Recap 2021 | The Beginnings of GameFi- Avocado’s Journey Through 2021
In 2021, Avocado DAO set out on a mission to bridge the gap between the growing cryptocurrency market and the gaming community. Within the first year, Avocado saw a massive increase in members, growing to over 10,000 players by the end of the year, making Avocado the largest and fastest-growing guild in 2021.
The early days
As interest in NFTs exploded into the mainstream, it provided a catalyst for play-2-earn gaming in the metaverse. The rise to prominence of Axie Infinity, a NFT-based trading and battling game, paved the way for the GameFi revolution. Suddenly, gamers could play and earn crypto tokens, empowering them to make a real difference in their lives. Having identified this new and emerging market, it became apparent that this keen community of Axie players was eager to play, but lacked the capital to access the requisite NFT assets.
Avocado DAO was born in June 2021 to provide this community with the playable assets required. A core team of professionals came together with the initial objective to provide NFT lending services to the guild members. The team behind Avocado laid out a clear roadmap, leveraged their skills, and initially self-funding the project, funneled their capital to scale the project.
The community was much larger than previously anticipated, and as the team built relations with the scholars, they began to understand their drive to play. This led Avocado to reiterate its purpose to become more than simply a facilitator of NFT lending, but also educate scholars on the opportunities available via the future development of GameFi.
The team turned their attention to scaling the project, focusing on understanding market leaders, and forging relations with ecosystem builders to develop partnerships. As other guilds entered the space, the Avocado team grew aware of their strengths:
- Their business expertise enabled them to scale quickly.
- The team’s operational skills gave them the insight to rapidly solve technical problems.
- Having established a structured community management system early on gave Avocado the edge to seamlessly onboard new scholars into the guild’s program.
Growing community and scaling technology
Month on month, members continued to grow exponentially, and the initial technology was no longer adequate. The infrastructure required updating with each new milestone of increased membership. Avocado iterated to build technology to provide as many scholarships as possible. It was critical to educate scholars to empower them to leverage GameFi through online events and webinars. As the movement gathered momentum, events spilled offline, gathering momentum in the real world.
Avocado continued to advance in objectives while simultaneously speculating on the unprecedented future GameFi landscape. The team began to visualize a bigger picture. The guild’s power wasn’t purely in lending NFT assets for yield farming. There was a much wider opportunity here to impact the blockchain ecosystem as a whole. Avocado wanted, not only to support its scholars, but also to shape the GameFi space by breaking network boundaries. The guild could provide a single platform that supports multiple games across different chains, thus becoming game and chain agnostic.
Avocado had grown to around 2,500 members at this point. The team’s agility in adapting to the guild’s growth enabled them to take the steps required to evolve.
The team now sought to increase gaming options to continue to scale, successfully integrating a second game, Revv Racing, onto the platform.
With continued growth and ongoing demand for technological advancement, the moment seemed ripe to seek further investment. Avocado wanted to bring onboard investors to create strategic partnerships to support them to implement their objectives and succeed in the space. It became apparent that to truly become web3, provide real opportunities, and integrate partners into the project, Avocado needed a governance token.
A clear vision
In October, less than four months after inception, Avocado completed a Series A funding round, successfully raising $18 million. The raise brought on board some of the leading names in the industry, such as tier1 investors Animoca Brands, as well as Three Arrows Capital, BSC’s $1 billion growth fund, Hashed and Solana, to name just a few.
This was a pivotal moment for the project, this raise enabled Avocado to look to the future and invest in developing its GameFi and SocialFi ecosystem.
Avocado developed the guild’s platform and infrastructure to:
- Expand the team with new talent
- Build a suite of automation tools to support the growing guild
- Begin structuring the Avocadian scholarship management portal to support our members on a broader scale.
- Invest capital in web3 games, marketplaces, protocols to build and support the blockchain ecosystem.
Avocado succeeded in becoming the fastest-growing guild, hitting over 10,000 members by December. The final goal for 2021, cementing everything the guild had achieved and acquiring the status of a fully-fledged project — Avocado launched its governance token $AVG.
Beyond the first year
Through 2021, Avocado had taken a journey through the metaverse, from a start-up to the fastest-growing GameFi guild, to its transformation into a fully tokenized project. The team surmounted the technology issues through their unique ability to troubleshoot and innovate, pivoting to expand their vision and achieve Avocado’s goals within the context of its community and blockchain ecosystem.
This progress marked the beginning of a new era for Avocado as it transitioned into a Decentralized Autonomous Organization (DAO), giving the project a broader scope. The team see themselves as the builders and supporters of GameFi as the world shifts towards web3. As Avocado DAO enters 2022, the roadmap for the year ahead is clear. With the vision coming to life, Avocado continues to stay true to its ultimate mission, supporting communities in the real world through blockchain gaming.
To be continued…