Web3 Gaming firm, Proof of Play recently confirmed a major funding round, highlighting the growing interest and investment in decentralized gaming platforms.
Strong Support For Proof Of Play
Proof of Play, under the stewardship of its CEO Amitt Mahajan, co-creator of the renowned game Farmville, has raised $33 million to support its operations in the Web3 gaming space. This announcement, made on September 21, has gained attention from industry insiders and enthusiasts alike.
Interestingly, the co-founder of Twitch, Emmett Shear, serves on the board of Proof of Play, adding to the firm’s credibility and influence in the gaming space.
The funding round attracted the involvement of numerous prestigious investors and companies. It was jointly spearheaded by Chris Dixon from Andreessen Horowitz (a16z) and Neil Mehta from Greenoaks, with notable contributions from Naval Ravikant, Balaji Srinivasan, and the founders of Twitch. Furthermore, Web3 enterprises like Anchorage Digital, Mercury, Firebase, Zynga, and Alchemy have expressed their endorsement of Proof of Play’s mission.
Pirate Nation
In December 2022, Proof of Play launched the closed beta version of its first game, Pirate Nation. This game, as shown by the company, aims to address and overcome the challenges that players normally face whenever they navigate the Web3 gaming network.
Proof of Play insists on its capability to provide “technological and product innovations” that allow gamers to delve into engaging gameplay without the need to understand the intricacies of blockchain technology. This strategy strives to make Web3 gaming highly accessible and enjoyable for a bigger audience.
Moreover, the firm’s commitment to the decentralization principles is evident in its design of Pirate Nation. Regarded as a “Forever Game”, Pirate Nation works independently of external servers and does not need any intervention from its developers. Proof of Play has also expressed its intention to open-source its technological infrastructure soon, reinforcing its dedication and determination to further decentralization.
The Growing Wave Of Web3 Gaming Investments
This year has witnessed an increase in investments directed towards Web3 firms, mainly in the gaming industry. Proof of Play’s recent funding is a testament to this trend. Other significant instances include CCP Games, the creator of EVE Online, getting $40 million in March.
These funds are set aside for the creation of a new spinoff EVE game. Furthermore, Hyperplay raised a remarkable $12 million in June 2023, planning to boost its distribution platform and establish itself as a strong competitor to Steam.
Ultimately, the huge investments and developments in the Web3 gaming industry show its potential and the confidence of investors in its future growth and development. With firms like Proof of Play leading the way, the sector is expected to enjoy massive advancements in the coming years.
