Quick take:
- Intella X has raised $12 million in a fresh funding round backed by Animoca Brands, Polygon, and Magic Eden, among others.
- The Neowiz subsidiary will use the funding to develop its own blockchain gaming platform.
- The new platform will be powered by the Intella X token and will feature a Proof of Contribution (PoC) reward mechanism.
Intella X has announced a $12 million funding round backed by leading web3 investors including Polygon, Animoca Brands, Magic Eden, Planetarium, Big Brain Holdings, Global Coin Research, Crit Ventures, JoyCity, Pearl Abyss, XL Games, and WEMIX.
Intella X is a subsidiary of the South Korean gaming and entertainment giant Neowiz. The company is developing its own blockchain gaming platform that will be powered by the Intella X token.
The platform will also feature a first-of-its-kind reward mechanism based on Proof of Contribution (PoC).
According to the announcement on Wednesday, the PoC mechanism is what sets Intella X apart from other gaming platforms. The PoC is an earning feature that perpetually rewards contributors of its ecosystem including game developers and users.
The platform also features a decentralised revenue-sharing protocol that redistributes shares of its revenue back to the contributors.
Intella X offers an all-in-one gaming ecosystem that includes its proprietary web3 wallet, DEX(Decentralized Exchange), NFT Marketplace, Launchpad, and games. The platform wants to accelerate the mass adoption of blockchain games by bridging the gap between web2 and web3.
In an exclusive comment about Intella X’s Proof of Contribution reward model, the Polygon team described it as a mechanism that calculates game developer activity both on-chain and off-chain to come up with a pro-rated formula that rewards them with the Intella X token.
On the other hand, users claim DEX and APR rewards based on on-chain data drawn from liquidity pools and staking pools. Users can earn by providing liquidity or staking the Intella X token.
The Intella X platform is scheduled to launch on the Layer 2 Ethereum scaling blockchain Polygon in the first quarter of 2023.
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