- MatchboxDAo has announced a $7.5 million funding round.
- The fundraising was backed by Starkware, Geometry Research, ReadyPlayerDAO, Neon DAO, Road Capital, Formless Gamma, and Bonfire Union.
- MatchboxDAO will use the funds to build its on-chain gaming ecosystem on StarkNet.
MatchboxDAO has beefed up its campaign to build an on-chain gaming ecosystem on StarkNet after securing $7.5 million from investors. The fundraising was backed by Starkware, Geometry Research, ReadyPlayerDAO, Neon DAO, Road Capital, Formless Gamma, and Bonfire Union.
The decentralised autonomous organisation (DAO) is looking to enhance game development on the Ethereum scaling protocol StarkNet.
Commenting on his company’s role in the fundraising, Uri Kolodny, StarkWare’s co-founder and CEO said: “Matchbox is helping new gaming apps to set foot in expanding the gaming realm of the StarkNet ecosystem.”
“Their support and mentorship for game builders are an important contribution for StarkNet,” Kolodny added.
A blockchain game is generally described as a decentralised gaming ecosystem built on the blockchain, which allows players to leverage various web3 features like in-game items, NFTs and competitions to earn income from their playing activity.
Most on-chain gaming projects are governed by a DAO, where members of the community are granted an opportunity to vote, based on their ecosystem tokens staked, on factors that could shape the future of the project.
MatchboxDAO leverages the power of community governance to run its on-chain gaming ecosystem.
The company has chosen StarkNet to capitalise on its rollup-based transaction mechanism, which speeds up the processes thus lowering gas fees.
Yonatan Ben-Shimon, Matchbox Foundation’s CEO commented: “Matchbox is on the route to building the next wave of infrastructure for the next-gen of games — composable games and Dapps that empower devs and creators as well as hundreds of millions of users.”
The company will use the funds to build Matchbox Spark and Matchbox Studios, two of the most MatchboxDAO’s most important products to achieve its targets.
Matchbox Spark acts as an incubator of projects on StarkNet, while Matchbox Studios is comprised of development tools used to accelerate the creation of games.
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