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Growth of Startups in Gaming, NFT Industries

Growth_of_Startups_in_Gaming

Crypto funding is still thriving in the third week of the new year

Candy Digital, an NFT collectibles company, was among those who received the funds. According to a recent report to the US Securities and Exchange Commission (SEC), the startup received $38.5 million from 14 investors.

Candy Digital was created by Fanatics, a large sports equipment retailer, Gary Vaynerchuk, an entrepreneur and internet celebrity, and Galaxy Digital. The company was founded during the NFT boom of 2021, and in October of that year, it received a $100 million Series A round of funding. Prior to the bear market, the company was valued at $1.5 billion, but that figure is likely to have declined.

Candy Digital CEO Scott Lawin stated in a statement, “The current environment provides an excellent opportunity to construct. We are excited to continue scaling our platform, forming new partnerships with leading brands and institutions, and providing our customers with best-in-class digital products.”

Another company that piqued the interest of venture capitalists this week was Intella X, a Web3 gaming platform.

Polygon, Animoca Brands, and Magic Eden, among other well-known investors, contributed $12 million to the South Korean startup, which plans to launch on Polygon in the first quarter of 2023.

The funds will most likely be used to launch Polygon and develop Intella X’s other products, which include a Web3 wallet, decentralized exchange (DEX), NFT marketplace, and other games.

People are also interested in Latin America. Framework Ventures led a $15 million investment in Parfin, a Web3 infrastructure company. Other investors in the round included Alexia Ventures, Valor Capital Group, and L4 Venture Builder.

According to the company, the Brazilian stock exchange owns the L4 Venture Builder investment fund, and its investment is still pending approval.

“Raising these funds in such a complex and challenging market deepens our confidence in Parfin’s market strategy, technology, and products,” Marcos Viriato CEO and co-founder of Parfin said. “We plan on using these funds to both solidify our lead and accelerate our global expansion during this crucial building period.”

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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