Farmville Co-Creator-Led Company Secures $33 Million to Build Web3 Games
Proof of Play, a company led by Amitt Mahajan, co-creator of Farmville, has raised $33 million in funding to develop Web3 games. The announcement, made on September 21, revealed that Mahajan serves as the CEO of Proof of Play, with Emmett Shear, co-founder of Twitch, as a board member.
The funding round was co-led by Chris Dixon from Andreessen Horowitz (a16z) and Neil Mehta from Greenoaks. Prominent investors such as Naval Ravikant, Balaji Srinivasan, and the founders of Twitch, along with Web3 firms Anchorage Digital, Mercury, Firebase, Zynga, and Alchemy, also participated in the round.
Proof of Play launched a closed beta version of its first game, Pirate Nation, in December 2022. The company claims to have developed a range of technological and product innovations that tackle common obstacles encountered by players when diving into Web3 games. According to Proof of Play, these innovations allow for immediate engagement in enjoyable gameplay without requiring prior knowledge of blockchain technology.
The company also places a strong emphasis on decentralization. Pirate Nation is dubbed a “Forever Game” that can operate without external servers or intervention from creators. Proof of Play has plans to open-source its technology framework in the future to further enhance decentralization.
The team at Proof of Play comprises industry professionals from well-known gaming and web giants, including Epic Games, Zynga, Electronic Arts (EA), Activision, and Google.
Large funding rounds from Web3 companies have become increasingly common in 2023. CCP Games, the developer behind EVE Online, raised $40 million in March to fund the development of a new EVE spinoff game. In June, Hyperplay secured $12 million in funding to expand its distribution platform and compete with Steam.
Web3 Games: The Future of Gaming
The rise of Web3 games opens up new possibilities for the gaming industry. With the integration of blockchain technology, players can experience unique features and benefits that traditional games cannot provide. Here are some key reasons why Web3 games are shaping the future of gaming:
- Ownership and Asset Interoperability: Web3 games offer true ownership of in-game assets. Through the use of non-fungible tokens (NFTs) on the blockchain, players can buy, sell, and trade their virtual items with ease. This introduces a new level of value and monetization within the gaming ecosystem.
- Play-to-Earn Mechanisms: Web3 games often implement play-to-earn models, where players can earn cryptocurrencies or in-game tokens by participating in the game and achieving specific goals. This allows players to monetize their gaming skills and time, creating new economic opportunities.
- Decentralization and Community Governance: Web3 games prioritize decentralization and community governance. With blockchain technology, game mechanics and decision-making processes can be transparent, immutable, and subject to community voting. This gives players a say in the development and evolution of the games they enjoy.
- Enhanced Security and Trust: Blockchain technology ensures enhanced security and trust within Web3 games. The immutability and transparency of the blockchain make it difficult for hackers to manipulate in-game data or cheat the system. This fosters a fair and trustworthy gaming environment.
- Cross-Platform Compatibility: Web3 games can be played across multiple platforms, including desktop computers, smartphones, and gaming consoles. This allows for seamless gaming experiences and greater accessibility for players.
The Importance of Web3 Games
As the gaming industry continues to evolve, Web3 games play a vital role in shaping the future of gaming. These innovative games bring together the benefits of blockchain technology and decentralized systems to create immersive, rewarding, and fair gaming experiences. By leveraging the power of Web3, players can truly own and monetize their in-game assets, participate in the development and governance of games, and enjoy enhanced security and trust in the gaming ecosystem.
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