Indian Gaming Firm nCore Games Raises $10M for Web 3 Offerings: Report
The funding round was led by Animoca Brands and Galaxy Interactive and including participation from Polygon.
Indian gaming firm nCore Games has raised $10 million in a new funding round led by Animoca Brands and Galaxy Interactive, according to a report.
- Polygon and Hyperedge Capital also participated in the round, according to a report by TechCrunch on Monday. The funds will be used to spearhead a push into Web 3 gaming.
- Having developed a range of games that have attracted tens of millions of downloads, nCore's bigger focus is turning to the metaverse and launching its own non-fungible tokens (NFT).
- Despite India's size as a mobile gaming market, firms are struggling to monetize their users due to apparent resistance to the in-app purchase model.
- nCore co-founder Vishal Gondal said he is optimistic Web 3 products can make inroads through additional incentives on offer. "Currently when you’re playing a game, the maximum upside for you was to become part of some community. Now while you’re playing the game, you also have the chance to own the value of the game,” he said to Tech Crunch.
- Hong Kong-based Animoca Brands is an investor in NFTs and metaverse projects and has a majority stake in metaverse game The Sandbox. It received a valuation of $2.2 billion during a $65 million funding round in October.
- Layer 2 Ethereum-scaling service Polygon is also no stranger to such ventures having created a $200 million initiative in December alongside Reddit co-founder Alexis Ohanian to invest in social media and Web 3-based projects.
- Neither Animoca nor Polygon had responded to CoinDesk's request for comment at press time.
Read more: Web 3 Is a Long Fight Worth Fighting
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.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.