In Brief:
- nCore Games raised $10 million in a Series A funding round to launch Web3 offerings.
- Animoca Brands and Galaxy Interactive led the funding round along with participation from Polygon and Hyperedge Capital.
- The firm will use the newly raised funds for expansion into the metaverse and also launch NFTs in the coming months.
Indian gaming firm nCore Games raised $10 million in a Series A funding round as the company prepares to launch web3 offerings.
According to a TechCrunch report, Animoca Brands and Galaxy Interactive led the funding round. The round also saw participation from Polygon and Hyperedge Capital.
Amitabh Singhal, Sandeep Nailwal, Kanwaljit Bombra, Sohil Chand, Ashish Chand, Ram Madhvani, Rakesh Kaul, Mannan Adenwala, Sanjay Narang, Taj Haslani, Kristian Segerstrale, Sanjay Gondal, Vedant Baali, Kartik Prabhakara, Peter Leung, Yashraj Akashi, and Akshay Chaturvedi are the angel investors who participated.
nCore Games to use the newly raised funds for expansion into the metaverse. The firm also intends to launch and invest in a lot of games in 2022.
According to Vishal Gondal, co-founder of nCore Games, the company is considering launching its own NFTs and tokens in the coming months.
Because of the low penetration of in-app purchases and small ticket advertising dollars, gaming companies are struggling to efficiently monetize their user base in India.
Gondal expressed confidence that web3 offerings, which have risen to prominence in a wide range of categories and markets, will prove popular with Indian gamers.
According to Gondal, web3 is well-positioned to provide the appropriate incentive system to all stakeholders.
Yat Siu, the executive chairman and co-founder of Animoca Brands, in a statement. “nCORE Games has the right team to leverage blockchain and NFTs in games to deliver digital property rights to players, and we look forward to many successful products as we move toward a global open metaverse.”
Last month Binance Smart Chain and Animoca Brands announced the $200 million investment program to develop cryptocurrency-based gaming projects with the play-to-earn model on Binance Smart Chain (BSC). Both firms plan to raise $100M through co-investment to provide game projects in the GameFi sector.
