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Power Protocol received a $3M investment from Bitkraft Ventures, expanding its funding to $15.5M. Power Protocol combines the $POWER token with on-chain infrastructure for high-grade games.
Power Protocol, a blockchain infrastructure platform for gaming, attracted a $3M investment from Bitkraft Ventures. As a result, Power Protocol extended its funding to $15.5M, with the goal of driving adoption.
Power Protocol has built the infrastructure for multiple partner studios, including Pixion Games, the developer of Fableborne. The protocol shows that high-quality games can achieve considerable reach. Fableborne is one of the top mobile-first action RPGs currently in global open beta.
Power Protocol targets third-party game studios
Unlike earlier play-to-earn games, Power Protocol aims to create scalable systems for multiple game titles. As a result, Power Protocol attracts real products, with qualities independent of the $POWER token.
Bitkraft’s funding is directed at improving the protocol to attract third-party studios into the ecosystem. Gaming producers can adopt the $POWER tokenomics and share the underlying on-chain infrastructure, rather than launch isolated chains and tokens. This avoids the creation of a single-product economy and provides wider access to quality games.
“We look at thousands of gaming pitches, and Pixion Games has released a beta that has achieved levels we rarely see in early mobile gaming. Fableborne is distinctly positioned to reach mainstream audiences by combining strong gameplay mechanics with on-chain optionality seeking to improve (not overcomplicate) the experience,” said Justin Swart, principal of Bitkraft ventures.
Fableborne’s open beta is already showing signs of user adoption and commercial traction, with over 400,000 players joining the experience to date.
“We’re grateful to have BITKRAFT’s backing at this stage. They have a track record of supporting teams that build ecosystems with long term potential, and that’s our focus. Capital in gaming and Web3 is selective right now, which makes their belief in what we’re building even more meaningful,”said Kam Punia, founder and CEO of Pixion Games.
Bitkraft’s investment follows previous funding from Delphi Digital, Spartan VC, Mechanism Capital, L1D, and other Web3 VC funds.
$POWER tokens trade near all-time peak
Power Protocol is defying the crypto bear market by focusing on its ecosystem. Although the play-to-earn sector has not yet fully recovered, Power Protocol aims to build a viable on-chain gaming model.
The native $POWER token, which launched in December alongside the Fableborne beta, is now trading near an all-time peak. $POWER expanded in the past day, breaking new records at $0.60. The token reached $34M in daily trading volume, with most of the liquidity coming from PancakeSwap.
The token has entered price discovery and is gaining more attention, recently increasing its mindshare by over 57%.