- 1 $151 million raised as crypto funding this week. 12 startups raised this amount with the aim to develop Web3 gaming.
- 2 Web3 gaming, the future of gaming, offers unusual experience with monetization and control over the gaming assets.
Crypto funding this week raised $151 million. Openfort secured $3 million with the intention of developing a service product for Web3 gaming. The participants in the seed funding round are Maven11, Game7, Gumi cryptos capital, NCG ventures, and Newman. Openfort was founded by Joan and Jaume Alavedra. It is focused on providing infrastructure for crypto transactions on popular games.
The technique used by Openfort is account abstraction. In this technique, smart contracts are used to initiate the transaction process. This technique will give an easy and user friendly gaming experience. The abstraction gas fees will be charged. The user can transact with ERC 20 tokens.
Pomerium secured $20 million. It is a web3 game developer.
Worldcoin Raised $115 Besides Crypto Bear Market
This funding is raised in between the bear market. It is when asset prices drop from the heights. This low is considered for a long length of time. The average length of the bear market is 292 days, which is noticeably shorter than the bull market.
Besides a crypto bear market, Worldcoin, a blockchain based financial network, raised $115 million in the Series C funding round. The round is led by Blockchain Capital Ltd. Among the investors are Bain Capital Crypto, and Distributed Global.
Worldcoin is built by a tech company tools for humanity. It is built with a plan to inherit the DAO structure. The currency which is Ethereum based token will be distributed without any cost to people.
Semafor, LabDAO, Num Finance among Other Fundraisers
Among other noted fundraisers are Semafor, which is a news site. It raised $19 million to replace the funds it initially received in June, last year from FTX Sam Bankman Fried. It has returned $10 million received in January, from Bankman Fried.
The other investors in the round are H20 Scouter Fund, Ripio Ventures, and Auth0. LabDAO raised $3.6 million, Sort raised $3.5 million in seed round, and Num Finance secured $.5 million investment in pre-seed funding round.
The Num finance, the Latin American startup is an issuer of local stablecoins. It will focus on developing its real world asset offering and loans, while ensuring the stability and security.
Web3 Development Is Beneficial for Gaming
All the crypto funds raised are for web3 development. It is aimed to improve the user’s experience with a secure and useful system. It will allow the personal interaction between the user and the website. The data will be immutable as it will be stored in blockchains. This makes the web3 best for financial services, gaming, and other industries.
Web3 development will definitely reduce the costs linked with developing dApps. It will function on a distributed ledger. Hence, the fee costs get reduced due to no third party intermediaries.
Knowing the importance of web3, the above companies have participated in the seed funding. The companies are aimed to provide and avail the opportunities of security, more control over data and reduction in costs. The control over the asset like skin of character and other items will be enhanced interoperability between the games and platforms
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.