The mobile gaming platform MetaverseGo has successfully closed a seed fundraising round with a total amount of $4.2 million, led by Galaxy Interactive, a division of Galaxy Digital. Delphi Digital, Dragonfly Capital, Mechanism Capital, Infinity Ventures Crypto, Shima Capital, Com2uS, Akatsuki, Ascensive Assets, BitScale Capital, Yield Guild Games (YGG), BreederDAO, Mentha Partners, and Emfarsis also participated in the oversubscribed round, which was disclosed today.
The initial valuation of MetaverseGo was reportedly set at $40 million, as stated by the firm. The funds are going to be put toward the creation of software, the establishment of agreements with suppliers of telecommunication services, and the hiring of key personnel. Ash Mandhyan, who has previously held positions at Facebook and Bytedance, compares the necessity of getting Web3 onboarding right to learning how to drive a car. He also emphasized that it was crucial not to overcomplicate the process for individuals who are new to the blockchain.
According to Mandhyan, “At first, people don’t want to understand how the engine works. They want to first understand how to steer, how to shift gears, and how to brake. Then, later on, you’ll have a conversation about the engine size, combustion, and transmission. But if you go and start talking about engine size at the very first conversation, they’ll back out. It’s too much information too soon.”
Providing Optimal Solution For Blockchain-Based Games
According to research from Dapp Radar, gaming decentralized applications (dApps) were responsible for 52 % of all blockchain activity in the second quarter of 2022. However, when compared to the hundreds of millions of individuals that play mobile games on a daily basis, just about one million people play games based on blockchain technology. The difficulty includes onboarding. The acquisition of a wallet, the purchase of cryptocurrency, and the acquisition of gaming goods continue to be challenging tasks for new users. However, Ash Mandhyan, Jake San Diego, and JC Velasquez think that their platform provides a solution.
The British Virgin Islands-based company is expected to deploy its product within the next month, and it established its business in March 2022, with the majority of its personnel functioning out of a play-to-earn (P2E) hotspot, The Philippines. Users need only provide their mobile phone number in order to sign up for the service and get started playing games like Axie Infinity and Cyball. It then creates wallets for the users and provides them access to digital assets controlled by gaming guilds like YGG, but with the guilds taking a cut of any in-game revenue.
One-Stop Destination For Top Play-And-Earn Games
MetaverseGo asserts that it is the most reliable access point into the Metaverse. It provides easy access to Play-and-Earn Games, Guilds, NFTs, and decentralized applications. Users are able to engage in the authentic Web3 experience, own assets, make connections with key actors in the sector, and use their earnings to conduct business with connected merchants on MetaverseGo.
MetaverseGo enables players to play the most popular play-and-earn games without jumping through hoops. Register an account, apply for a scholarship with one of MetaverseGo’s partner guilds, and start playing. Players will have access to any winnings from the games in the form of MetaverseGo credits. These credits can be redeemed to pay for a variety of items, including data and utility bills. It was confirmed by Mandhyan that gamers would also have the ability to move their money to their own personal wallets.
