MetaverseGo completes $4.2 Million seed round to simplify onboarding process
The Galaxy Interactive division of Galaxy Digital led a $4.2 million seed round for MetaverseGo, a mobile gaming venture based in the British Virgin Islands.
Delphi Digital, Dragonfly Capital, Mechanism Capital, Infinity Ventures Crypto, Shima Capital, Com2uS, Akatsuki, Ascensive Assets, BitScale Capital, Yield Guild Games (YGG), BreederDAO, Mentha Partners, and Emfarsis are also participants in the funding round along with Galaxy Interactive. MetaverseGo was initially valued at $40 million, according to the corporation. A blog post shared on the platform confirmed the news.
The majority part of the fund will be used in an onboarding solution including strategic hiring, establishing agreements with telecommunications companies, and developing software to enhance its productivity. According to a Dapp Radar report analysis in the second quarter of 2022, gaming Dapps accounted for 52% of all blockchain activity. The platform is set for release within the next month. To make the process of getting a wallet, buying cryptocurrency, and buying in-game assets easy the solution is being designed. The implementation of those functions has always been a challenge for new players.
In the form of MetaverseGo credits, players can access any earnings which are obtained from the games. Data and power bills can be purchased using these credits. Earnings can be transferred to players' wallets. Users can register using cell phone numbers and begin playing games like Axie Infinity and Cyball. Following the setup of users' wallets and granting them access to virtual goods controlled by gaming guilds like YGG, those guilds take a cut of any in-game profits.
Ash Mandhyan, Jake San Diego, and JC Velasquez, the co-founders of MetaverseGo, believe their technology provides a solution for gamers to resolve their challenges through the onboarding solution. Having worked at Facebook and TikTok maker Bytedance, Mandhyan believes web3 onboarding is important, and it is important not to complicate the process for those new to blockchain. Aiming to bridge the gap between technological advancements and human adoption, MetaverseGo is accelerating its efforts he added.
The British Virgin Islands-based company began operations in March 2022, with the majority of its employees working out of The Philippines, a popular play-to-earn region.
CBW - External Analyst