The former star project of blockchain games, Wildcard, has a market value of less than one million after its Token Generation Event (TGE), while during its peak, it raised $46 million in a single funding round.

BlockBeats news, on March 27, the once-prominent blockchain game project Wildcard, which raised $46 million led by Paradigm, held its TGE today at 1 PM. The token debuted on Arbitrum, reaching a market value of $1.1 million at its peak, and is currently reported at $809,000, with a liquidity pool of only $209,000. The community generally questions the project’s responsibility, labeling it a “soft rug.”

Public information shows that Wildcard founders Paul Bettner and Katy Drake Bettner have deep backgrounds, having participated in the development of well-known games like “Words With Friends” and “Lucky’s Tale.” In June 2022, Wildcard completed a $46 million Series A funding round led by Paradigm, with participation from Griffin Gaming Partners, Polygon, and other institutions. At that time, Wildcard announced the establishment of The Wildcard Alliance, which focuses on developing the Web3 game “Wildcard” (a PVP game combining card, MOBA, and competitive elements, based on the Polygon chain, with plans to expand to Arbitrum and others).

Subsequently, the project made several changes to its roadmap, and the project’s progress has far fallen short of expectations. However, the project still completed its latest funding round in June 2025: Thousands (a related Web3 creator protocol/marketing infrastructure, sister company to Wildcard) and the Wildcard Alliance jointly announced a $9 million funding round, co-led by Arbitrum Gaming Ventures and Paradigm. The announcement stated that this funding is intended to accelerate the development of the Wildcard game, the Thousands protocol, and the Thousands.tv platform (a creator-driven user acquisition and live streaming system).

However, with the cryptocurrency market cooling, the popularity of games and platforms has not met expectations. In this context, the project chose to conduct the TGE, which naturally could not attract funding interest, and no major CEX has listed the token.