Catch up on the latest funding and partnership news about GameFi and Web3 gaming. This week Cointelegraph covers LootRush, Axie Infinity and Polygon Studios.
SpongeBob and Warhammer mobile game scores Polygon partnership
Free-to-play mobile games publisher Tilting Point has entered a multiyear partnership with Polygon Studios to launch 10 Web3 games over the next two years. Polygon Studios and Tilting Point plan to help both native Web3 game developers scale their games alongside free-to-play developer partners, and studios who want to bridge from Web2 to Web3 gaming.
The first three titles in the works are interstellar strategy game “Astrokings” from Korean developer AN games, which Tilting Point acquired earlier this year; virtual slot game “The Walking Dead: Casino Slots,” based on the AMC series; and “Chess Universe,” by Tilting Point’s partner developer Kings of Games.
Polygon Studios CEO Ryan Wyatt shared in a statement the company’s excitement about “championing user ownership and immersive gameplay.” Founded in 2012, Tilting Point’s most popular free-to-play games include “Warhammer: Chaos & Conquest,” “Narcos: Cartel Wars,” and “SpongeBob: Krusty Cook-Off.”
Today we’re announcing our partnership with @0xPolygon to bring the best of Web3 tech to our devs and their games! Read here, in Samir’s own words, how this will impact our model.#metaverse #blockchain #nft #cryptogaming #TiltingPoint #raiseyourgamehttps://t.co/hW8HOTFXH6
— Tilting Point (@TiltingPoint) May 5, 2022
T.E.A.M DAO raises $5 million Series A round
The Tokenized Esports Asset Management decentralized autonomous organization, or T.E.A.M. DAO, describes itself as the metaverse’s first Guild 3.0. The fantasy esports nonfungible token (NFT) league recently announced a $5 million Series A round of funding co-led by Krust Universe and Animoca Brands. Other investors included Great South Gate, Shima Capital, Anti Fund, Algorand, GSR, NGC Ventures, Libra Ventures, Nexo Capital, EX Capital, CoinHako and Octava.
Krust Universe is an investment arm of South Korean tech giant Kakao. Animoca Brands also recently acquired two major video games publishers: Eden Games and Darewise Entertainment.
According to T.E.A.M, the new funding will be used to further develop its technology infrastructure, expand the team, and rapidly grow its player base. Its designated Supreme Leader stated that the company is leading a gaming-culture defining ecosystem for “noobs, amateurs and midtier gamers.” He added that the upcoming TEAM token public sale will “[catapult] crypto adoption into everyone’s daily life.”
@TEAMDAOcom completes a $5m SeriesA round co-led by @animocabrands + @Klaytn_official $TEAM
GreatSouthGate @shimacapital @antifundvc @GSR_io EverseCap @NGC_Ventures LibraCapVentures @NexoCapital ExCapital @coinhako RisingCap @Octava92275045https://t.co/iNQrGfOmni
— T.E.A.M DAO Tokenized Esports Asset Management (@TEAMDAOcom) April 28, 2022
Axie Infinity remains game with the highest market cap
According to the latest report by Crypto Head that assessed the top 50 play-to-earn (P2E) games on ChainPlay, Axie Infinity has a fully diluted market cap of $15.81 million. Cross Link came in a close second at $13 million and a third-placed Decentraland at $4.63 million. The average market cap value of all the crypto games studied is $1.25 million.
As for most Google-searched game in the past six months, Axie Infinity also takes the crown with over 29 million searches around the world. The second and third highest searched games, Bomb Crypto and Splinterlands, respectively, both had fewer than five million global searches.
Crypto Head also looked at crypto Twitter popularity and games with the most expensive tokens. Axie Infinity also garnered a place on those lists.
LootRush wants to take NFT gaming mainstream
LootRush, an NFT marketplace for crypto gamers, closed on Thursday a seed round of $12 million led by crypto firm Paradigm, with participation from Andreessen Horowitz. Other backers included Y Combinator, Brex founders, the founders of Axie Infinity, Plaid, Wildlife Studios, Dapper Labs and The Chainsmokers.
According to the company, LootRush aims to become like Steam, as a distributor of PC games, but for blockchain and NFT-based video games. It wants to eliminate barriers to entry for gamers to play Web3 games and is known for offering cost-effective NFTs. A blog post stated that “We will enable gamers to own NFTs and we help NFT owners find great players.”
— LootRush (@LootRushGames) May 5, 2022
Other GameFi News
STEPN is a Solana (SOL)-based NFT mobile application that leverages GameFi elements, such as move-to-earn, to enable NFT sneaker holders to earn tokens as they walk. Made for fitness enthusiasts and those who want to get their daily steps in, this project is leading the move-to-earn movement and challenging users to cash in Green Satoshi Token (GST).
Related: How blockchain games create entire economies on top of their gameplay: Report
Japanese video game publisher Square Enix intends to divest its popular Tomb Raider franchise for $300 million and invest the proceeds into blockchain, artificial intelligence (AI) and cloud computing technologies. Cointelegraph previously revealed Square Enix CEO Yosuke Matsuda’s plans to integrate NFTs into play-to-earn blockchain games.