Web3 gaming company, Proof of Play recently announced a significant funding round, underscoring the growing interest and investment in decentralized gaming platforms.
Strong Backing for Proof of Play
Proof of Play, under the leadership of its CEO Amitt Mahajan, co-creator of the popular game Farmville, has successfully raised $33 million to further its endeavors in the Web3 gaming space. The announcement, made on September 21, has garnered attention from industry insiders and enthusiasts alike. Notably, Emmett Shear, co-founder of Twitch, serves on the board of Proof of Play, adding to the company’s credibility and influence in the gaming community.
The funding round witnessed participation from several esteemed investors and firms. Co-led by Chris Dixon of Andreessen Horowitz (a16z) and Neil Mehta of Greenoaks, the round also saw contributions from Naval Ravikant, Balaji Srinivasan, and the founders of Twitch. Additionally, Web3 firms such as Anchorage Digital, Mercury, Firebase, Zynga, and Alchemy have shown their support for Proof of Play’s vision.
In December 2022, Proof of Play introduced the closed beta version of its inaugural game, Pirate Nation. The game, as showcased by the company, promises to address and overcome the challenges players often face when navigating the Web3 gaming ecosystem.
Proof of Play emphasizes its capability to offer “technological and product innovations” that will enable players to delve into engaging gameplay without the prerequisite of understanding the intricacies of blockchain technology. This approach aims to make Web3 gaming more accessible and enjoyable for a broader audience.
Furthermore, the company’s commitment to the principles of decentralization is evident in its design of Pirate Nation. Termed a “Forever Game”, Pirate Nation operates independently of external servers and does not require intervention from its creators. Proof of Play has also expressed its intention to open-source its technological framework in the future, reinforcing its dedication to further decentralization.
The Rising Tide of Web3 Gaming Investments
2023 has witnessed a surge in investments directed towards Web3 companies, particularly in the gaming sector. Proof of Play’s recent funding is a testament to this trend. Other notable instances include CCP Games, the developer behind EVE Online, securing $40 million in March. The funds are earmarked for the creation of a new spinoff EVE game. Similarly, Hyperplay raised an impressive $12 million in June, aiming to enhance its distribution platform and establish itself as a formidable competitor to Steam.
In conclusion, the substantial investments and developments in the Web3 gaming sector highlight its potential and the confidence of investors in its future growth. With companies like Proof of Play leading the charge, the industry is poised for significant advancements in the coming years.