Proof of Play, a company led by Farmville co-creator Amitt Mahajan, has recently raised $33 million in funding to develop Web3 games, according to an announcement made on September 21. The funding round was co-led by Chris Dixon at Andreessen Horowitz (a16z) and Neil Mehta at Greenoaks, with participation from notable investors such as Naval Ravikant, Balaji Srinivasan, and the founders of Twitch. Web3 firms Anchorage Digital, Mercury, Firebase, Zynga, and Alchemy also contributed to the funding.
Proof of Play released a closed beta of its first game, Pirate Nation, in December 2022. The company states that it has developed a set of technological and product innovations that aim to overcome common obstacles faced by players when trying to engage with Web3 games. Their goal is to provide players with a seamless and enjoyable gameplay experience without requiring extensive knowledge of blockchain technology.
One of Proof of Play’s core principles is decentralization. Pirate Nation, the game developed by the company, is designed to be a “Forever Game” that can be run without the need for external servers or intervention from the creators. In the future, the company plans to open-source its technology framework to further decentralize its operations.
The team behind Proof of Play consists of members with extensive experience from renowned gaming and web companies including Epic Games, Zynga, EA, Activision, and Google. This diverse expertise enables the company to leverage its knowledge and insights to create engaging and innovative Web3 games.
The funding round secured by Proof of Play is a testament to the growing interest and investment in Web3 gaming. In 2023, multimillion-dollar funding rounds for Web3 companies have become commonplace. CCP Games, the developer of EVE Online, raised $40 million in March to develop a new spinoff EVE game. Likewise, Hyperplay raised $12 million in June to enhance its distribution platform and compete with popular gaming platform Steam.
The increasing investment in Web3 gaming signifies the industry’s recognition of the potential and value of blockchain technology in the gaming sector. This funding will enable Proof of Play to further develop its games and advance the adoption of Web3 gaming, ultimately revolutionizing the gaming industry as we know it.
In conclusion, Proof of Play’s successful funding round highlights the growing importance of Web3 gaming and the impact it can have on the gaming industry. With the expertise of its team and the support of prominent investors, the company is well-positioned to create immersive and decentralized gaming experiences. As Web3 gaming continues to gain momentum, we can expect to see more innovative games and exciting developments in this space.
