Sophon Raises Over $60 Million Through Node Sale for Entertainment-Focused Blockchain Ecosystem

Sophon, a blockchain ecosystem focused on entertainment, has raised more than $60 million through a node sale, a popular fundraising method. The sale of approximately 121,000 network nodes, which are Ethereum-based ERC-721 tokens, allows buyers to operate nodes and qualify for 20% of the project's SOPH tokens over the first 36 months after the network's main launch. Node sales use fear of missing out tactics and exclusive whitelists to involve retail users with larger skin-in-the-games, according to Calvin Chu, a former Binance researcher and "Core BUIDLer" at Impossible Finance. Node operators who purchase Sophon nodes are subject to a 12-month restriction on transferring them.