Independent Video Game Studio Avalon procures $10 million investment for its debut blockchain title
Avalon, an independent Web3 gaming studio, has announced that it has raised $10 million in a funding round. The funds will be used to accelerate the development of Avalon's first blockchain gaming title, AVALON.
The creators of Avalon bring a wealth of experience to the table, having worked on some of the most iconic gaming IPs, including EverQuest, Call of Duty, and Assassin's Creed. The AVALON universe aims to provide a deep immersive gameplay experience by combining Unreal Engine 5 with AI-assisted user-generated content systems.
The funding round was co-led by BITKRAFT Ventures and HASHED. Institutions participating alongside BITKRAFT Ventures and HASHED included Animoca Brands and FTX Ventures. Coinbase Ventures, Spartan Capital, Foresight Ventures, LiquidX, and Momentum6 also participated in the fundraising.
AVALON is a massively multiplayer online (MMO) game that allows players to carry in-game assets between worlds. The game leverages AI gaming technology from Didimo and Inworld AI to create an ever-evolving gameplay with user-generated worlds. AVALON's user-generated worlds are interconnected through a central, interoperable gameplay experience.
Avalon's upcoming NFT collection will introduce AI-powered avatar NFTs. The closed early access for AVALON is scheduled to release before the end of the year.
Baek Kim, General Partner at HASHED, believes Avalon will play a key role in reinventing MMO gaming due to the company's industry-leading experience, gameplay, graphical fidelity, and creative implementation of technology, economy, and owned content. Kim also highlighted Avalon's clear vision for a limitless and cohesive online experience as one of the reasons HASHED co-led the funding round.
Carlos Pereira, Partner at BITKRAFT Ventures, believes AVALON's development enables the creation of nearly limitless, high-fidelity user-generated worlds without understanding performance constraints, marking a new evolution of user-generated content. Pereira also noted that AVALON's aim to appeal to both Web2 and Web3 gamers is a significant step forward in the gaming industry.
The funds raised will be used to further develop AVALON, ensuring that it delivers on its promise of an immersive, ever-evolving gaming experience for players worldwide. With its experienced team, cutting-edge technology, and backing from leading venture capital firms, Avalon is well-positioned to make a significant impact in the blockchain gaming industry.
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