Published on: 20/10/2022
Arcade raises $3.2 million to revolutionize Web3 gaming
GameFi platform Arcade has announced it has secured $3.2 million in early investment under Crypto.com and other investors to transform blockchain gaming and make Web3 gaming accessible to everyone while allowing them to earn monetary incentives.
This notion attracted support from Solana Ventures representative Josh Finer. Other investors who participated in the seed funding included Tenzor Capital, Alpha Crypto Capital, Highland Ventures, KuCoin Labs, Rainmaker Games and many more.
“We are excited to support Arcade2Earn as it bridges the gap between DeFi and GameFi on Solana. Whether you are a passive spectator or avid gamer, the Arcade2Earn platform offers unparalleled exposure to the blockchain gaming ecosystem,” Finer said.
Although many Web3 gaming platforms exist, Arcade dedicates itself to standing out among the rest with its Mission Pools. This allows players to earn money even if they don’t own NFTs by participating in play-to-earn activities and acquiring rewards, an idea that the head of KuCoin Labs, Xinly Yu, supports.
“The fundamental difference between a GameFi project and traditional games are the former’s strong finance features. However, not everyone is good at playing or has time to play games and earn. 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,” Yu said.
With this successful first round of investment, the Arcade team is looking forward to speeding up its efforts to make blockchain gaming and GameFi accessible universally through decentralization.
Arcade’s long-term goals
Arcade is a GameFi infrastructure powered by Solana. It allows crypto enthusiasts and institutions to participate in in-game activities and earn rewards. It claims to be highly accessible without needing to understand the complexity of any blockchain game to the full extent.
Its partnership with Solana Ventures is based on the philosophy of “It Pays to Play,” which established its mission to accelerate the growth of Solana blockchain and its adjacent ecosystem by providing capital to the most promising teams building in the crypto ecosystem. In March, Arcade CEO Josh Poole said their partnership would bring several benefits to the NFT community.
While it aims to be accessible to everyone, it is developed primarily for those who are passionate about GameFi. In March 2022, the company told The Daily Hold that it focused on lower-income communities that produce top gamers.
Arcadians, Arcade’s users, can also contribute to the community Mission Pool or assign themselves as Mission Pools Operators (MPO). The latter carries out the necessary skill set to play play-to-earn games across multiple chains. An MPO can lease NFTs to perform in-game activities and engage in play-to-earn mechanisms and interactions.
Anyone can be an MPO, including casual gamers, gaming guilds and eSports teams. They are only required to utilize a certain amount of $xARCADE tokens to operate the Mission Pool they choose.
Arcade grants players an opportunity to collaborate with some of the most successful blockchain gaming guilds and receive benefits from their years of gaming experience. It has established a global presence in many languages and regions.