thecoinrise.com
Fractal, a gaming Non-Fungible Token (NFT) marketplace co-founded by Justin Kan, one of the co-founders of Twitch has raised the sum of $35 million in seed funding from venture capital firms.
As shared in a blog post written by Justin, the Fractal platform’s seed funding was co-led by Paradigm and Multicoin Capital, with participation from Andreessen Horowitz, Solana Labs, Animoca Brands, Coinbase Ventures, Play Ventures, Position Ventures, Zynga founder Mark Pincus, Crossover, Shrug Capital, TerraForm Labs CEO Do Kwon, Tim Ferriss, Eric Glyman and Karim Atiyeh (Ramp), Twitch cofounder Kevin Lin, Zynga cofounder Justin Waldron, dao5 founder Tekin Salimi and many more.
The Fractal Platform
Fractal is designed as a platform where gamers can discover, buy and sell gaming NFTs with ease. The startup came into existence in a bid to harness the growing demand amongst game developers looking to make their debut in the blockchain ecosystem. Through its ingenious design, the startup has launched the Fractal Launchpad where game developers with an NFT product can issue out their collections for sale to the public.
By instituting a very strict admittance policy, only a handful of projects that applies to list their product on Fractal have been approved with the likes of House of Sparta, Tiny Colony, Yaku Corp, Cinder, Nekoverse, Metawana, MetaOps, and Psyker amongst those that have been partnered with thus far.
The very strict policies exhibited in picking these gaming companies are hinged on which ones have the best products on offer, as well as the convinced chances of fulfilling their promises to their community. Based on the generally positive outlook from these partners, Tiny Colony for instance has been able to raise more than $2 million in NFT sales through the Fractal platform.
Following the new seed funding the platform has received, a focus will now be made on expanding its suite of engineers as well as enhancing its overall product build.
“With this new capital, we’ll be focused on building out our engineering team and making the best product possible for gaming companies who want to build around blockchain and turn their games into truly open economies,” Justin said in the blog post, expressing optimism that gaming is how the next 100 million users will enter into the cryptocurrency ecosystem.
Besides Fractal, a number of gaming and Web3.0-focused startups have also received funding as documented by TheCoinRise. One of these is the $150 million funding received by Optimism, a layer-2 protocol back in March this year.