LoveMonster NFT Raises $1 Million in 7 Days for P2E GameFi Token - Yahoo Finance

LoveMonster NFT Raises $1 Million in 7 Days for P2E GameFi Token - Yahoo Finance

LONDON, UK / ACCESSWIRE / January 14, 2022 / Love Monsters, the crypto creators behind the loveable monster NFTs, has raised more than $1,000,000 in just seven days ahead of the official launch of xLoveMonster, the ecosystem's native token, which allows gamers to compete to earn on their smartphone.

The Love Monsters' ecosystem offers a novel adaption to the Play to Earn (P2E) concept, which has driven red-hot demand throughout the GameFi and NFT market and seen tokens such as SAND, MANA, COCO, GALA, TLM and ALICE all soar to new all-time highs in recent weeks.

Liam Love, CEO & Founder of Love Monsters, designed the unique collection of 9,999 Loveable Monsters. He believes P2E will continue to soar in popularity over the coming months which, combined with Love Monsters' novel ecosystem, positions the token for future success. "We believe P2E is just getting started," he says. "Players reap the benefits of playing our game and earning xLoveMonster from their mobile phones. P2E will be a powerful catalyst for the growth of our ecosystem, increasing our community, token utility and value."

Liam Love teamed up with Sadaf Jadran as Co-Founder and who is an established member of the crypto community with significant financial sector and start-up experience. Sadaf Jadran helped to raise the $1,000,000 in the token pre-sale, including securing investments from well-known members across the crypto community. "The project has received overwhelming support from the crypto community," says Sadaf Jadran. "Creating a collaborative and inclusive community is at the heart of our vision."

The xLoveMonster token can be exchanged for NFTs and other in-game power ups, all within its own ecosystem and built-in marketplace. Investors can earn the GameFi token in multiple ways. First, P2E is delivered across several competition modes, including 1v1, 2v2, 3v3 matches and Love Monster tournaments. Second, gamers can earn additional tokens through staking, known as "breeding" within the ecosystem. It allows gamers, with as little as two tokens, to breed more Love Monsters by holding for either 30, 60 or 90-day periods. Breeding delivers a Love Monster egg to investors' wallet which hatches to birth a new Love Monster. The chosen lock-up period correlates to the rarity of the Love Monster. Third, newly-birthed Love Monsters can be sold at auction, held for further passive income rewards, or added to an existing collection for use with other collectors online.

The xLoveMonster token is built on the XRP Ledger (XRPL), which is tradeable as a financial asset with fast transaction times and inexpensive fees, irrespective of transaction liquidity.

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