Fractal NFT marketplace managed to secure $35 million in a seed round led by Paradigm and Multicoin Capital. The company offers an online marketplace for NFTs that are centered around gaming, which is led by former Twitch creator Justin Kan.
From an article by Ethan Kan “Streaming on Twitch upended the gaming industry’s business model a decade ago. Introducing blockchain-based assets will be an even bigger change.”
In addition to Paradigm and Multicoin, the round includes heavyweights from various industries.
Andreessen Horowitz, Solana Labs, Animoca Brands, Coinbase Ventures and Play Ventures are among the backers.
Mark Pincus, the founder of Zynga, and Tim Ferriss were also in attendance.
Decrypt just interviewed Kan Wu, Ahead Of Announcements, who has played with Bitcoin as early as 10 years ago.
In 2017, he researched the feasibility of Ethereum and programmable contracts. He explored the NFTs allowed on the Ethereum blockchain which can be used to recreate various items in a digital format.
Whereas in the past, he did not believe that blockchain technology can power high-performance, user-friendly gaming platforms.
Fractal NFT marketplace raises $35 million
The idea is to generate interest in NFTs with games. You can use them in-game as game items, for instance, as a way of making the game easier/harder or to make your avatar look cooler. Once you’ve used them up, you can either trade them or sell them on an exchange like OpenSea.
One of the company’s most popular features is a trading platform where users can buy and trade unique virtual items for games like Tiny Colony, House of Sparta, etc.
To prove authenticity and ownership, games use non-fungible tokens (NFT) that are recorded on the blockchain. Fractal said that it has sold over $2 million in game assets.
Kan believes that NFTs will be the missing piece of the puzzle for game development by adding significant value to players.