Arcade, the platform that wants to democratize web3 gaming, raised $3.2 million from Crypto.com, Solana Ventures, KuCoin Labs, Merit Circle, among many others.
Arcade, is a GameFi platform, which has managed to raise $3.2 million in early stage investment from major companies such as Crypto.com Capital, Kucoin Labs, Solana Ventures, Merit Circle, and much more that we will be reviewing.
The mission of Arcade is to make games built on the Web3 accessible to everyone. Consequently, this goal proposed by the GameFi project to gain monetary incentives through the mass market of games has attracted the attention of industry giants and well-known investors.
Arcade wants to provide its community with the opportunity to earn significant rewards from various metaverse and play-to-ear games, but without the need to directly obtain NFTs from the games. Either Arcade or its network of NFT curators will own the NFTs in-game and through the strategic infrastructure of guilds, players, contributors and game developers, the rewards will be passed on through the revolutionary concept called Mission Pools (MPO) or Mission Pools Group.
Currently, the company GameFi is based on Solana, but the exposure it offers is independent of the gaming blockchain, as, through the Mission Group process it will facilitate everything from the same platform.
In addition, being developed in Solana, Arcade supports the wallet Phantombut they have communicated that work is underway to add other wallet options, such as web-based email wallets2, FTX Pay and many others.
Also, curators of NFTs who are unwilling or unable to operate and extract value can loan their non-fungible tokens from any game to Arcade. This allows the actual owner of the NFT to get a larger share of the Mission Group rewards.
This is the $ARCADE token and holders will have full autonomy to decide what type or level of exposure they wish to have for game activities. There will no longer be a forced exposure to games or activities that the user is not interested in. The reason for the creation of the token is because play-to-earn games are not the same and Arcade wants to give users full control over their participation in the different games.
Upon logging into the experience of this GameFi project, the $ARCADE tokens will need to be exchanged for $xARCADE tokens at a 1:1 ratio. This process will securely store the tokens until the user wishes to log out of the DApp.
In addition, with $xARCADE tokens deposited you will start experimenting on favorite Mission Groups without running the risk of getting spent or lost. The advice Arcade proposes is to use the historical data, metrics and MPO statistics provided to make the most important decisions about which Mission Groups are right for each particular user.
Investors in the seed round
Arcade’s seed round had a total investment of $3.2 million in which highlights include. Crypto.com Capital, Solana Ventures, KuCoin Labs y Merit Circle.
However, the full list of companies that invested in this GameFi project are:
Tenzor Capital, Alpha Crypto Capital, Highland Ventures, Flow Ventures, Panga VenturesHindsgaul Capital, , Hindsgaul Capital, Wealth Union, VKS, Contango, PlutusVC and BigBrain.
Also, they made their investment:PARSIQ, Shima Capital, LD Capital, Khalili Brothers, Rainmaker Games, HotBit, GSR, Moonrock Capital, Non Fungible Labs, W3I, Master Ventures, StarLaunch, Prometheus Labs, Good Games Guild, and NxGen.
Among all the companies that made their investment, XINLU YUThe head of KuCoin Labs said that the difference between GameFi projects and traditional games lies in the digital economy and financial features of the former. Also, she added that Arcade comes to solve a problem by allowing to fill the gap between the groups of people who enjoy games, but do not have time or are not good at playing and Arcade gives them the possibility to get returns through its specific products without the need to play.
Josh Finer, of Solana Ventures, also spoke after the investment in Arcade and said that they are excited to contribute to this GameFi project, as it, bridges the gap between DeFi and Solana games. Finally, he ended his words by saying that this particular GameFi platform offers both the passive and active player, unprecedented exposure in the blockchain play-to-earn gaming ecosystem.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.