Blockchain gaming studio Avalon has hashed out $10 million in funding from Bitkraft to develop its ‘endless’ MMO online game.
Blockchain game studio Avalon has announced its latest funding round co-led by BITKRAFT Ventures and Hashed, with investments from Coinbase Ventures, Foresight Ventures, Delphi Digital, Spirit DAO, Sanctor Capital, Dext Force Ventures, Follow the Seed, LVT Capital, Andromeda Capital, and Focus. Several notable individual backers include Labs, Momentum 6, The Spartan Group, MH Ventures, Contango Digital Assets, GuildFi, BreederDAO, LiquidX, PG, and Mechanism Capital.
The studio plans to use the recently secured funds to further develop the Avalon ecosystem and launch Avalon, a massively multiplayer (MMO) online game that will provide players with endless gaming experiences.
The Avalon metaverse leverages technologies such as Unreal Engine 5 to integrate with an AI-based user-generated content system. Additionally, Avalon's upcoming Non-Fungible Token (NFT) series will unveil AI-generated avatar NFTs. The company plans to release a limited, early access version of Avalon in the coming months.
Headquartered in Florida, USA, Avalon focuses on integrating game engines and blockchain to create interoperable digital environments. It aims to solve problems such as real-time interactivity and scalability within the gaming domain.
The latest funding round adds to the total funding the company has raised to date, bringing it to $23 million. Earlier this year, the company closed another funding round, receiving $13 million from Bitkraft Ventures, Hashed, Delphi Digital, and Mechanism Capital.
What is Avalon?
Avalon is an AI-driven world that gives players the opportunity to explore, conquer dungeons, engage in custom games, discover rare loot, and build new worlds for others to enjoy. It combines the complexity of a tabletop role-playing game with the expansive world of an MMO. Avalon also allows players to create their own stories. These narratives, shaped by players, are integrated into the central game world, creating a collective and dynamic world.
Like any well-known social platform, creators on Avalon are encouraged to distribute their content to others. Once content proves compelling and players share it with their network, creators can receive rewards to increase incentives and enhance the experience.
Creators set goals that players must achieve to earn Avalon and NFTs within their realm. Upon completing these objectives, users will receive tokens, and a portion of the rewards will be taxed and allocated to creators.
The game's rule set, fund allocation, and global variables are determined by community members. Players own all assets and the world, and Avalon verifies ownership through a Decentralized Autonomous Organization (DAO).
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