NOT A HOTEL COIN, 2 billion yen IEO fundraising completed - trading starts on December 13 | CoinDesk JAPAN

NOT A HOTEL DAO announced that it has completed the fundraising of the target amount of 2 billion yen in the Initial Exchange Offering (IEO) of "NOT A HOTEL COIN (NAC)" conducted on GMO Coin.

As of December 10, 2024, this will be the largest IEO in the country and the first domestic IEO targeting Real World Assets (RWA).

NAC is an ERC-20 standard cryptocurrency (virtual coin) issued on the Ethereum blockchain, and it implements a mechanism to acquire the right to stay at NOT A HOTEL by lending a certain quantity. Trading will start on GMO Coin from 11:00 am on December 13th.

In past IEOs

Looking at past IEO cases, the Palette Token (PLT), the first of its kind in Japan, rose from the offering price of 4.05 yen to 94.8 yen three days later. Recently, the Brilliant Crypto Token (BRIL), which will be implemented in May 2024, also had a successful start with an initial price of 76.6 yen, starting from the offering price of 21.6 yen.

On the other hand, FCR Coin (FCR) and Elf Token (ELF) have fallen below the offering price, while Nippon Idol Token (NIDT), although starting off slowly, has shown a significant price rise thereafter, demonstrating different price movements depending on the nature of the token and the market environment.

In this way, IEO does not guarantee that the price at the time of pre-sale will exceed the price at the start of general sale. In the case of NAC, 90% of the purchased Tokens are locked up, which is designed to suppress the sudden selling pressure immediately after listing.

Related articles: RWAproject party's first IEO, 'NOT A HOTEL COIN', aims to raise the largest domestic IEO of 2 billion yen - improving past IEO's lessons with 80% user holdings and a uniform 90% lock-up, etc.