P2E Arcade2Earn Raises $3.2M in Seed Funding Led by Crypto.com Capital
Aaron Limbu Oct 20, 2022 09:30
Arcade claims a unique selling point, it says that it has a unique concept called "mission pools" which allows gamers to make money without owning NFTs.
Arcade2Earn has earned $3.2 million in a seed funding round led by Crypto.com Capital.
The play-to-earn (P2E) gaming platform - built on the Solana blockchain - also announced that other investors included Solana Ventures, Shima Capital, KuCoin Labs and GSR.
According to Arcade co-founder Jaleel Menifee, the funding was realised via a simple agreement for future tokens (SAFT). The company's utility token is also known by the same name, arcade.
According to research, funding for web3 investments has fallen this year, however, gaming projects have remained valuable or popular as most venture funding has gone to NFTs and gaming in the third quarter.
Arcade claims a unique selling point, it says that it has a unique concept called "mission pools" which allows gamers to make money without owning NFTs.
According to the company, users who have gained approval from the company can be a mission pool operator and gain access to games using NFTs owned by Arcade's treasury or lent to Arcade. Later, they can be used to generate rewards.
Furthermore, mission pool contributors can become arcade token holders who get to decide which operators and in-game activities they wish to support by depositing their xarcade tokens in a mission pool.
"Not everyone is good at playing or has time to play games and earn," Xinlu Yu, head of KuCoin Labs, said in a statement. "This is where Arcade fills the gap by enabling those groups of people to enjoy earning yields through their specific products without directly playing the games themselves."
Currently, Arcade has 20 people working for the company, including its six co-founders. Menifee has also said that the Arcade platform is currently under development and its demo has been scheduled to launch before the end of this year.
Image source: Shutterstock