Backpack Token Nears Unicorn Status After $50M FTX-Linked Raise

Backpack is capturing attention in the crypto funding world through its token system. Reports emerged that the FTX-linked crypto platform is entering into unicorn territory with a proposed $50 million financing at a $1 billion pre-money valuation. If finalized, the raise would place Backpack among a select group of high-growth digital asset projects securing major capital in a cautious market.

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Backpack Token And Exchange Growth Surge With New FTX-Linked Funding

Backpack’s journey is one of reinvention following the collapse of FTX in 2022, resulting in an 88% loss of its operational treasury. Today, Backpack’s growth is largely attributed to its unique executable NFTs and the massive community loyalty of the Mad Lads NFT holders.

With the new $50 million war chest, the team is set to accelerate the rollout of its native token. Many analysts believe it will serve as the governance and utility backbone for the entire ecosystem. They are creating a closed-loop economy through a tokenomics scheme. The plan is to release tokens upon hitting key metrics.

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Backpack’s Reinvention and Token Rollout

Co-founder Armani Ferrante hints that the goal is to go public ultimately, but at their own pace. On his X post, he said:

…before going public, we have to grow–a lot. The odd thing about Backpack’s growth over the past year–and in fact one of the things that makes Backpack so different from basically every token project in crypto–is that, today, Backpack Exchange only serves about 48% of the world. We’ve been very slow, very intentional about opening up our product to the world…

Tthe first 250 million tokens will be released in the upcoming Token Generation Event. 10 million tokens will be reserved for the Mad Lads team and the rest for early participants.

The rest will be halved and one half released gradually, while the other will be locked in a corporate treasury. The hold is to ensure long-term alignment between the company, investors, and users. This also prevents early sell-pressure and incentivises sustainable growth rather than short-term speculation.

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The Backpack ecosystem is no longer a niche project for NFT collectors. It is a gamble, but luckily, it is backed by significant capital and a community that shows no signs of slowing down.