The decentralized gaming platform, Ajuna Network, has successfully raised $5 million in a recent private funding round. This round was led by CMCC Global, a venture capital firm with a focus on blockchain technology. The timing of this announcement coincided with the launch of the company’s latest project, the “Awesome Ajuna Avatars” non-fungible token (NFT) game collection. This collection is a direct spin-off of the company’s flagship game, BattleMogs, and is set to bring a new level of excitement to the gaming world.
The funds raised in this private funding round will be used to further develop the Ajuna Network platform and its suite of decentralized games. The company’s vision is to provide gamers with a more secure and transparent gaming experience, where players have full control over their virtual assets. The launch of the Awesome Ajuna Avatars collection is just the beginning of Ajuna Network’s mission to disrupt the gaming industry and bring blockchain technology to the masses.
Ajuna Network, the decentralized gaming platform, has secured an additional $5 million in a private funding round led by blockchain venture capital firm CMCC Global. This recent investment follows the company’s previous funding success in February 2022, when it raised $2 million in a seed round led by Fundamental Labs, and received additional support from investors such as OKX Blockdream Ventures, Signum Capital, and Animoca Brands, which has invested in Ajuna’s parent company BloGa Tech AG.
Empowering Game Developers to Enter Web3 Gaming Industry
Ajuna Network is making it easier for game developers to enter the Web3 gaming industry by providing a suite of products that allow for the creation of decentralized games using popular game engines, Unreal and Unity. This was revealed in a statement viewed by CoinDesk. The game engines operate in trusted execution environments (TEE) that are connected to the Polkadot blockchain, reducing latency and providing a seamless experience for both developers and gamers. By leveraging its technology, Ajuna is making it possible for both traditional game developers and gamers to experience the benefits of decentralized gaming.
Web3 gaming refers to a new generation of video games that incorporate cutting-edge technologies like cryptocurrency, non-fungible tokens (NFT), and blockchain. These games aim to transform the way players interact with the digital world, by granting them more autonomy and control over their in-game assets and identities. This innovative approach to gaming opens up new possibilities for player engagement, ownership, and monetization, creating a more immersive and secure gaming experience.
The new funding round will provide a boost to Ajuna’s growth and development plans. With the additional support, Ajuna plans to add support for more game engines, further develop its trusted execution environments (TEEs), and expand its presence on Polkadot, Ethereum, and Polygon. The company also intends to provide assistance to projects looking to build and launch their games on the Ajuna Network. The lead investor, CMCC Global, is confident in the potential of Ajuna’s platform. According to its founding partner, Charlie Morris, “Ajuna has the ability to transform the gaming industry by empowering studios to integrate immutable digital assets into their games, thereby creating unique and immersive experiences for players.”
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Web3 Industry Secures Second Highest Investment
Investing in projects related to Web3 technology has gained popularity in recent times, despite the significant decline of investment in cryptocurrency companies. According to a report by CoinDesk, the volume of investment in cryptocurrency firms dropped by 91% in January compared to the same period the previous year. Despite this, the Web3 industry managed to secure the second highest investment dollars, following Infrastructure projects, in the same month. This highlights the growing interest and confidence in Web3-based projects and their potential for growth and success.
In an interview with CoinDesk in December, David Pakman, the head of venture investing and a managing partner at CoinFund, a cryptocurrency-focused venture capital firm, shared his expectations for the crypto investment landscape in the coming year. He stated that he believed investments in the cryptocurrency industry would continue to concentrate on key areas including layer 1 and layer 2 blockchains, non-fungible tokens (NFTs), gaming, and the Web3 development stack that is becoming robust enough to attract developers from the traditional web to explore its potential.