The emergence of blockchain technology has sparked a global digital revolution, which is changing business models and financial ecosystems across various industries. Blockchain, as a decentralized, secure, and transparent distributed ledger technology, possesses numerous potential and innovative applications. Over the past few years, there have been numerous blockchain financing projects worldwide, attracting a significant number of investors and entrepreneurs. Let's take a look back at the funding situation in the blockchain industry last week.
Review and Analysis:
It can be observed that investment institutions have a strong enthusiasm for Web3 gaming on the blockchain. Furthermore, some foundational infrastructure projects for public chains have also demonstrated their strength, with funding amounts that don't reflect a bear market sentiment.
The investment institutions' enthusiasm for Web3 gaming reflects the current market's high attention and confidence in blockchain technology. Web3, also known as the distributed web, represents the next generation of the internet, enabling users to have more direct control and management over their data and digital assets. Chain gaming, or blockchain gaming, is a part of this emerging field, combining gaming with blockchain technology to provide players with new earning opportunities and greater control.
Apart from chain gaming, there is significant investment in the foundational infrastructure of public chains. Public chains, or public blockchains, are open networks that anyone can participate in, providing the infrastructure for blockchain applications. These public chains are striving to improve and expand their networks to support more applications and a larger user base. These efforts include enhancing transaction speed, increasing security and privacy protection, as well as developing new tools and services to attract developers and users.
Although the current market may be in a bearish phase, it hasn't deterred investors' enthusiasm for blockchain technology. In fact, many investors see this period as an opportunity, believing in the long-term potential and impact of blockchain technology. They believe that investing in blockchain technology, especially Web3 and public chain infrastructure, will yield significant returns in the future.
Overall, regardless of the market conditions, blockchain technology continues to evolve and progress. Investors and companies are constantly seeking new opportunities and possibilities, firmly believing that blockchain will change our world, much like the internet did.
Among them, Illuvium and Magic happen to serve as representatives.
Illuvium
Illuvium, the groundbreaking blockchain gaming ecosystem, recently secured a $10 million investment from Framework Ventures. This substantial funding will play a crucial role in driving the development of Illuvium's innovative gaming universe and providing essential support to its remote contributors. Co-founder Kieran Warwick made this exciting announcement on Discord, emphasizing the significant impact these funds will have on the game's progress.
One of the most anticipated developments for Illuvium is the upcoming public beta test, which will offer players numerous exciting experiences. The beta test will feature three interconnected AAA games: Illuvium: Zero, Illuvium: Overworld, and Illuvium: Arena. Each game contributes unique gameplay elements to the immersive gaming universe Illuvium is building. Illuvium: Zero provides an enticing city-building experience, Illuvium: Overworld offers a vast open-world monster hunting adventure, and Illuvium: Arena delivers an exhilarating automated combat experience. With the new funding injection, Illuvium aims to deliver a public beta test that exceeds expectations, ensuring a comfortable runway for future development and expansion.
Illuvium takes immense pride in being recognized as the world's first interoperable blockchain gaming universe. By leveraging the Immutable X network, Illuvium seamlessly integrates open-world exploration, industrial city-building, and automated combat into a cohesive gaming experience.
Players will have the opportunity to explore the Overworld, embark on missions, and hunt NFT creatures known as Illuvials. Assembling a powerful team of Illuvials will enable players to engage in thrilling PvP or PvE battles within the Ascended Arena. Additionally, players who own virtual land parcels in Illuvium: Zero can leverage their land to collect resources that can be sold on the market or used in the Overworld.
Illuvium's financial success continues to soar, building upon the $5 million seed round led by Framework Ventures in March 2021. Prominent investors in the Web3 space, including Delphi Digital and YGG, have also provided significant financial support to the project.
Framework Ventures, in particular, demonstrated confidence in the Web3 gaming space by announcing a $4 million fund for Web3 game investments in April, investing $2 million in the field. With the recent $10 million injection from Framework Ventures, Illuvium is in an excellent position to expand its AAA gaming universe. This funding will accelerate the development work and ensure an outstanding public testing experience for players. With robust financial support and ambitious vision, Illuvium is poised to make a significant impact on the future of blockchain gaming.
The funds raised by Illuvium not only demonstrate the project's potential but also signify the increasing interest and investment in blockchain gaming. As the gaming industry continues to evolve and embrace blockchain technology, Illuvium stands out as a pioneering force pushing boundaries and redefining the gaming experience. The injection of funds will enable Illuvium to further advance the possibilities in the blockchain gaming space, creating a vibrant and immersive universe that attracts players worldwide.
With the upcoming public test and ambitious aspirations for expansion, Illuvium is poised to set new standards in the gaming industry. Players eagerly anticipate exploring the interconnected AAA games and delving into the unique gaming experience offered by Illuvium, indicating that this blockchain gaming ecosystem is on the brink of something extraordinary. The future of Illuvium and the broader landscape of blockchain gaming looks brighter than ever, thanks to innovation, financial support, and a passionate community ready to embark on the next gaming revolution.
Magic
Magic, as a leading Wallet-as-a-Service (WaaS) provider in the industry, recently announced the successful completion of a $52 million strategic financing round during a period of significant macroeconomic uncertainty. The funding round was led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital, among others. This investment brings Magic's total funding to over $80 million.
Since its inception in 2018, Magic has witnessed steady growth in web3 use cases across various verticals by large enterprises. Global brands have recognized the potential of blockchain beyond cryptocurrencies and are leveraging it to engage with customers in new ways and monetize experiences. Magic is closely collaborating with Fortune 500 companies to bring their web3 use cases to everyday users.
Magic's mission is to provide a wallet for every internet user, enabling the full potential of web3 and igniting new economic opportunities by enabling true digital ownership for everyone. With this new funding, Magic will focus on expanding its functionality and enabling new use cases to continue delivering more value to its customers. The team also anticipates a significant increase in Magic's adoption in the European Union and Asia-Pacific regions.
Magic is bringing web3 to mainstream audiences as a WaaS provider for companies seeking secure and user-friendly solutions to onboard their customers to web3 while abstracting complex blockchain concepts, ensuring an experience comparable to web2. Magic's seamless and enterprise-grade WaaS solution simplifies web3 migration, allowing businesses to explore advantageous opportunities in areas such as customer loyalty programs, digital collectibles, employee recognition, ticketing, and membership. Trusted by industry brands like Mattel, Macy's, Xsolla, and Immutable, Magic stands out from other WaaS providers with our patented delegated key management system technology, offering users full control over their assets, as well as enterprise-grade features and compliance with SOC2 Type 2, CCPA, GDPR, HIPAA, and ISO standards.
To date, Magic has created over 20 million unique wallets and is used by over 130,000 developers. As a Wallet-as-a-Service provider, Magic assists enterprises in introducing users to web3 through instant non-custodial wallet creation. It utilizes email or social login, eliminating the need for seed phrases and browser extensions, making it indistinguishable from the standard web2 experience that everyday users are accustomed to. Magic provides features for end-to-end web3 onboarding, including identity verification, fiat channels, NFT minting, and NFT checkout. Its solution is trusted by top brands in both web2 and web3, including Mattel, Macy's, Xsolla, and Immutable. So far, Magic has created over 20 million wallets and is used by over 130,000 developers.
Attached is last week's financing news:
05/29
- DWF Labs invested $15 million in Outer Ring MMO to accelerate game development and the expansion of the blockchain ecosystem.
- TomoChain has received strategic investment from Coin98 Labs.
- NFT marketplace Tabi secured $10 million in funding and will develop a game ecosystem on BNB Chain.
05/30
- zkMe completed a $2 million Pre-Seed round of financing to revolutionize on-chain credential verification through zero-knowledge proofs.
- Solana Foundation launched the AI Accelerator Program and Strategic Fund.
- TradeWaltz, a blockchain-based trade information collaboration platform, raised 165 million Japanese yen in financing.
- Wanxiang Blockchain Labs and HashKey Capital jointly launched the Web3.0 Innovation Incubation Platform.
- Tribe Capital plans to launch a $250 million special fund for India.
- DeGame raised $6.5 million and launched a web3 contribution proof platform.
- Web3 startup Transak raised $20 million in Series A financing led by CE Innovation Capital.
- CoinSwitch Ventures invested $25 million in 12 startups through its Web3 Discovery Fund.
- UpCodes launched an AI-based tool called Copilot and raised $3.5 million in Series A financing.
- MetaZone completed a $3 million seed round of financing to expand its metaverse tokenized application platform, META.
05/31
- Solana Foundation has provided research and development funding to Albus Protocol to establish blockchain security and compliance tools.
- The blockchain gaming platform Illuvium has successfully raised $10 million in funding.
- MAP Protocol has partnered with Waterdrip Capital and Arcane Group to establish a $10 million ecological fund, facilitating interoperability within the entire chain.
- Baidu has created a $140 million fund to support startups similar to ChatGPT.
- German fintech company NomuPay has completed a $53.6 million Series A financing round to expand its payment services coverage.
- Travel technology company Hostaway has secured $175 million in funding to build a technological platform for vacation rentals.
- Web3 wallet Magic has raised $52 million in funding, led by PayPal Ventures.
- Swiss nonprofit organization Anoma Foundation has raised $25 million for research and development of third-generation blockchain architecture.
- Startup Atly has raised $18 million in funding and plans to launch new community management and monetization tools.
- Startup Cortex has completed a $35 million Series B financing round led by IVP.
- Esports startup M80 has received $3 million in seed funding and plans to explore Web3 gaming and expand its esports business.
06/01
- StepStone Group's venture capital company has raised nearly $100 million through the establishment of two blockchain private equity funds.
- The family office of BitMEX founder has launched the Maelstrom Fund, focusing on projects related to blockchain and internet profit models.
- Blockchain gaming platform Battle Infinity has secured a $3.5 million investment from Bitgert Ventures.
- The founder of IOTA has invested in Web3 infrastructure provider SPYCE.5 to accelerate blockchain adoption.
- UXD Protocol has invested $5 million USDC in OpenEden, a tokenized sovereign bond investment platform.
- Binance Labs and FunPlus jointly lead a $6.6 million seed round for Web3 gaming company Fusionist, aiming to provide high-quality AAA game experiences.
- TON Foundation has established a $25 million fund and launched an accelerator program to support ecosystem projects.
- LBank Labs has announced an investment in prominent fund management company Sparkle Ventures.
- Hogwarts Labs has raised $8 million in pre-Series A funding to accelerate the adoption of Web3.
- BlockNews has raised $2 million in funding, with Hong Kong-based Thoughtcast Capital as the lead investor.
- Renowned Web3 investment firm Cipholio Ventures has made a strategic investment in Hong Kong mainstream media Meta Era.
- The world's first Bitcoin ecosystem fund has launched, raising $30 million with oversubscriptions reaching $900 million.
06/02
- Cryptocurrency wallet Demox Labs has raised $4.5 million in seed funding, which will be used for the development of zero-knowledge blockchain infrastructure.
- Web3 gaming solution provider COMBO has launched an $80 million ecosystem fund to support game developers.
- zkEVM Kakarot has successfully completed its Pre-Seed funding round with participation from Vitalik Buterin, StarkWare, and others.
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