Crypto.com Capital has led a seed financing round that netted Arcade2Earn $3.2 Million.
Play-to-earn (P2E), a gaming platform built on the Solana blockchain, announced that additional investors were Solana Ventures Shima Capital KuCoin Labs, KuCoin Labs, and GSR.
Jaleel Menifee (Arcade co-founder) said that the funding was made through a simple agreement for future tokens. The utility token of the company is known as arcade.
Research shows that web3 investment funding is down this year. However, gaming projects are still valued and popular. The majority of venture funding went to NFTs and gaming during the third quarter.
Arcade claims to have a unique selling feature. It says it has “mission pools”, a unique concept that allows gamers to make a lot of money without having NFTs.
Users who have been approved by the company may become mission pool operators. They will be granted access to Arcade’s treasury-owned NFTs or lent to Arcade. They can later be used to earn rewards.
Mission pool contributors can also be arcade token holders. This allows them to select operators and in game activities they want to support.
KuCoin Labs head Xinlu Yu stated that not everyone can play or has the time to play and earn. Arcade helps these people earn yields by allowing them to use their products, but not directly play the games.
Arcade currently employs 20 people, including six co-founders. Menifee stated that Arcade is still in development and that a demo of it has been planned to launch before the end.