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Play-to-earn projects CGU and Zebedee raise millions

Crypto gaming startups Crypto Gaming United (CGU) and Zebedee closed funding rounds of $5 million and $11.5 million respectively.

Crypto Gaming United’s Funding Round

A Bloomberg report confirmed on September 8 that Crypto Gaming United raised $5 million in an oversubscribed seed funding round.

The round was led by veteran Venture-Capital investor Mark Carnegie.

It is a gaming community of more than 1,500 players. Mr. Carnegie believes it will grow to 100,000 over the next 18 months.

The majority of the players are based in the Philippines. Many of them play the popular game Axie Infinity for tradable tokens currently reside. 

Some other countries where players come from are Indonesia, South Africa, and India. 

The coalition plays multiple games and provides education on financial literacy and the digital economy to the players. 

Gaming “guilds offer scholarships to players of NFT games, and also fund the entry costs for individuals and their ongoing training costs.” 

In return, the revenue earned within the game is split among the guild members.

“Everyone knows crypto is a speculative asset class from the money point of view, but I feel unquestionably in a decade’s time for eSports and stuff like that, a huge number of players will have come from these,” Carnegie told Bloomberg. “I bet a lot of these sports stars in a decade are going to have their starts on games like Axie.”

They have chosen Singapore as the headquarters for their non-fungible token gaming company because of the favorable local laws.

Nearly 40,000 gamers have been waiting to join since the coalition was established last month.

Zebedee Funding Round

On September 7, Zebedee announced that it had raised $11.5 million in Series A funding. It will help expand its gaming initiatives including enabling game developers to pay out rewards to players in the form of crypto assets. 

The platform now aims to support the big and renowned game developers and scale its compliance capabilities.

Zebedee enables micropayments and small transactions for virtual gaming worlds with negligible amounts of fees. On Zebedee, you can make transactions as small as $0.0005.

Lake Star led the investment round, with participation from Initial Capital, New Form Capital, and TVP. Several angel investors also participated, including CCP Games (creator of Eve Online) CEO Hilmar Pétursson, Alexis Bonte, Chris Lee, Timo Soininen, and John Salter.

With the ubiquity of the internet, game streaming has become one of the ‘new occupations’ of the 21st Century. Now, with blockchain technology, these gaming worlds are building their own virtual economies going beyond Non-Fungible Tokens (NFT).

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