- Summary:
- Tezos has injected $500,000 into DOGAMÍ in form of equity. What’s the significance and what does it tell us about the two entities?
Pet-themed metaverse game, DOGAMÍ, has attracted $500,000 in equity funding from the Tezos Foundation. This is another significant development in the DOGAMÍ journey as its Petaverse continues to grow in popularity. Notably, the capital injection comes following a successful launch of its $DOGA token. Also, it is at a time when its NFTs are experiencing increased demand, with their volume surpassing 1.2 XTZ on OBJCT marketplace. Furthermore, its first NFT drop sold out in hours, selling 8000 dog avatars to the top ranking on OBJKT.
Having emerged as the most sought-after NFTs on the Tezos blockchain, it is not a surprise that Tezos has acquired a stake in the game. Essentially, the investment is a win-win for the game and for the Tezos network. The funds will help DOGAMÍ in its development journey, while Tezos knows that it has invested in a game that will draw attention to its blockchain. Additionally, with Tezos owning a stake in DOGAMÍ, the two companies can now develop a mutually-beneficial closer working relationship. For instance, Tezos will now be looking to promote mass adoption of the game.
According to Bilal El Alamy, co-founder & CTO of DOGAMÍ, it was only natural that Tezos invests in DOGAMÍ, given the kind of support it has offered the game since its inception. On the other hand, Roman Schnider, President of the Tezos Foundation Council, expressed his delight at investing in DOGAMÍ. “We are proud to support the highly successful project, which has repeatedly shown to be a truly trailblazing project from its inception”, he stated.
About DOGAMÍ
Founded in 2021, DOGAMÍ is a pet-centric play-to-earn (P2E) metaverse game operating on the Tezos ecosystem. Its Petaverse is a metaverse whereby players may nurture and train virtual pets. Also, DOGAMÍ’s immersion is further enhanced by the fact that players can interact with each other in the virtual environment.
Some of the leading investors in the game include Animoca Brands, Ubisoft, and XAnge Ventures. Its in-game token, $DOGA, powers the game’s economy and facilitates the purchase of in-game items.
About Tezos
Tezos is a proof-of-stake blockchain known for its high transaction speeds, low fees and high energy efficiency. It has developed a reputation as one of the “greenest” blockchains. Its native token, XTZ, is among the top 50 crypto assets by market capitalization. According to the crypto analysis site, CoinMarketCap, XTZ has a market value of about $3.5 billion as of this writing.
About Tezos Foundation
Founded in Switzerland, the Tezos Foundation is subject to the Swiss Federal Foundation Supervisory Authority, a branch of the Swiss Federal Department of Home Affairs. In particular, it aims to promote and develop innovative open and decentralized structures and software applications.