Against stiff headwinds of distrust, one project is building a town square for gaming NFTs – with a bevy of big-name backers.
Fractal, the platform for game-related non-fungible tokens (NFT), has raised $35 million in a seed round led by Paradigm and Multicoin Capital. Other investors include Andreessen Horowitz (a16z), Solana Labs, Animoca Brands, Coinbase Ventures, and Terraform Labs CEO Do Kwon.
The platform, launched in December by Twitch co-founder Justin Kan, functions as a marketplace for players to buy Solana-based NFTs directly from game companies and a secondary marketplace for peer-to-peer trading.
Kan told CoinDesk that since the platform’s launch, every game to partner with Fractal’s new “Launchpad” has sold out its NFT drop, with one collection reaching 33,000 unique buyers.
Tiny Colony clocked in with the platform’s largest raise, selling $2 million of its NFTs at launch.
“There’s always been lots of hype around NFTs, but investors are now seeing that it’s durable,” Kan told CoinDesk in an interview.
Kan added, “Even if it’s a bear market, even if the prices might go down, the idea that people want to collect digital assets on the internet will stay. Digital items in gaming, it’s like a new category of e-commerce.”
While some of the hype around play-to-earn gaming has cooled in recent months on the side of institutional investment, money has continued to flow into the growing space in generous amounts.
Notable investments in March alone included a $25 million raise for Terra-based gaming platform C2X, a $4.8 million raise for blockchain gaming startup Battlebound, and a $6 million raise for the Polygon-based Crypto Raiders NFT game.
- Coindesk
Popular Posts from News Sails
What Is The Future Of Cryptocurrency?
Top 3 Forex Traders In The World
