Avalon Raises $10 Million for Blockchain Gaming Venture

Avalon, the blockchain gaming studio, recently secured $10 million in funding, led by BITKRAFT Ventures and Hashed and other various backers.

The blockchain gaming studio Avalon raised $10 million in its most recent funding round, co-led by BITKRAFT Ventures and Hashed. Notable individual backers included: Mechanism Capital, GuildFi, breederDAO, LiquidX, Sanctor Capital, Spirit DAO, Sanctor Capital, Dext Force Ventures, Follow the Seed, LVT Capital, Andromeda Capital, Focus Labs, Momentum 6, The Spartan Group, MH Ventures, Contango Digital Assets, GuildFi, breederDAO, LiquidX, PG, and Mechanism Capital.

The company will use the newly acquired money to launch the massively multiplayer online game, which offers players a “never-ending” gaming experience, and to further develop their ecosystem.

The Avalon metaverse will integrate an AI-driven UGC system using tools like Unreal Engine 5. Avalon’s next non-fungible token (NFT) series will also unveil Avatar NFTs crafted by artificial intelligence. Within the next few months, the developer intends to launch the limited early-access version of the blockchain gaming studio.

Avalon is an American company based in Florida that leverages blockchain technology and gaming engines to create an open and collaborative digital environment. Its stated goal is to solve problems with scalability and real-time interactivity in video games.

The company has raised a total of $23 million through its latest round of funding. The company raised $13 million in a previous funding round earlier this year from investors including Mechanism Capital, Bitkraft Ventures, Hashed, and Delphi Digital.

In what ways is Avalon used?

The blockchain gaming studio is an AI-driven environment where users can go on adventures, overcome dungeons, play unique games, find rare treasure, and build worlds for others to enjoy. It combines massively multiplayer online games with the depth of tabletop role-playing games. Furthermore, Avalon grants gamers the ability to create their own stories. All of these player-created stories become a part of the main game environment, creating a shared and ever-changing cosmos.

Much like popular social media sites, Avalon encourages its authors to share their work with the world. By receiving rewards when their content proves engaging and players’ networks share it, content providers can enhance their motivations and experiences.

To get Avalons and NFTs, players must complete objectives set by the realm’s creators. Users will receive tokens when they complete certain objectives, with a percentage of those rewards going to the inventor after taxes.

Players determine the rules of the game, allocate money, and utilize global variables. All worlds and assets belong to the players, but Avalon uses the decentralized autonomous organization (DAO) to verify who owns what.