Four months after its launch, the Fractal NFT platform has already gained support from reputable venture capital firms. In a new funding round, Twitch co-founder Justin Kan’s NFT platform has raised $35 million (roughly Rs. 264 crore). Paradigm and Multicoin Capital led the round with Coinbase Ventures, Solana Labs and Andreessen Horowitz emerging as other investors. Launched in December last year, the Fractal NFT Marketplace sells Solana-based, gaming-centric NFTs for peer-to-peer trading.
Announcing the development, Fractal said it would use the seed funding for its intentions to become a marketplace for gamers to discover, sell, and buy gaming NFTs or non-fungible tokens.
“When we launched Twitch, we decided that Fractal would focus on being best friends with blockchain game studios. We saw a lot of interest in the mints we launched. All the mints we launched Our coin with Tiny Colony has sold over $2 million (about Rs 15 crore) worth of NFT,” Kan said in a blog post.
The co-founder of Twitch predicted that minting digital assets and collecting royalties on those assets while trading them will become a lucrative business model in the future.
“We believe blockchain represents a new participatory business model for games that is better for gamers and game developers. We will see the biggest games become open economies that will help other developers build businesses,” Kan added.
Fractal vouches to provide gaming enthusiasts with true ownership of genuine NFTs so that they retain or increase in value over time.
“We believe games are how the next 100 million users fit into crypto. With this new capital, we will focus on building our engineering team and creating the best possible product for gaming companies that want to build around blockchain and transform their games into true open economies,” Kan added. .
There has been a major buzz around the future of virtual gaming lately.
The blockchain gaming industry grew by 765% in 2021, according to a report by Forbes in January this year.
A report by DappRadar had recently stated that a whopping 804,000 unique active players logged into blockchain-based games in July 2021.
Game companies are stepping up to keep pace with the growing Web 3 industry.
Earlier this week, PUBG developer Krafton struck a deal with Solana Labs, sparking rumors about its potential plans to add crypto and NFT elements to its games.