Xternity secures $4.5 million funding to boost Web3 games
Web3 games platform Xternity has completed a fresh funding round as it looks to ride a wave of interest in blockchain-based gaming in preparation of its full launch this year.
The $4.5 million fundraise was led by NFX alongside a clutch of reputable crypto venture capital firms. The list of backers includes Jibe Ventures, Flori Ventures, Secret Chords and Vgames.
Xternity plans to earmark the funds for product and business development, game design and additional staffers and in the meantime has been partnering with a number of prominent crypto technology providers, including Fireblocks. The endorsement from established and thorough crypto venture capitalists is a massive boost for the platform and the sphere at large, it says.
The team explained that Xternity rolled out its open BETA that provides games developers with multi chain API, embedded and customized wallet, and NFT platform at scale. It also features a Web3 CRM tool which is already integrated with leading blockchain networks, including Polygon, ImmutableX, Solana, and Celo.
The gaming platform intends to create a Web3-powered community, with players wishing to explore the game deeper can access additional characters and upgrades. Xternity is focusing on building no-code solutions that help game developers boost players’ engagement, especially among GenZ. Xternity works as a meta layer that can be added seamlessly to any game.
Despite the rocky start to the year for the cryptocurrency market, blockchain-based gaming has only grown in popularity.
Xternity Games triggers blockchain operations directly from a game engine code, mint new NFTs, and token rewards. Founded earlier this year in Tel Aviv, Israel, the company provides data driven decisions based on blockchain transaction insights to increase security and reach KPIs.
Sagi, the CEO, and Ex-Playtika says: “Xternity continuously strives to define and build a long-term solution with valuable utility for the user. We believe that mass adoption of Web3 is possible only with simple, safe, and scalable technology built upon a sustainable engagement economy.”
On the tech side, “Xternity platform enables game developers to work with many blockchains simultaneously at scale while having a unified code experience, they also can add NFT assets, and game economy layers while focusing on their core mission,” added Shahar.
Gigi Levy Weiss, General Partner at NFX also comments: “Xternity’s founders are utilizing their unique perspectives of both game monetization and scalable platforms to build the ultimate web3 ecosystem for games. By understanding game developers’ need for scalable infrastructures and sustainable economic models, they were able to create a seamless solution that safely onboards web2 games to web3, and the current framework is just the first milestone”.