- Summary:
- Web3 gaming platform, Arcade has raised over $3 million in VC funding led by Crypto.com. We discuss how this could impact its mission.
Arcade, the GameFi platform which is bringing web3 gaming to the masses, has secured $3.2 million in seed capital. Crypto.com led the round, which also included Tenzor Capital, Alpha Crypto Capital, Highland Ventures, Flow Ventures, Panga Ventures, Hindsgaul Capital, WealthUnion, Solana Ventures, Shima Capital, KuCoin Labs, Rainmaker Games, VKS, Khalili Bros, Contango, PlutusVC, BigBrain, and a slew of others.
What Arcade is doing to make GameFi more accessible
With this new round of seed funding, Arcade will accelerate its efforts to make blockchain gaming and GameFi a mainstream phenomenon. Arcade’s goal is to reduce the cost of playing blockchain games so that they are more widely available around the world. Among these costs is the potentially prohibitive expense of acquiring native NFTs representing land or characters.
But not everyone has the skills or the time to make money through online gaming. That’s where Arcade comes in; it allows such groups to benefit from the profits generated by their products, even if they don’t have any interest in actually playing the games themselves. The Arcade2Earn platform gives users privileged access to the blockchain gaming environment, whether they are casual observers or serious competitors.
All players, regardless of whether they have the necessary in-game NFTs, can participate in Play-to-Receive activities and earn rewards through Arcade’s Mission Pools. It links users to the Play-to-Earn games’ in-game incentives. “Arcadians” have the option of either participating in a shared Mission Pool or taking on the role of an operator to do the tasks associated with Play-to-Earn games at multiple venues.
While the crypto market has struggled since the year began, gaming has been more resilient. Quarterly performance metrics from DappRadar show that the sector has outperformed tokens. DeFi and NFTs. This makes a strong case for investors to shift their attention to GameFi, in the last three months of the year.