Quick take:
- Japanese crypto gaming startup Double Jump has completed a $24 million funding round led by Jump Crypto, Amber Group and Jafco.
- Korean video game developer WeMade also participated in the round alongside Dentsu and Fenbushi Capital.
- Double Jump wants to use the funds to develop new titles with leading video game companies.
Japanese blockchain gaming startup Double Jump.Tokyo (Double Jump) has completed a 3 billion yen ($24 million) funding round backed by Korean video game developer WeMade and others. The funding round was led by Jump Crypto, a unit of U.S. trading group Jump Trading, along with crypto finance startup Amber Group and Japanese venture capital firm Jafco.
Japanese advertising giant Dentsu and China-based venture capital firm Fenbushi Capital were also among the participants. Double Jump said it will use the funds to accelerate the development of new gaming titles with leading video game developers.
Commenting on the fundraising Double Jump CEO Hironobu Ueno said: “The 3 billion yen raised will be used to invest in the joint development of IP-based blockchain games with major game companies, as well as in the underlying products, partner companies, and decentralized autonomous organization (DAO) projects.”
Uneo founded the company in 2018, just when the popular play-to-earn (P2E) NFT game Axie Infinity was beginning to gain traction in the far-east region.
The Japanese crypto gaming startup has since launched several P2E games including one of its most popular titles Heroes, which allows users to trade in-game items and characters as NFTs to earn cryptocurrency.
Double Jump has partnered with some of the leading video game developers in the region, including the local giant Square Enix, which is popular for developing games like the “Final Fantasy” and “Dragon Quest” series. It also has partnerships with Bandai Namco and Sega, which have previously invested in the P2E gaming startup.
Crypto gaming has continued to thrive despite facing community backlash amid fears that video game developers are prioritising profits at the expense of investing in the game quality to improve player experience.
Minecraft developers recently published an NFT guide cautioning video game companies against jumping too quickly on the NFT train without considering the impact on gamers.
The developers think that some video game studios are using NFTs to exploit gamers’ trust, pointing to the fact several mainstream gaming companies have been forced to fold their plans of adding NFTs and in-game crypto to their titles.
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