SolChicks, a Solana-based play-to-earn fantasy game, has made headlines after it was revealed that 113 different venture capital funds have invested in the project.

Is the new Solana game doomed by VC?

On Wednesday, a new play-to-earn fantasy game launched on Solana caused a stir in the crypto community, raising concerns about the sustainability of DeFi’s current fundraising model.

SolChicks has received a lot of attention due to the fact that it is backed by over 100 different venture capital funds—113 to be exact. The project’s official website lists some well-known names as partners, including Gate.io, but the vast majority are obscure funds focused on small-cap DeFi projects.

SolChicks stated in a press release issued following its successful IDO that it had raised more than $20 million from more than 300 private investors. The IDO for the game will take place on 38 launchpads at a public price of $0.05 per token, implying a fully diluted market capitalization of $500 million.

The success of SolChicks’ IDO prompted some members of the crypto community to become more involved in the game’s development.

Many questioned the project’s legitimacy because over 100 VC funds invested in it, with many claiming that it was only a matter of time before they all dumped $CHICKS on the market.

So who’s gonna provide liquidity for all the good people behind those shiny logos ? Any volunteer ? 🤔 https://t.co/xjXyeVtD8O— Cherry 🌸 (@cherry_cbl) December 1, 2021

According to one trader, this isn’t just a wild guess—one of SolChicks’ founders was reportedly involved in a number of other similarly ambitious projects that failed spectacularly just months after launch.

The $CHICKS token will have its IDO on December 2nd across 38 launchpads, followed by a token generation event (TGE) and public exchange listing on December 6th. We’ll have to wait and see how the market reacts to the listing next week.