Project Twelve raises $8 million to accelerate Web3 gaming development

Web3 gaming platform and game creator ecosystem, Project Twelve (P12), announced $8 million of funding raised backed by some of the big names in the industry, such as the likes of MetaApp, Project Galaxy, Primavera Ventures, CyberConnect, CCV, InfinityLeague, Smrti Lab, and many more.

The fund raised will be used to accelerate the project’s development of its Web3 gaming platform. Both Web3 and gaming have always been the focus of P12. Most importantly, the team has been trying to tackle various issues found in Web3 gaming in a bid to make the platform much more accessible and sustainable.

P12 intends to accelerate platform development

P12’s founder Boyang explained the importance of a sustainable game economy as demands for virtual assets grow as the year goes by. Since NFTs and cryptocurrencies have been declining this year, Boyang seemed to notice that the gaming industry lacks in both supply and economy. For the founder, these two are the key challenges, and P12 is the solution.

“P12 was conceptualized by a group of hardcore gamers who have a deep passion for and great faith in gaming. While serving the gaming industry, we also identified key challenges facing the future of gaming — that is insufficient supply and broken economies,” Boyang said.

“Now, we see a solution to the challenges in combining the best of Web3 and gaming, that solution is P12.”

Boyang was likely referring to the for-profit model of the virtual worlds, which the founder strongly believes to be flawed. There are several reasons for that and how P12 positions itself as another, perhaps better option.

First, game creation has not always been much accessible for creators, and the same can be said for players new to play-to-earn gaming, where prices are often far beyond one’s financial ability. This eventually led to the second problem, the unsustainability of the game’s economy itself — considering that the player base is limited to only a handful of players.

“Full ownership is especially difficult in the current gaming industry, where large game companies typically make decisions for games as central authorities instead of the original developers, not to mention the players. But the situation is expected to change in the world of Web3,” P12 wrote in a blog.

The team behind P12 consisted of experienced individuals that have long tapped into the blockchain and crypto environment since 2018, long before the 2021 boom. An example of the team’s achievement would be the creation of a decentralized exchange (DEX) product.

P12 releases airdrop NFT

In addition, the growing platform recently launched Genesis Soul-Bound NFT — an airdrop NFT made as a tribute to both developers and gamers. Keen individuals may hop on the project’s website to collect the NFT via P12’s referral program.

Reportedly, following its launch on June 27, the airdrop NFT had captured the gaming community’s attention, with some welcoming the launch of Genesis Soul-Bound NFT with immense enthusiasm.

“The P12 Genesis Soul-Bound NFT pays homage to Steam developers and gamers by capturing off-chain credentials, including games published and hours played,” P12 in a statement.

According to multiple reports, holders of Genesis Soul-Bound NFT may partake in the project’s development, namely the right to vote, as the team revolutionizes the Web3 gaming environment.