Games are evolving in terms of design, visuals and technical complexity, so it’s only natural that their monetisation should evolve too. That’s where Web3 gaming comes in. Blockchain companies essentially integrate decentralisation and cryptocurrency into gaming to provide values beyond the scope of just entertainment.
Blockchain gaming platform C2X is one company that’s pursuing this next generation of gaming and recently were able to raise $25 million in a private token sale. Several investment heavyweights supported this fundraising in the blockchain space, including FTX Ventures, Jump Crypto and Animoca Brands. It’s a brilliant indicator for the growth of Web3 gaming, and the ensuing innovation in the space is undoubtedly something to look forward to.
What is C2X
C2X, operated by parent company MetaMagnet, is a blockchain gaming platform developed to establish a new standard for Web3 gaming. C2X is built on the Terra blockchain, which ensures all assets and data on the platform will remain transparent and tamper-proof. Its blockchain foundation provides an end-to-end solution that allows for token economics, NFT marketplaces, and Wallet integration. Furthermore, the highly scalable design gives users convenient management of all their digital assets linked to the platform. Its governance token also publicises all services decisions and operations of the games within the C2X ecosystem.
Source: C2XWorld
In summary, C2X provides a gaming ecosystem that establishes a high standard of stability, security, and transparency and is intended to present this as the direction for which all blockchain gamification should strive. C2X will also provide its developers access to the tools needed to create industry-leading titles, thanks to the development support of partners Com2uS, and Terraform labs.
Currently, C2X’s website lists the video game “Summoners War: Lost Centuria”, “Chromatic Souls: AFK Raid”, and has more than ten new game titles planned for release in 2022.
$25M Raised by FTX Ventures, and 20 others
The funding round for C2X took place on March 18th, led by FTX Ventures, Jump Crypto and Animoca Brands. The funding round took place as a private token sale and ultimately bumped C2X’s total valuation to over $500 million. The company has proposed plans to eventually launch another public digital token sale.
MetaMagnet director Paul Kim said in the release that the latest funding round would help drive further development of C2X. “As part of our long-term growth strategy, we are actively seeking out strategic endeavours that will exponentially increase the expansion of C2X. The funds raised, and today’s IEO, will provide us with the necessary capital and global exposure to provide investors with additional value throughout C2X’s existence.”
Alongside the three lead investors, the fundraiser also had 18 other investors (notable in Gaming, Crypto, DeFi, and Blockchain), including Hashed, Terra, Transcend Fund, Galaxy Interactive, Skybound, Blockchain Coinvestors, DeFiance Capital, Play Ventures, Crypto.com, Infinity Ventures Crypto, Unanimous Capital, Bowei, Xsolla, Huobi Ventures, Goal Ventures, Concept Art House, Agnitio Capital and Formless Capital.
Source: Coinlive
Growing confidence in Web3 gaming
The latest investment in C2X by such significant names (like FTX Venture) is an affirmation of companies’ confidence in the growing Web3 gaming industry. It’s also an indicator of cooperation among tech-enthusiasts, as companies come together harmoniously to bring Web3 to fruition.
For example, Hashed is one of C2X’s recent funding round investors. They themselves raised a $200 million fund of their own to support the development of Web3 gaming last December. Notably, they are also an advisor to the South Korean game publisher Com2us, who in turn are developing C2X. Suffice to say, the latest $25 million raised will undoubtedly offer a substantial boost in morale for the Web3 gaming cause.