A $4.2 million seed investment round was completed by the mobile gaming platform MetaverseGo, with participation from Delphi Digital, Dragonfly Capital, Mechanism Capital, Infinity Ventures Crypto, Shima Capital, Akatsuki, Ascensive Assets, BitScale Capital, BreederDAO, Mentha Partners, and Emfarsis, Galaxy Digital’s Galaxy Interactive division led the investment round.
The $40 million-valued MetaverseGo company intends to use the funds obtained from the investment round for software development, forging partnerships with telecoms firms, and employment. The majority of its crew is situated in the Philippines, a well-known play-to-earn location, and the company was founded in the British Virgin Islands in March of this year.
Users may register on the site, which will go live within the next month, and play games like Axie Infinity and Cyball with just a phone number. The players are then provided with cryptocurrency wallets, which provide them access to digital assets from guilds like YGG in exchange for a cut of their in-game earnings. Players have the option of transferring their winnings to their wallets.
52 percent of all on-chain activity in Q2 of 2022 may be ascribed to gaming apps, according to a Dapp Radar analysis. A million people play blockchain-based games every day. This is a significant number from the still-young blockchain gaming industry, but it pales compared to the hundreds of millions of people who play mobile games daily.
Onboarding is a problem that most blockchain use case applications and tools encounter, and it also affects gaming apps. The process of selecting a wallet, purchasing cryptocurrency, and using it to purchase gaming goods can be extremely scary for some players.
Co-founders of MetaverseGo Ash Mandhyan, Jake San Diego, and JC Velasquez see their platform as a solution to this problem. The platform eases users into the world of web 3 by generating a wallet and giving them access to digital gaming resources. It will be possible to redeem in-game profits, which are available as MetaverseGo credits, and use them to pay for things like mobile data and utility bills.