By Shiela Bertillo
OP Games, a startup that creates a new gaming ecosystem centered on community-owned games, raised $8.6 million of seed funding. Republic Crypto, Ascensive Assets, Morningstar Ventures, Mechanism Capital, Polygon Studios and Bitcoin.com participated in the round.
Moreover, Mentha Partners, OKex Blockdream Ventures, SevenX Ventures, GFS Ventures, Defi Alliance and more, gave additional investments to the gaming firm.
“We welcome this hearty endorsement of the work we have done to power up the gaming landscape using Web 3.0’s superpowers: open-source and community ownership,” OP Games CEO and co-founder Chase Freo stated.
Freo also noted how the “$150 billion gaming industry is evolving at an astonishing rate.”
“By giving developers the tools and guidance they need, and by giving players the chance to co-create their favorite projects, we are opening up new revenue channels for the sector’s talented creators,” he added. (Read More: Filipino-Led OP Games Join Forces With Gitcoin To Bridge Game Developers To Web 3.0)
Through Web 3.0, OP Games enables game developers to monetize their work. Moreover, by working with developers the firm is also building a platform that combines non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs), to create games where the developers can collaborate on with their communities.
In addition, the platform will incorporate a Play-and-Earn model, a variation on a pillar of the gamefi movement.
OP Arcade, the company’s player-facing gateway, is built on the developer-friendly NEAR Protocol; where communities can discover HTML5 games, compete for prizes in tournaments, and participate in a progressive crypto-economy.
“OP Games will support the creation of up to 500 games by the end of 2022, nurturing a vibrant community of creators, players and investors.” the firm said in a statement.
OP Games is launching its genesis NFT project, Arcadians, an NFT created by a team of gaming industry veterans, on October 12. The inaugural series of Avatars for the OP Arcade platform, one of the pillars of the upcoming OP Games metaverse, are built on the open-source tools created by OP Games.
This article is published on BitPinas: Filipino-led Op Games Receives $8.6M Seed Funding