Animoca, WeMade, Samsung Next back Web3 studio to develop open-source games

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Community-run gaming firm, Planetarium Labs, has raised $32 million in Series A funding backed by Animoca Brands, Samsung Next and WeMed. The funds will be used to build a blockchain-based gaming ecosystem in which players can participate in the gaming network, while also allowing community members to sit at tables.

Per Thursday’s announcement, the firm is developing a gaming environment based on LibPlanet blockchain technology, allowing gamers to join the game network, while also giving users a voice in open-source content development.

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Planetarium Labs will invest in expanding infrastructure tools for community-driven gaming and player governance, as well as allowing leading studios to deliver sophisticated Web3 gaming experiences. The company aims to focus on the LibPlanet ecosystem for decentralized gaming and establish a variety of projects, including an ecosystem fund and community support programs, to encourage participation.

The capital raise establishes a vast network of connections for Constellation Labs across Asia, including Krust Universe, the investment arm of South Korean technology giant Kakao, and WeMade, the worldwide publisher of play-to-earn MMORPG MIR4 on the WEMIX platform. Commenting on the development, Animoca Brands Co-Founder and Executive Chairman Yat Siu said:

“We strongly believe that the future is a largely decentralized world in an open metaverse, which is why we are delighted to support Planetarium Labs’ vision of a community-focused blockchain game that empowers players with creative freedom and full digital rights. empowers.”

Animoca Brands is one of the most active investors in the web3 space. Its other holdings include The Sandbox (SAND) and Axie Infinity (AXS). The gaming and venture capital firm completed a historic purchase in April of Eden Games, makers of Gear.Club, the Test Drive series and other popular racing games.

related: Animoca enters the crypto racing game with latest acquisition

Blockchain gaming has become a widespread use case for the technology in recent years as the industry seeks to move away from the centralized models that have been the norm. As the number of gamers grows and digital assets are collected and traded, crypto gaming has exploded in popularity, providing a steady revenue stream for game developers while also creating value for players. Despite overall bearish market sentiment, game finance, or GameFi, appears to be resilient and evolving as bears take control of the crypto market while non-fungible token (NFT) floor prices plummet.

Lastly, great gameplay and strong in-game economy along with a high degree of economic freedom could help GameFi survive the harsh market conditions of 2022. The marriage of gaming and decentralized finance opens up a universe of possibilities previously unimaginable for many gamers, allowing them. To earn a living playing high quality recreational games.