Blockchain gaming studio Avalon announced it has raised $10 million in its latest funding round co-led by BITKRAFT Ventures and Hashed, with participation from Coinbase Ventures, Foresight Ventures, Delphi Digital, Spirit DAO, Sanctor Capital, Dext Force Ventures, Follow the Seed, LVT Capital, Andromeda Capital, Focus Labs, Momentum 6, The Spartan Group, MH Ventures, Contango Digital Assets, GuildFi, BreederDAO, LiquidX, PG, and Mechanism Capital, among several notable individual backers.
The studio intends to direct the recently secured funds to further advance the development of the Avalon ecosystem and launch the massively multiplayer (MMO) online game Avalon, which offers players a “never-ending” gaming experience.
The Avalon metaverse will integrate with an AI-powered user-generated content system, leveraging technologies such as Unreal Engine 5. Additionally, Avalon’s forthcoming non-fungible token (NFT) series will unveil AI-generated avatar NFTs. The company plans to release the limited early-access edition of Avalon within the coming months.
Based in Florida, United States, Avalon focuses on building an interoperable digital environment by integrating game engines and blockchain. It aims to tackle challenges like real-time interaction and scalability within the gaming realm.
The recent funding round adds to the total financing raised by the company so far, bringing it to $23 million. Earlier this year, the firm closed another round of financing, receiving $13 million from Bitkraft Ventures, Hashed, Delphi Digital, and Mechanism Capital among other supporters.
AVALON is proud to announce that we have closed a $10M funding round led by BITKRAFT Ventures and HASHED!This will allow us to continue developing the AVALON ecosystem and bring the future of gaming to our community!Pre-register for our Quests System on… pic.twitter.com/slEVNRyEKV
— AVALON (@avalon) April 15, 2024
What is Avalon?
Avalon is an AI-powered universe that offers players an opportunity to explore, conquer dungeons, engage in custom games, discover rare loot, and construct new worlds for others to enjoy. It merges the intricacy of tabletop role-playing games with the expansive world of MMOs. Additionally, Avalon empowers players to craft their narratives. These narratives, shaped by players, integrate into the central game world, fostering a collective and dynamic universe.
Like well-known social platforms, creators in Avalon are encouraged to distribute their content to others. If the content proves engaging and players share it with their networks, creators receive rewards, enhancing their incentives and experiences.
Creators establish goals players must achieve to earn Avalon’s and NFTs within their realm. Upon completing these objectives, users receive tokens, with a portion of the reward taxed and allocated to the creator.
The game’s rulesets, fund allocation, and global variables are determined by its community members. Players own all assets and worlds, with Avalon authenticating ownership through the decentralized autonomous organization (DAO).
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