GameFi Platform Xterio, FunPlus Round Up $40M to Expand ‘Play-to-Earn’ Game

Blockchain gaming platform Xterio recently announced its $40 million funding round with partners FunPlus, FTX Ventures, and another blockchain platform XPLA. According to a report from Coindesk, the funding will be used to develop their games and expand the platform.

With blockchain projects and initiatives still attracting investors, we could expect more Web3 platforms to gain ground in the coming days. Blockchain-based industries seem to be kicking and unshaken by the recent financial crisis that took some sharp blows to mainstream and high street trading.

Investors appear to be up to something with recent funding directed for Web3 projects. There is a special fixation on initiatives about gaming and decentralized finance or 'GameFi.'

PayTechLaw tells us that the phrase 'GameFi,' which combines the terms "gaming" and 'decentralized finance,' refers to the inclusion of blockchain applications in the gaming industry for monetization and other uses. Particularly, smaller publishers make use of the tokenization option to monetize their games.

GameFi Platform Xterio, FunPlus Rounds Up $40M in Fundings

The funding is led by FunPlus, Makers Fund, FTX Ventures, and XPLA, with notable participation from HashKey, Foresight Ventures, Infinity Ventures Crypto, Matrix Partners, and Animoca Brands.

Furthermore, the platform being developed by Xterio is also being materialized with the help of top execs from entertainment and game companies FunPlus, Electronic Arts, Activision Blizzard, Krafton, Jam City, NetEase, and more.

According to a report from Venture Beat, the said top entertainment companies helm Xterio's plans of building multiplayer games that are geared to engage and reward players for playing together.

Web3 Central Hub

This blockchain gaming platform by Xterio is eyed to become a massive hub for everything Web3. Xterio is aiming to turn its promising blockchain-based project into a 'central hub to discover and play high-quality Web3 games.'

"At Xterio, we are building an amazing games platform that bridges how people play today with the power of Web3 for tomorrow," said Xterio co-founder Jeremy Horn. "We believe that gameplay is enhanced by ownership, but we are most interested in creating long-lasting franchises and rich gameplay experiences," he adds.

The Xterio platform will not only cater to the needs of Web3 players, but the company is also planning to help developers access a wide array of Web2 and Web3 tool suites and publishing services to help them develop more games to add to the platform.

The funding will be a significant factor in helping Xterio and its partners to build one of the first Web3 online megalopolis. A report from Businesswire tells us that the investments rounded up will be used to continue building the Xterio platform, which will include a marketplace, social community hub, and more, as well as to develop and distribute the company's own games and those of its partners.

Could this project become one of the biggest web projects of this decade and be the true beginning of Web3 prominence? According to reports, a number of games are now being developed for Xterio, and more updates will be available this fall.