A token backed by MMA superstar Conor McGregor has apparently failed to launch, raising just $392,000 during its 28-hour presale period, signaling a larger market shift away from celebrity-backed tokens.
McGregor and the Real World Gaming DAO aimed to raise $3.6 million through the $REAL token's presale, conducted via a sealed-bid auction. However, after 28 hours, the ERC-20 token secured just $392,315 in commitments from investors, below the listed minimum raise target of $1,008,000.
The results of the $REAL token's presale, according to the token's site.
It's unclear whether the investors will still receive the tokens despite failing to meet the minimum raise; Real World Gaming did not immediately respond to a request for comment from The Block.
The token was launched by McGregor and the Real World Gaming DAO (RWG), originally known as Balthazar DAO, which lists as token buyers major crypto firms such as Animoca Brands, KuCoin Labs, Tezos Foundation, Algorand, and some 15 others. "Revenue from RWG businesses integrating the token, as well as McGregor’s brands will support a huge global movement," a press release stated.
The token's launch drew skeptical responses from some major crypto community members. For example, on-chain sleuth ZachXBT's sarcastic response on X received nearly three times as many likes as the original announcement post.
The launch comes as the broader crypto market struggles and memecoin trading volume continues to diminish. The Block's GMCI Meme index, which tracks 25 leading memecoins by market cap, has fallen nearly 9% in the past 24 hours, according to the index's price page.
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