According to a press release issued on January 17, PlotX, a GameFi protocol aimed at creating sustainable play-to-earn (P2E) ecosystems, has completed a $5 million pre-Series A fundraising round, with grant-led Polygon Studios and Hashed assisting them in expanding to a global audience.
Established crypto venture funds like Alpha Wave Global, game-centric investors like Animoca Brands, and angel investors like Sandeep Nailwal, the co-founder of Polygon, and Alan Howard, the co-founder of Brevan Howard Asset Management, were among the notable investors in the recently concluded funding round.
The low-fee and highly scalable Polygon network’s blockchain gaming dApp is one of the quickest GameFi dApps on the Ethereum sidechain’s ecosystem. It had attracted over 80k players by mid-January 2022, indicating that it was growing at a rapid pace of 144 percent. PlotX’s quick growth could be sustained through 2022, thanks to broad acceptance of NFTs, the metaverse, and the expansion of GameFi.
The emergence of blockchain gaming and peer-to-earn (P2E) models.
Blockchain games prevailed, even turning DeFi activities to be the most active in 2021, according to a recent Blockchain User Behavior Report by DappRadar, a multi-chain analytics platform, with a market share of 52 percent.
The incorporation of play-to-earn models by platforms, in particular, greatly contributed to the rise in on-chain gaming activities, as evidenced by the increase in active user wallets. DappRadar’s findings were backed up by a research conducted by the Blockchain Game Alliance (BGA).
PlotX’s current skill-based trivia game is already proven to be game-changing. The platform’s creators are launching an interactive and adrenaline-pumping play-to-earn game that will allow users to anticipate the fate of real-world events in order to earn rewards every hour. This is one of the first games on PlotX, showcasing their broader objective of sachetizing the crypto world to enable even more chances for global users, particularly those in emerging economies looking for decentralised services such as GameFi, CeFi, and DeFi.
Meanwhile, Polygon’s co-founder is enthusiastic about PlotX’s future, claiming that the game has the potential to become India’s Axie Infinity. Players avoid the inconvenient Gas fees by launching on Polygon, a highly scalable, EVM-compatible blockchain, allowing them to accumulate their prizes before redeeming them to cash.