GameFi Developer Xterio Raises $40M Led by FunPlus
- According to Xterio, the funds will be used to develop and publish its own games as well as partners’ games.
- Additionally, the company intends to channel the funds to create a new world-class IP and to continue development on the Xterio platform.
- Following the success of most play-to-earn cryptocurrency projects, analysts forecast the GameFi industry will grow exponentially in the next decade.
Xterio, a free-to-play-and-earn game developer and publisher, has announced that it has raised $40 million to help build on Web3 GameFi projects. According to the announcement, the funding round was led by FunPlus, Makers Fund, FTX Ventures, and XPLA.
Other notable participants from the just concluded funding round include HashKey, Foresight Ventures, Infinity Ventures Crypto, Matrix Partners and Animoca Brands.
The company is tapping on a billion dollar GameFi industry that has attracted both global investors and gamers. Furthermore, the economic aspect of the GameFi industry rewards both players and investors.
“At Xterio, we are building an amazing games platform that bridges how people play today with the power of Web3 for tomorrow,” said Jeremy Horn, Xteria Co-Founder.
The Xterio team takes pride in years of expertise from the leadership to the new hiring. For instance, Horn, formerly Vice-President of Strategy at Jam City, is a games industry veteran with deep knowledge in the sector.
Chris Petrovic, Chief Business Officer, FunPlus and Council Member of the Xterio Foundation said, “Xterio has the right team, the right technology and the right approach to be builders in these early days of creating the next generation developer and publisher designed for the Web3 era.”
According to Xterio, the funds will be used to develop and publish its own games as well as partners’ games. Additionally, the company intends to channel the funds to create a new world-class IP and to continue development on the Xterio platform.
Xterio and the Play-to-Earn Industry
For years, the gaming industry has heavily rewarded developers and investors, leaving out players from the financial aspect. However, the P2E promises to change the whole scenario by having players at the core of the gaming projects.
As such, most GameFi projects have gained an ‘overnight’ recognition from the global gaming community and also key crypto investors.
Following the success of most play-to-earn cryptocurrency projects, analysts forecast the GameFi industry will grow exponentially in the next decade.
Furthermore, research by absolute report indicates the global Play-to-Earn NFT Games market size was estimated to be worth $776.9 million in 2021 and is forecast to a readjusted size of $2845.1 million by 2028 with a CAGR of 20.4 percent during forecast period 2022-2028.
According to market data provided by Binance-backed Coinmarketcap, the total P2E market capitalization is $6,420,456,085, with the 24 hour trading volume at approximately $807 million.
Notably, Decentraland MANA, The Sandbox (SAND), and Axie Infinity (AXS) are the top P2E projects with a market capitalization of $1.47B, $1.45B, and $1.15 billion respectively.
Most of these projects are metaverse oriented with a keen interest in the NFT industry.
The Xterio team is well positioned to grow in the GameFi industry with major financial backing from its several investors. Having secured $40 million, the Xterio developers can optimize their skills and creativity.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
