Twitch co-founder raises $35 million for NFT marketplace Fractal
Fractal is a online video gaming focused marketplace for Non Fungible Tokens (NFTs).
Fractal 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."
Andreessen Horowitz, Solana Labs, Animoca Brands, Coinbase Ventures and Play Ventures are among the backers.
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.
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.
Disclaimer: Cryptogurukul has no relationship to these projects, and there is no endorsement or investment advise. Please seek professional advice before taking financial risks.