FTX and BITKRAFT Back Nerdystar’s $10.8M Fundraising for Web3 Games

FTX Ventures has invested in Line Games’ $10.8 million fundraising for its web3 gaming unit Nerdystar.
Image source: LUXON/Medium

Quick take:

  • FTX Ventures has invested in Nerdystar, a web3 gaming affiliate of traditional game developer Line Games.
  • The Company raised $10.8 million in two rounds to onboard Web2 games to Web3.
  • BITKRAFT Ventures, LINE Games, GuildFi, Formless Capital, VistaLabs, Seum, and SBXG also participated in the round.

FTX Ventures has invested in Line Games’ $10.8 million funding round. The Web2 game developer is raising funds to build web3 games through its affiliate Nerdystar. The fundraising also attracted participation from BITKRAFT Ventures, LINE Games, GuildFi, Formless Capital, VistaLabs, Seum, and SBXG, among others.

The company is looking to traditional games to Web3 by building on the LUXON blockchain gaming platform. Line Games led the fundraising, investing $5 million.

Nerdystar is looking to accelerate web3 game development on LUXON, with the first game scheduled for release later this year.

The gaming affiliate plans to build games that grant players ownership rights whilst enhancing the rights of gamers as providers, traders, and players. The web3 games will be based on traditional gaming developer Line Games’ IP portfolio, enabling Nerdystar to bring quality games to Web3 with ease. There are also plans to accept third-party games, but only after demonstrating success in their original IPs.

Nerdystar is looking to build exciting RPG and other game types on LUXON, starting with the first game on the platform “Desperado B218: The Scars of Exos”. LUXON is looking to leverage NFT collectibles to enrich its games with playable characters.

Commenting on his company’s latest fundraising, Nerdystar CEO, Alan Huh said: “With insights and experience gained from more than ten years of expertise in the game industry, engaging gameplay is not an afterthought at Nerdystar. We aim to appeal to a traditional gaming audience that wants more ownership without sacrificing game quality.”

On the other hand, Carlos Pereira, Principal at BITKRAFT Ventures commented: “We believe the team’s successful track record of delivering exciting experiences in mid and core mobile will enable them to create compelling experiences for traditional gamers looking to experience crypto-based gameplay. Nerdystar is ahead of the curve and has already scaled at an accelerated pace with several employees, concepts, and IP direction in a region that is a fast-mover towards Web3.”

This transition makes Line Games one of the few mainstream game developers to transition to Web3 gaming, either through an affiliation or by launching a blockchain unit. Recently, Magic Bear Games launched a blockchain unit to develop blockchain games.

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