The effect of ICO Capital Allocation on Project Valuation in Web3 Cryptocurrency Projects

Ádám Bereczk; Zoltán Musinszki; Erika Szilágyiné Fülöp; Bettina Hódiné Hernádi

doi:10.32976/stratfuz.2026.12

Szerzők

Ádám Bereczk University of Miskolc
Zoltán Musinszki University of Miskolc
Erika Szilágyiné Fülöp University of Miskolc
Bettina Hódiné Hernádi University of Miskolc

DOI:

https://doi.org/10.32976/stratfuz.2026.12

Kulcsszavak:

startup, GameFi, tokenomics, blockchain technology, Web3 financing

Absztrakt

This study investigates the allocation of pre-sale capital by blockchain technology-based startup ventures, with a specific focus on the Play-to-Earn (P2E) segment within the Web3 ecosystem, and its impact on token price performance. Our aim is to determine the proportion of initial capital that P2E startups, according to their business plan (whitepaper), allocated to key areas such as team and advisor expenses, marketing activities, and product development. Subsequently, this research centers on the question of how the focal areas of pre-sale capital utilization (team, marketing, development) correlate with the subsequent price performance of the tokens issued by these startups. The timeliness and relevance of this topic are underscored by the dynamic evolution of blockchain technology and the P2E model, as well as the critical role of startups' capital allocation decisions. Understanding how the utilization of initial funding influences long-term value is also of paramount importance for investors. Based on the results, while excessive marketing expenditures may offer a project short-term benefits, this strategy can potentially have negative long-term consequences. A project's financial viability is contingent upon competent human resources and the insights of external experts; nevertheless, these elements alone are not definitively sufficient. The significance of product development was only evident when the effect was measured in Bitcoin terms; no correlation was found when measured in Dollars.

Szerző életrajzok

Ádám Bereczk, University of Miskolc

Associate Lecturer

Zoltán Musinszki, University of Miskolc

PhD, Associate Professor

Erika Szilágyiné Fülöp, University of Miskolc

PhD, Associate Professor

Bettina Hódiné Hernádi, University of Miskolc

Associate Lecturer

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