Play It Forward DAO has kicked off 2022 by completing a US$6 million private round, co-led by Kyber Ventures, Signum Capital, and UOB Venture Management.
PIF DAO, only six months after launching, includes a guild of over 40,000 players and 3,000 scholars across multiple games including Axie Infinity, Thetan Arena, and Pegaxy.
PIF DAO said that this round further supports its long-term goal of building an ecosystem designed to drive growth in Play-to-Earn(P2E) and create a Metaverse for all. "We are embarking on the next phase of our DAO—building a platform that will transform Play-to-Earn into a Plug-and-Play experience for more guilds and players globally. We are ready to Play. It. Forward." added DAO.
Source:prnewswire
Investors in the round included Jump Capital, GBV, LD Capital, 975 Capital, Arcane Group, Great South Gate, Tokocrypto, AU21, Double Peak Group, Octava, Faculty Group, NxGen, GSR, SL2 Capital, DWeb3 Capital, and Mintable.
PIF DAO said that it seeks to democratize the Metaverse and that its aim is not to take a larger piece of the pie but to grow the pie and increase rewards for players.
According to PIF, P2E gaming still becomes inaccessible to many gamers because it needs a lot of technical know-how to get started for example setting up a wallet and purchasing tokens. The DAO wants to build an ecosystem that taps all that away so any gamer can get started in play-to-earn seamlessly i.e plug-and-play.
Founder of Kyber Network, Loi Luu, said, "Kyber Ventures confidently invested in PIF because of their unique guild gaming system, which can drive value to the Play-to-Earn economy as a whole. We believe the P2E movement will continue strong, and onboard tens of millions of new users to the Metaverse."