MetaverseGo Raises US$4.2M Led by Galaxy Interactive

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Decentralized blockchain platform MetaverseGo has recently announced that it has successfully raised $4.2 million (more than ₱233 million) in a seed round led by venture capital firm Galaxy Interactive. The platform disclosed that the funding will be used for ​​software development, securing partnerships with telecommunication providers, and strategic hires. 

“Digital ownership not only deployed blockchain technology at scale, it also unlocked new gaming audiences. However, significant friction exists at the initial stages of the user experience to tap into this growth in the interactive sector. MetaverseGo helps to democratize blockchain gaming with an accessible web3 platform that simplifies the onboarding, discovery, learning, and payout processes needed to foster meaningful connections and realize commerce gains around quality content,” says Richard Kim, General Partner at Galaxy Interactive.

MetaverseGo is a startup that aims to provide, both newbie and old players, easy access to play-and-earn games, participate in guilds, collect non-fungible tokens (NFT), and access to other web3 applications. The platform allows web3 access through only the user’s mobile number. (Read more: MetaverseGo Plans Give Non-Crypto Gamers Access To NFT Games)

The seed funding round also had the participation of other venture capital firms and web3 entities such as Delphi Digital, Dragonfly Capital, Mechanism Capital, Infinity Ventures Crypto (IVC), Shima Capital, Com2uS, Akatsuki, Ascensive Assets, BitScale Capital, Yield Guild Games (YGG), BreederDAO, Mentha Partners, and Emfarsis.

“Crypto has always been hard, and blockchain games are even harder, since there are significant upfront costs to buy the NFTs needed to play. Play-to-earn really only took off in 2021 after scholarships popularized the idea of renting those NFTs, so that NFT ownership wasn’t a requirement to get started. Since then, we’ve seen rapid adoption around the world, but as long as crypto onboarding is as arduous as it is today, that growth can only go so far. MetaverseGo is solving this by making Web3 games accessible via a technology that everyone knows how to use — a mobile phone number,” says Ash Mandhyan, co-founder and CEO of MetaverseGo.

In a media release, MetaverseGo described the barriers to onboarding new players to blockchain-based platforms as “long, complex and risk-laden processes.”

To address this as well as to accelerate adoption with mainstream markets and non-crypto natives, the platform highlighted that they provide access to web3 games without the usual prerequisite of understanding how to use cryptocurrencies. 

“Using only their mobile phone number, and upon validation by a verification code, users can explore the MetaverseGo platform to discover and play a range of NFT games while earning MetaverseGo credits that can be spent on mobile data, utility bills, shopping vouchers, and more,” MetaverseGo explained.

While comparing the current 1.1 billion mobile games downloaded per week as well as the gaming stats indicating that there are over three billion gamers across the globe, to a report by Crypto.com, which states that there are only around one million people playing blockchain games on a daily basis, MetaverseGo noted that blockchain gaming is still at a nascent stage of development. The platform promises that they aim to accelerate growth and adoption by removing all the usual challenges associated with onboarding to cryptocurrencies.

This article is published on BitPinas: MetaverseGo Raises US$4.2M Led by Galaxy Interactive

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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