Metaverse Developer Atmos Labs Secures $11M in Seed Funding to Build Immersive Esports Experience

Play-and-earn metaverse developer Atmos Labs, Inc is building a competition-based virtual world for metaverse-native esports.
Image source: Business Wire

Quick take:

  • Funds will be used to build the foundation of the Atmos virtual world.
  • Atmos pairs an esports component with the fandom of conventional sports in a new virtual world.
  • Atmos players will be able to own their gear, teams, identities, and moments.

Play-and-earn metaverse developer Atmos Labs, Inc. announced today the close of an $11 million seed round led by Sfermion. Prominent investors in the round included Animoca Brands, Collab+Currency, FBG Capital, Alumni Ventures, RedBeard Ventures, DWeb3, LD Capital, GSR Markets Limited, CoinGecko Ventures, Avocado Guild, UniX Gaming, and more.

Atmos is a competition-based virtual world built for metaverse-native sports. The seed funding will be used to build the foundation of the virtual game world of Atmos, grow its community, and expand the Atmos team.

Atmos Labs aims to create an environment for metaverse-native sports, by pairing an esports component with the community and fandom that comes with conventional sports in a new virtual world. 

The game and its story are built by experienced veterans from the fields of gaming, crypto, automotive, industrial design, comic books, film, and more. They include VP of game design, Dylan Bushnell, son of Atari founder Nolan Bushnell; game developer Kevin Leekley; product manager Joe Cammorata; and VP of product Todd Moffett, who comes from a streetwear and skate culture background.

The startup says that Atmos players will not only play, but actually own their gear, teams, identities, and moments through NFTs, DeFi, and the principles of the emerging metaverse.

“People are going to congregate around the spectacle of competition in the metaverse just like they do in the physical world. We are building metaverse-native sports and entertainment — a category we believe will bring excitement and substance to the metaverse concept writ large,” said Atmos Labs’ founder and CEO Kevin Beauregard.

The startup’s first game will be ExoGP, a game that Beauregard described as “Formula 1 meets flight.” Players will race each other to cross the finish line and participate in three core player activities such as mining, fabricating and competing. 

To compete, players would have to purchase exoskeleton suits called “exos” which will be available as NFTs. Beauregard also said that exos can be staked to mine land to generate resources and upgrade their capabilities. 

“We’re committed to building a world in which players can generate value from gameplay, own and trade interoperable assets in non-exclusive marketplaces, and govern the ecosystems they helped create. Importantly, all blockchain-related integrations aside, the games we’re developing could stand on their own,” added Bushnell.

Atom will generate revenue through selling NFTs and taking a cut of racing purses and secondary market sales. Currently building on Ethereum, the startup is considering Ethereum Virtual Machine (EVM) compatible Layer 2s and competitive Layer 1s for gameplay. An initial drop of playable items will take place in the coming months.

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