Xternity Receives $4.5M to Give Web2 Games the Web3 Treatment
Xternity has received $4.5 million in pre-seed investments to onboard Web2 games to Web3. Coinciding with the announcement, the startup also just launched its product in open Beta.
Xternity builds no-code solutions that enable traditional game developers to implement Web3 functions effortlessly. The platform already supports leading blockchain networks such as Polygon and Solana.
Spoonfeeding Web3 to traditional game devs
From providing mechanisms to monetize gaming to enabling players to take full control of their in-game possessions, there are clear advantages to Web3 when it comes to gaming. However, other than a few light skirmishes, we’ve yet to see the traditional gaming industry court blockchain technology in any serious capacity.
Looking to change that is Xternity, a startup building no-code solutions for traditional game developers to implement blockchain-based features quickly. According to a report in The Block, Xternity recently received $4.5 million in a pre-seed funding round to further its mission. Backing the startup are Jibe Ventures, Flori Ventures, Secret Chords, Vgames, NFX and others.
Commenting on the startup’s goals, Sagi Maman, Xternity’s CEO, stated:
“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.”
Coinciding with the funding announcement, Xternity also revealed its open Beta launch. The platform’s initial product provides game studios with a multi-blockchain API, a customizable embedded wallet and a Web3 CRM tool. The integration already works with major hotbeds of blockchain gaming activity like Polygon, ImmutableX, Solana and Celo.
Shahar Asher, Xternity’s CTO, commented on the platform’s technology:
“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.”
Is gaming going blockchain?
Traditional game developers have been somewhat reluctant to dive into Web3 technology. It’s understandable, given the lack of regulatory clarity still casting a shadow over the industry and an intense backlash from major gaming communities.
Despite the obvious benefits to be realized from NFT technology, much of the gaming industry’s resentment toward crypto comes down to its supposed environmental impact. However, Ethereum’s shift to proof-of-stake has considerably reduced the network’s carbon footprint. With one of the most significant criticisms now addressed, the tide may be turning in Web3’s favor.
We’ve recently seen mainstream internet companies like Meta and Reddit add nonfungible tokens via integrations with the Polygon network. Despite these “digital collectibles” being NFTs, Reddit Avatars have been responsible for millions of new wallet users.
Similarly, video gaming powerhouse Konami has been quite forward about its plans in the sector. The Castlevania and Metal Gear Solid creator announced its own NFT marketplace last month. This came after it auctioned NFTs from its Konami memorial collection, which generated more than $162,000 in sales.Source