Quick take:
- The company will use the funds to develop its debut Web3 MMO title, AVALON.
- AVALON will allow gamers to carry in-game assets across different worlds.
- The company leverages AI gaming technology from Didimo and Inworld AI to create an ever-evolving gameplay with user-generated worlds and experiences.
Avalon, the independent Web3 gaming studio founded by former Microsoft, Sony, Capcom, Infinity Ward, and Ubisoft vets has raised $10 million in a funding round co-led by BITKRAFT Ventures and HASHED. The fundraising also attracted participation from Coinbase Ventures, Spartan Capital, Foresight Ventures, LiquidX, and Momentum6.
The company will use the funds to accelerate the development of its first blockchain gaming title, AVALON, a massively multiplayer online (MMO) game that allows players to carry in-game assets between worlds.
Founded in 2021, Avalon’s first game is designed to appeal to both Web2 and Web3 gamers, with its creators having built some of the most iconic gaming IPs including EverQuest, Call of Duty, and Assassin’s Creed.
Like most blockchain games, Avalon empowers players by enabling them to create, share, play, and take ownership of their experiences. The game leverages AI gaming technology from Didimo and Inworld AI to create an ever-evolving gameplay with user-generated worlds.
Commenting on the announcement, Sean Pinnock, Founder and CEO of AVALON said in a statement: “The AVALON universe prioritizes delivering an immersive gameplay experience by combining cutting-edge tech like Unreal Engine 5 with AI-assisted user-generated content systems. Our focus on a no-code solution enables players to create game logic effortlessly. Plus, our upcoming NFT collection will introduce AI-powered avatar NFTs, adding another layer of innovation.”
Carlos Pereira, Partner at BITKRAFT Ventures added: “AVALON enables players to build nearly limitless, dense worlds that are high in visual fidelity without having to understand performance constraints, which is the next evolution of UGC. These individual UGC-centric worlds are in turn united through a central, interoperable gameplay experience. We believe that through vibrant, complex and yet easy-to-build UGC experiences AVALON can make a significant contribution to the rise of the Synthetic Reality, and with it enable experiences with deep economies and high crypto-genre fit.”
AVALON is currently being developed for both PC and cloud streaming and is scheduled to release its closed early access before the end of the year.
Baek Kim, General Partner at HASHED believes Avalon will play a key role in reinventing MMO gaming. “The team’s industry-leading experience is immediately evident in the title’s gameplay, graphical fidelity, and creative implementation of technology, economy, and owned content,” Kim said, highlighting the company’s clear vision for a limitless and cohesive online experience as one of the reasons his company co-led the round.
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