Solana raised $35 million for game focused NFT marketplace
Recently, Solana NFT gaming platform Fractal announced that in seed round funding it raised $35 million to build out its marketplace for gaming non-fungible tokens (NFTs). The rounding was co-led by Paradigm and Multicoin Capital. Fractal is based in San Francisco. It is a new marketplace for gaming NFTs founded by Justin Kan, the co-founder of Twitch.
The round was led by Paradigm and Multicoin Capital with other participation from Andreessen Horowitz, Solana Labs, Animoca, Coinbase Ventures, Play Ventures, Position Ventures, Zynga founder Mark Pincus, Crossover, Shrug Capital, TerraForm CEO Do Kwon, Tim Ferriss, the founders of Ramp, and many more.
The company's board will be joined by Paradigm’s co-founder Matt Huang. On December 30th, 2021 Fractal was launched to the public after two months of this financing round took place. With the new funds, GameFi plans to hire more engineers, recruit and support game developers, and develop a vibrant ecosystem of participants.
According to Kan, streaming music platform Audius which delivers a user-friendly interface that looks and feels much like a centralized or Web2 service albeit with decentralized tech, has inspired him recently. Before this, around 2013, when Kan dabbled with Bitcoin, he found opportunities in Ethereum and programmable smart contracts although then he had no idea that blockchain networks could power a high-performance, user-friendly gaming platform. Kan and Fractal co-founders David Wurtz (CEO), Robin Chan, and Mike Angell decided on was a marketplace for NFT assets that can be used within video games.
Justin Kan co-founded Twitch, the massive streaming video platform that revolutionized how people discover and experience video games and he believes NFTs will have even more of an impact in the future.
About Fractal :
A marketplace for video game players has been opened by Fractal to discover, buy, and sell gaming NFTs. Recently Fractal Launchpad was released by Fractal. This Fractal Launchpad is a new product that helps game companies sell their initial NFT collections to the public. Solana which is a platform that provides faster, cheaper, and more energy-efficient transactions than Ethereum, was being launched by Solana. There has been an increase in interest from developers working on games like Aurora, Star Atlas, Skate X, and Mini Royale Nations.
CBW - External Analyst