DWF Labs’ CEO, Andrei Grachev, has announced his personal investment in Prom, leading to a staggering 90% surge in the project’s token value.
Prom’s (PROM) remarkable ascent occurred within a few hours of Grachev’s announcement, with the token reaching $14.6, a level not witnessed since December 2021. Prom is a gaming non-fungible token (NFT) marketplace and rental platform, revolutionizing the gaming industry with its innovative approach to asset ownership and utilization.
The platform enables players to engage in uncollateralized rentals of NFTs, providing seamless access to gaming assets without the burden of collateral requirements. Additionally, Prom facilitates lending opportunities, allowing players to profit by lending their assets to fellow gamers.
While the exact amount of Grachev’s investment remains undisclosed, he has expressed his commitment to supporting the project for at least a year. It’s noteworthy that Grachev’s investment is a personal one, with DWF Labs maintaining no involvement in the transaction.
DWF Labs is renowned for its unconventional investment strategies within the crypto space. Despite presenting itself as a venture capital firm, its operations resemble those of an over-the-counter trading desk, as revealed by CoinDesk in April 2023.
The firm’s approach involves making deals directly with projects that already have their own tokens, referred to as “strategic partnerships.” Although DWF Labs engages in market-making activities, it maintains a focus on centralized exchanges and denies any involvement in market manipulation or unethical practices.
Grachev’s investment in Prom not only underscores his confidence in the project but also highlights the growing significance of NFTs in the gaming industry. As Prom continues to redefine the gaming experience through its innovative platform, Grachev’s endorsement serves as a testament to the project’s potential for long-term success.
