Bitkraft Ventures and Hashed have co-led a $10 million funding round for crypto gaming studio Avalon, which plans to release a massively multiplayer online game.
The company's first game, also called "Avalon," is being built by a team of people with experience working for major web2 gaming companies. To develop the title, Avalon has partnered with "artificial intelligence pioneers Didimo and Inworld AI," the company said in a statement. “The Avalon universe prioritizes delivering an immersive gameplay experience by combining cutting-edge tech like Unreal Engine 5 with AI-assisted user-generated content systems," Avalon CEO and founder Sean Pinnock said in the statement. "Our focus on a no-code solution enables players to create game logic effortlessly. Plus, our upcoming NFT collection will introduce AI-powered avatar NFTs.
Other participants in the funding round included Coinbase Ventures, Spartan Capital, Foresight Ventures, LiquidX, and Momentum6, Avalon said.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.