The NFT-based gaming firm Vulcan Forged raised $8 million in a Series A funding round.
The round was led by the crypto exchange giant FTX and investment firm SkyBridge Capital, according to a company release. Both companies have the option to invest an additional $33 million in Vulcan Forged.
Vulcan Forged will use the fresh funding to build out its multiplayer online game VulcanVerse, expand its offering beyond its current 13 NFT gaming platforms and continue growing its team of 130 individuals. After two years, the firm has 200,000 regular players and built 15 games.
SkyBridge announced its interest in funding web3 startups in July of this year via a new investment fund, maintaining the firm’s vision to be the vanguard of decentralized finance.
However, SkyBridge’s interests are FTX’s interests, as FTX’s investment arm FTX Ventures took a 30% stake in SkyBridge Capital earlier this September.
Venture interest in blockchain-based gaming remains high — even seeing a 66% jump in month-over-month funding from July and August, The Block previously reported.