Earlier this year, Neowiz raised $12 million for the Intella X Web3 ecosystem. Now, it is establishing a grant program in partnership with Polygon Labs.
Neowiz, a South Korean game company, wants to use Intella X’s new $10 million gaming startup to fund the next generation of Web3 games on the Ethereum scaling network Polygon.
Currently, the Intella X ecosystem provides a crypto wallet, a decentralized exchange, and an NFT marketplace. Its accelerator fund was established in collaboration with Polygon Labs to introduce Web3 games into the ecosystem.
Neowiz, a prominent game development company, has successfully raised $12 million for its latest venture, Intella X. The funding was secured from a number of high-profile investors, including Polygon Labs, Animoca Brands, Magic Eden, and WeMix. This achievement was made earlier this year and marks a significant milestone for Neowiz.
“Intella X’s grant program will provide game developers much-needed opportunity and means for more great games to be built in the Polygon ecosystem,” Polygon Labs Vice President and Global Head of Business Development Urvit Goel said. “Our hope is these new games will bolster Web3 gaming adoption and further solidify Polygon’s position as the home of Web3 gaming.”
A response could take anywhere from a few weeks to a month, and those who are chosen to move forward in the grant process will have to go through an interview and a time of due diligence, according to a release. The company said that there is no standard grant amount for the accelerator, and the amount given will depend on the idea.
Neowiz, a traditional game publisher from South Korea, is among the many traditional game publishers investigating the potential of Web3 gaming. Neowiz, a company founded in 1997, has released a variety of mobile, indie, and PC games, including the DJMax series, Crossfire, Brave Nine, Sanabi, Lies of P, and Tapsonic, among others.
Intella X has a few Web3 games, but it wants to add more. It is producing Web3 versions of popular mobile game Cats & Soup, RPG Brave Nine, and shooter A.V.A. EOS Gold, the Web3 spinoff of mobile MMORPG EOS Red, is also there.
Neowiz’s foray into Web3 gaming through Intella X coincides with the entry of other major publishers in the Asian market into the crypto space. Several Eastern publishers, including Square Enix, Nexon, Krafton, NCSoft, Netmarble, and Com2Us, are currently in the process of developing Web3 games.
Content Source: decrypt.com