- Summary:
- Heroes of Mavia has announced the closure of a successful funding campaign that raised $55 million. What does this mean for its future?
Massively Multiplayer Online (MMO) game, Heroes of Mavia, has raised $5.5 million in seed funding from institutional VCs and angel investors. The funds will develop the blockchain-based game, attract top talent, and, ultimately, grow the user community.
Leading the funding round for the game created by Skrice Studios was Binance Labs. Other venture capitalists included Genblock Capital, Mechanism Capital, Animorca Brands, YGG SEA, Delphi Digital, YGG, ExNetwork Capital, Merit Circle, Hashkey Capital and Double Peak Ventures. Additionally, several angel investors participated.
The participation of leading VCs and angels attest to the great potential the game presents in an increasingly competitive GameFi segment. According to Bill Chin, the Head of Investment at Binance, Heroes of Mavia has all the building blocks of a game designed to succeed in the P2E realm.
Tristan Chaudhry, the Managing Director of Skrice Studios was ecstatic that Heroes of Mavia had attracted such big names in the VC world. He appreciated the gesture and stated the team’s intent to develop products that will redefine play-to-earn games.
We believe Mavia and the team behind it is positioned to be one of the top AAA titles in the space.”
Bill Chin, Head of Investment at Binance Labs
How the game works
Heroes of Mavia operates on the Ethereum blockchain and is a strategy game. It derives its name from the in-game fantasy island called “Mavia”, where players fight for survival. To play the game, each player has to occupy at least one plot of land from which they can build their armies and attack the enemy. The plots are NFTs, obtainable by purchasing, renting, or partnership with landowners.
By enabling players to rent or partner with landowners, the game has removed a major obstacle for many gamers. Essentially, it means that players can rent or “borrow” plots if they don’t have the required tokens to use as startup capital. Once they occupy a plot, players can build their bases, earn their rewards and pay for the plots. One plot can only hold one base. The Mavia island has resources, which players use to build their bases and strengthen their armies.
To play the game, you need RUBY token, which is the in-game token. With RUBY, players can purchase multiple in-game items, including NFTs. They can also use it to upgrade their skin and purchase decorations. Finally, RUBY is the token used to reward players in the game. Notably, Heroes of Mavia is a dual-token game. The game’s second token is known as MAVIA.
Unlike RUBY, MAVIA is a governance token. Therefore, MAVIA holders have a say in the decision making on the future development of the game. Additionally, MAVIA is the acceptable currency in the Mavia Marketplace. Therefore, users need it to buy, rent and sell NFTs on the marketplace.
About Heroes of Mavia
Heroes of Mavia is a blockchain-based MMO game, developed by Skrice Studio. It follows the play-to-earn model, which enables players to earn rewards in form of the RUBY token. In this strategy game, players have to attack enemy bases to earn RUBY tokens. The token is an ERC-20 token, meaning that it operates on the Ethereum blockchain.