves to conquer dungeons and earn rewards, and also enables gas-less scholarship operations and a highly scalable metaverse world.

In the first NFT sale held at PLT Place, the Master Rare Pack sold out in 54 seconds, and in the second sale, the total amount of applications for the drawing exceeded 2.7 billion yen.

The initial game release is scheduled for September 16, 2022, with the goal of IEO of game tokens for the purpose of distributing the unique governor’s token “ELF” in the game ecosystem.

■ Game details

Game ecosystem

The ecosystem of ELF Masters is a system in which tokens and NFTs circulate between the operator “HashGames”, and users. Users can use their own NFTs to earn tokens through game play (P2E rewards). The system is also designed to allow users to buy and sell NFTs on the marketplace or lend them to users who do not own NFTs. In the early stages of the game release, PLTs will be used as rewards to be earned in the game, but will gradually be replaced by in-game tokens.

P2E ecosystem

In the long run, our aim for ELF Masters is to allow users to enjoy the game while simultaneously contributing to the ELF Masters economy. In addition, we aim to build a community of users that transcends the boundaries of the game.

■Comment from Mr. Masaaki Seki, Representative Director of bitFlyer, Inc.

Just recently on August 23rd, we announced that bitFlyer will enter the IEO business, and today we are pleased to announce the signing of an agreement with HashPalette for the implementation of IEO.

HashPalette is a company with a proven track record of successfully implementing Japan’s first IEO in 2021.

This will be an IEO for tokens used in ELF Masters, a Play to Earn game developed by HashPalette.

Blockchain games, in which an economic zone is built on the blockchain and players interact with each other on the blockchain, are expected to develop in the future, as there are already examples of games that have gained worldwide popularity.

We will not only work together with HashPalette’s IEO, but also aim to boost the economic sphere of “ELF Masters” on the blockchain together by connecting it to our safe and secure platform.

■Comment from Shogo Yamato, Business Strategy Div. New Business Development Dept. Deputy head of New Business Development Department, bitFlyer Inc.

We are very pleased to be working with HashPalette on the IEO business. As an IEO for the game token of “ELF Masters,” the first P2E blockchain game in Japan, we at bitFlyer will continue to focus on supporting the ever-growing GameFi space.

HashPalette has been making efforts to steadily grow the token-centered community since the first IEO in Japan last year, and its parent company, HashPort, has established HashGames, a blockchain game studio division, to promote the spread of blockchain games in Japan and the global expansion of Japanese content. HashPort, the parent company, has established HashGames, a blockchain game studio division, with the aim of promoting blockchain games in Japan and expanding Japanese content globally. bitFlyer is honored to support these efforts.

As bitFlyer announced on August 23rd, we will leverage the strong security, number of users, and brand that we have cultivated as an industry leader to become a hub for customers, companies, and projects, and to support an autonomous decentralized economy centered on tokens, thereby contributing to the development of the IEO platform, which will lead the Web3 era.

Comment from Mr. Yoshida, CEO and President of HashPalette Inc.

We are very pleased to be working with bitFlyer on the IEO of “ELF Masters” game tokens.

“ELF Masters” is a HashPalette original game and the first P2E blockchain game in Japan.

In the first game NFT sale held on HashPalette’s own NFT marketplace, PLT Place, in April 2022, the Master Rare Pack sold out in 54 seconds, and in the second sale, the total amount of applications for the lottery exceeded 2.7 billion yen. The second sale saw the total amount of applications for the lottery exceed 2.7 billion yen, and many people have high expectations for the game.

“ELF Masters” is not just a game, but also an experiment to prove two hypotheses: “Can blockchain games spread on a large scale in Japan?” and “Can Japanese blockchain games expand on a global scale?”. We hope that this title will make history as the first full-scale P2E blockchain game in Japan.

In this context, bitFlyer, the largest crypto asset exchange company in Japan, is a very strong partner in developing “ELF Masters” into a blockchain game that can be enjoyed by many users not only in Japan but also around the world.

With bitFlyer’s support, HasPalette will continue to pioneer the P2E space in Japan, and will make every effort to introduce GameFi from Japan to the world. After the IEO, we will continue to cooperate with bitFlyer in all aspects through our long-term partnership.

Please stay tuned for further news.

■ About bitFlyer, Inc. 

Founded in 2014 with the mission “Blockchain makes the world easier”, bitFlyer is currently serving more than 3 million customers* through its global crypto asset trading business together with its related companies, bitFlyer USA, Inc. and bitFlyer EUROPE S.A. As a crypto asset exchanger and a type 1 financial instruments trader, they continue to expand and improve their services, aiming to become a highly liquid crypto asset exchange that satisfies more.

Official website: https://bitflyer.jp/ja/ 

*As of May 2022.

Number of accounts created in the three bitFlyer Group offices in Japan, the U.S., and Europe. bitFlyer does not engage in any intermediary transactions with bitFlyer USA, Inc. and bitFlyer EUROPE S.A.

■About HashPalette, Inc. 

HashPalette is a wholly owned subsidiary of HashPort, an NFT-related business established in 2020 with the mission of “digitizing all assets”. HashPalette provides “Palette Chain”, a blockchain network optimized for NFT distribution, issues and distributes PLT (conducted Japan’s first IEO in July 2021), operates their original NFT marketplace “PLT Place”, and provides full range of support from technology infrastructure to content creation, including publishing of blockchain games.

Official website: https://hashpalette.com/ 

■ Inquiries

HashPalette Inc. Support Center

[email protected] 

■ Hiring Information

HashPalette and our parent company HashPort is actively recruiting for a wide range of positions in engineering, business development, and back office to realize our mission of “digitizing all assets”. If you are interested in blockchain technology, crypto assets, or NFT, want to be part of the social transformation through the “digitalization” of finance, or want to be a leader in the Web3 era, we are looking forward to your application.

List of open positions: https://www.wantedly.com/companies/company_2908299

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