DWF Labs CEO Andrei Grachev recently announced his personal investment in Prom, causing a significant spike in the project’s token value. The price of Prom’s (PROM) token surged by over 90% in just a few hours following Grachev’s endorsement. According to CoinMarketCap, PROM reached $14.6, a level not seen since December 2021.

Prom: A Gaming NFT Marketplace and Rental Platform

Prom is a unique platform that offers a gaming non-fungible token (NFT) marketplace and rental services. Users can engage in uncollateralized rentals of NFTs and utilize mortgage services. This platform enables players to rent gaming assets without the need for collateral, as well as lend out their assets to other players for additional profits.

Although the exact investment amount was not disclosed, Grachev committed to holding the coins for at least a year and providing ongoing support to the project. He emphasized that the investment was personal and not associated with DWF Labs.

DWF Labs is known for its unconventional investment strategies in the cryptocurrency space. While it operates as a venture capital firm, its approach resembles that of an over-the-counter trading desk, as reported by CoinDesk in April 2023.

Instead of traditional investments, DWF Labs engages in on-the-spot deals with projects that already have their own tokens, referring to these transactions as “strategic partnerships.” The firm is transparent about its market-making activities and asserts that most of its investments are held on centralized exchanges, with no intention of market manipulation or unethical practices.

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