Arcade2Earn Closes $3.2 Mn Seed Fundraising Round Led by Crypto.com
Table of contents
According to Arcade2Earn, the investors who participated in the round were Solana Ventures, Shima Capital, KuCoin Labs, and GSR. Jaleel Menifee, a co-founder of Arcade2Earn, said that a simple agreement for future tokens (SAFT) was employed to secure the funds. Arcade is the name of the company's utility token.
Arcade2Earn Differs From Other Web3 Gaming Platforms
According to the research, venture financing for web3 investments has decreased this year, but gaming initiatives are still in demand. In the third quarter, NFTs and gaming received the most money. With its different idea known as mission pools, which enables players to generate money without holding NFTs, Arcade claims to stand out from the abundance of web3 gaming platforms.
xarcade Users Can Play Games Using NFT
Menifee added that the xarcade token (the synthetic version of arcade), which consists of administrators and contributors, can be utilized by users to donate to a particular task pool. A gaming guild is one of the several entities Arcade can approve to run a task pool. Operators will have access to NFTs that are either in Arcade's treasury or lent to it to play games and earn prizes.
By investing their xarcade tokens in a mission pool, arcade token owners who participate in mission pools can choose which operators and in-game activities to support. The xarcade token that was placed is locked in the task pool and released along with a specified percentage of the prizes when the quest is finished.
Arcade Network to be Launched by 2022 End
KuCoin Labs CEO Xinlu Yu stated that not everyone is skilled at gaming or has time to engage in games and gain. Arcade2Earn fulfills the need here by allowing those groups of individuals to enjoy earning rewards through their particular items without really playing the games themselves. According to Menifee, the Arcade network is in development, and its demonstration should appear by the end of the year. After that, the platform and token will be made publicly available.