BlockchainSpace Secures $2.4 Million in Strategic Funding Round to Propel the Growth of NFT Gaming Industry

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Blockchain NFT
BlockchainSpace Secures $2.4 Million in Strategic Funding Round to Propel the Growth of NFT Gaming Industry

BlockchainSpace – a guild hub for play-to-earn (P2E) communities – recently announced it had raised $2.4 million in a strategic funding round following the successful closure of its previous seed round.

BlockchainSpace Raises Funds in Additional Strategic Funding Round

The funds raised via the strategic funding round will be used by BlockchainSpace to onboard the next 20,000 play-to-earn guilds across the world and foster the growth of the budding NFT gaming industry.

Notably, the latest funding round was led by Morningstar Ventures and witnessed participation from Crypto.com, Alameda Research (FTX), Kingsway Capital, OKEx Ventures, and UniX Gaming, a play-to-earn guild.

For the uninitiated, BlockchainSpace is a metaverse platform that is pioneering the development of tools to power the play-to-earn gaming communities to enhance their performance, access capital, increase their earnings, and live up to their potential.

At present, BlockchainSpace serves more than 2,500 guilds with over 600k P2E players.

Tapping the Booming Play-to-Earn Gaming Industry

Today, the play-to-earn gaming industry is well on its path to becoming into an ecosystem worth hundreds of billions of dollars as evident from the success of Axie Infinity, CryptoBlades, and The Sandbox, among others.

The aforementioned platforms have today developed into a self-sustaining ecosystem that allows thousands of gamers around the world to earn a living. However, a major drawback is the high entry barrier that requires the players to invest over a hundred dollars just to get started.

This is where guilds fit in as they enable new gamers – known as scholars – to access P2E games without any initial investment in return for sharing a percentage of the profits they earn.

Today, the biggest guilds of the P2E metaverse boast of thousands of scholars. However, the rising number of scholars also means higher scaling-related complexities.

Guild operators can be thought of as the asset managers of the metaverse in that the larger the organization grows, its routine operations become extremely intricate. This involves the need to keep track of assets, cash flow, revenue, expenditure, maintaining multiple budgets, while at the same time monitoring the performance of scholars.

BlockchainSpace makes the process of scaling operations in a guild a lot easier for all its members. The platform offers a comprehensive platform and community for guild operators to precisely measure the performance of their players, onboard new scholars and vet applications, automate cashout requests and gain access to in-depth analytics and benchmarking across multiple guilds.

BlockchainSpace also offers a suite of unique tools and features that helps guild operators save time so they can focus on scaling and improving performance.

Commenting, Danilo S. Carlucci, Chief Investment Officer at Morningstar Ventures, said:

“Guild leaders face challenges with operating their groups, and lack tools, data, and solutions that facilitate their work as their guilds grow and become more complex. At Morningstar Ventures we very much focus on all-things-community, and we are excited to work with BlockchainSpace to empower countless guild-managers to run guilds like a startup business, and remove their bottlenecks.”

Similar sentiments were echoed by Peter Ing, CEO of BlockchainSpace. He said:

“Over the last months investor interest in Metaverse companies has been high. We were careful in this strategic round to only focus on partners that could strengthen our growth in community building and community onboarding and are ecstatic with our small but impactful line-up with MorningStar leading the round.”

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Aisshwarya Tiwari

Aisshwarya is currently working as the Chief Editor at crypto.news and holds more than 4 years of experience in the digital assets industry. He holds an undergraduate degree in Commerce with Honours and a post-graduate diploma in Liberal Studies. Before entering the crypto industry, Aisshwarya worked as an SAP Consultant for a global IT firm. He also cleared the CFA Level 1 exam before pivoting to the crypto industry due to its novel and exciting propositions.