Web3 gaming company, Proof of play recently announced a significant funding round, underscoring the growing interest and investment in decentralized gaming platforms.
Strong support for evidence of play
Proof of Play, led by CEO Amitt Mahajan, co-creator of the popular game Farm village, has successfully raised $33 million to continue its efforts in Web3 gaming. The announcement, made on September 21, has caught the attention of industry insiders and enthusiasts alike. Notably, Twitch co-founder Emmett Shear serves on Proof of Play’s board, adding to the company’s credibility and influence in the gaming community.
Several esteemed investors and companies participated in the financing round. Co-led by Chris Dixon of Andreessen Horowitz (a16z) and Neil Mehta of GroenoaksThe round also featured contributions from Naval Ravikant, Balaji Srinivasan and the founders of Twitch. Moreover, Web3 companies such as Anchorage digitalMercury, Firebase, Zynga and Alchemy have expressed their support for Proof of Play’s vision.
Pirate nation
In December 2022, Proof of Play introduced the closed beta version of its first game, Pirate nation. The game, as presented by the company, promises to address and overcome the challenges players often face when navigating the Web3 gaming ecosystem.
Proof of Play highlights its ability to offer “technological and product innovations” that allow players to delve into engaging gameplay without the requirement of understanding the intricacies of blockchain technology. This approach aims to make Web3 gaming more accessible and fun to a wider audience.
Furthermore, the company’s commitment to the principles of decentralization is evident in Pirate Nation’s design. Pirate Nation, also called a “Forever Game,” operates independently of external servers and requires no intervention from its creators. Proof of Play has also stated its intention to open source its technological framework in the future, reinforcing its commitment to further decentralization.
The rising tide of web3 gaming investment
2023 has seen a sharp increase in investments targeting Web3 companies, especially in the gaming sector. The recent funding of Proof of Play is a testament to this trend. Other notable examples include CCP gamesthe developer behind EVE Online, securing $40 million in March. The money will be used to create a new spin-off EVE game. Similarly, Hyperplay raised an impressive $12 million in June, with the aim of improving its distribution platform and establishing itself as a formidable competitor to Steam.
In conclusion, the substantial investments and developments in the Web3 gaming sector highlight its potential and investors’ confidence in its future growth. With companies like Proof of Play leading the way, the industry is poised for significant progress in the coming years.