The company will make its own decentralized games and work with global franchise partners to make more.
Revolving Games, a company that makes Web3 games, has raised $25 million in a funding round led by Pantera Capital, a big investment firm that focuses on crypto. The money will be used to create scalable, decentralized game experiences for both in-house games and games made in partnership with global franchises.
In an email, Saad and Ammar Zaeem, the co-founders of Revolving Games, said, “In addition to making games and building online worlds, we’re investing in technology that will help facilitate decentralized player-owned trading economies not only in our games but also in other games.”
A new DappRadar report says that gaming took up a record 60% of blockchain activity in July. The crypto bear market, which has driven down the prices of digital assets and non-fungible tokens, didn’t have much of an effect on the gaming industry (NFTs).
Revolving Games, a company based in Los Angeles that was started in 2020, has spent the last two years making tools to help build and launch Web3 games. In June, the studio showed off its first product, a blockchain game based on Battlestar Galactica that was made with Gala Games and NBCUniversal. In the fourth quarter, more information will be given about the title.
Skyborne Legacy is the second game from Revolving Games. It is a social world and trading role playing game based on the Polygon blockchain. The official announcement of the new product is set for October 4.
Animoca Brands, Polygon, CryptoKitties developer Dapper Labs, and Dan Houser, a former producer at hit game studio Rockstar Games who is now on the Revolving Games advisory board, were among the other investors in this round of funding.
In April, lead investor Pantera Capital opened a $200 million fund to invest in mature companies that are already making money. This was a big change from the company’s usual early-stage investments.