Quick take:
- Saga has completed a $3.6 million funding round led by Animoca Brands.
- The fundraising also attracted the participation of participation by Delta Blockchain Fund, Genblock Capital and NGC Ventures, among others.
- The company said it will use the funds to create a middleware for the metaverse.
The decentralised gaming community project Saga has completed a $3.6 million funding round led by Animoca Brands. The company is raising funds to build a middleware for the metaverse.
The fundraising also attracted the participation of Delta Blockchain Fund, Genblock Capital, Moonchain Capital, Compute Ventures, NGC Ventures, Highstreet Ventures, M31 Capital, TsingTing Capital, Metal VC, PANONY, Rainmaker Games, Everest Ventures Group, vEmpire, SL2 Capital, and AAG Ventures.
Saga is building a player-centred gaming platform called Soulbound. The company plans to form a series of game-specific councils recruited through the platform, which will onboard gamers based on merit. “You will not be able to simply buy yourself onto a council, nor must you beg for a slot in some Discord chat,” the company wrote in a statement on Wednesday.
The company is prioritising working with regulation-compliant AAA projects backed by professionals with deep gaming roots. Saga’s initiatives are driven by the goal of “expanding and enriching the metaverse through building chain-agnostic market tooling, championing emerging projects, and unlocking the power of metaverse owners, builders, and players,” globally.
It plans to achieve this target by offering cross-game non-fungible tokens (NFTs) linked to authentic unique digital items on the blockchain.
The company believes that its player-focused approach will attract the top gaming experts from the mainstream that are ready to jump on the blockchain gaming bandwagon.
Commenting on his company’s decision to back the project, Animoca Brands co-founder and executive chairman Yat Siu said: “Saga shares our vision of an open metaverse, and we look forward to working with its team as it develops solutions to unlock the potential of blockchain gaming at scale.”
“We are strongly encouraged by Saga’s partnerships with upcoming triple-A titles, tooling, and commitment to regulation-friendly ecosystems, and we believe that its Soulbound middleware approach will be able to assist blockchain games in growing committed player bases,” Siu added.
The Soulbound-based player profile ecosystem will reward gamers depending on the activity on the platform. The platform has introduced a non-transferable social token (NTST) which can only be earned by converting metaverse experience points (MXP) garnered from playing activity.
Casey Grooms, head of business development at Saga commented: “We’re very excited for the future of GameFi as we release features to integrate NTSTs across ecosystems and build a true independent profile for players in the metaverse.”
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