Vietnamese blockchain-based roleplaying game (RPG), Summoners Arena, has completed its US$3 million seed financing round led by Pantera Capital.
Coinbase Ventures, Onechain Technology, GuildFi, Merit Circle, Cosmic Guild, Coin98 Ventures, Istari Ventures, Spartan Group, Impossible Finance, Kyber Ventures, and Kyros Ventures also participated.
They were joined by angels, including Krafton CEO Chang-Han Kim and Injective Labs Head of Business Development Mirza Uddin.
With this funding, the play-to-earn game firm plans to accelerate the growth of the Summonia universe, developing and integrating new features and tools to better user experience, as per a press statement.
A portion of the funding will also be channelled to bring on new hires across all functions.
Summoners Arena is backed by game developer studios OneSoft, Zitga, and Sonat.
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Founded in 2021, Summoners Arena is built on Binance Smart Chain as an idle RPG game where players explore the Summonia Metaverse as Summoners. Players need to summon Heroes (represented as NFTs) to engage in five-vs-five battles with their fellow Summoners in various game modes. They can then participate in immersive gameplay in Summoners Arena and experience game features that enable ownership over gaming assets while earning digital assets.
Summoners Arena is poised to launch two official versions of the game, a non-blockchain free-to-play (F2P) version where users cannot earn digital assets and a Play-Own-Earn (POE) version. Players of the F2P version are rewarded with free characters and features when they join the POE version.
“By prioritising building an amazing game first and layering in crypto-economics second, their P2E model is setting a strong example for other projects in the space, learning lessons from early attempts at the play-to-earn model,” said Paul Veradittakit, Partner at Pantera Capital.
Summoners Arena made its initial game offering (IGO) on Binance NFT, a launchpad for gaming assets.
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Image Credit: Summoners Arena
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