“Syn City,” a play-to-earn mafia game founded by Tron Foundation’s former head of business, Roy Liu, announced an $8 million funding round on Monday.
The round was led by Twitch co-founder Justin Kan and Goat Capital, with additional backing from A&T Capital, Hack VC, Animoca Brands and Spartan Group.
The game joins the growing list of free-to-play titles entering the play-to-earn space, prioritizing accessibility as Web 3 gaming makes a push for mainstream adoption.
Syn City will center its planned “Mafia Metaverse” around a surfeit of blockchain-based integrations, including a governance system, decentralized finance (DeFi) staking and its own non-fungible token (NFT) marketplace.
The game’s governance system, called “Mafia-as-a-DAO,” or MaaD, incentivizes players to form “mafia syndicates,” playing in groups that can face off against each other and enter tournaments.
The game’s development team includes veterans from Disney, Ubisoft, Roblox, EA and Gameloft, according to a press release.
“We think the metaverse that Syn City is building is super exciting,” Goat Capital General Partner Robin Chan said in a press release. “When I was GM of Asia at Zynga, we witnessed the global phenomenon of Mafia Wars which influenced the whole generation. Syn City is here to lead the paradigm shift of the mafia metaverse.”
Angel investors including Terra’s Do Kwon and CoinList’s Paul Menchov also participated in the funding round.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.