Web3 game development studio Revolving Games has raised $25 million in a funding round led by crypto-focused investment giant Pantera Capital. The capital will be used to develop scalable decentralized game experiences for in-house titles and with global franchise partners.
“In addition to developing games and building online worlds, we're investing into technology that will help facilitate decentralized player-owned trading economies not only within our games but with other games as well,” Revolving Games co-founders Saad and Ammar Zaeem told CoinDesk in an email.
Gaming claimed a record 60% of blockchain activity in July, according to a recent DappRadar report. The gaming sector proved largely immune to the crypto bear market that has pulled down the prices of digital assets and non-fungible tokens (NFTs).
Founded in 2020, Los Angeles-based Revolving Games has spent two years developing game publishing tools to build and launch Web3 games. The studio revealed its first product in June, a Battlestar Galactica-themed blockchain game developed in partnership with Gala Games and NBCUniversal. Additional details about the title will be revealed in the fourth quarter.
The second title from Revolving Games is Skyborne Legacy, a Polygon blockchain-based social world and trading role playing game. The official product announcement is scheduled for October 4.
Other investors in the funding round included prominent Web3 game investor Animoca Brands, Polygon, CryptoKitties developer Dapper Labs and Dan Houser, a former producer at blockbuster game studio Rockstar Games who has joined the Revolving Games advisory board.
Lead investor Pantera Capital opened a $200 million fund in April for investing in mature, revenue-generating companies, a notable change from the firm’s typical early-stage investments.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.