Web3 gaming infrastructure startup Xternity has just closed a pre-seed round, taking $4.5 million in funding. Xternity builds codeless solutions for traditional game developers to implement NFT technology among other Web3 features.
The startup has also just launched its open beta. Developers have access to a multichain API, a customizable wallet and other features on major blockchain networks like Polygon, ImmutableX and Solana.
Bringing blockchain to developers, not gamers
Many observers have argued that blockchain gaming is the true secret to crypto’s mass adoption. On paper at least, it makes a lot of sense — gamers are usually tech-savvy and understand that value doesn’t have to be physical.
Yet, despite the number of GameFi projects out there, we’ve still not seen a genuinely enjoyable title. While the crypto industry might have the tokenization part down pretty well now, developing a game that people want to play with or without financial incentives is not easy.
Xternity believes it has the solution. Its no-code platform enables traditional game developers to implement Web3 features without requiring them to understand the intricacies of building on a blockchain. That way, studios can focus on what they do best — creating great games.
Xternity has just released its platform in open beta. For now, it features a multi-chain API, an embedded wallet, an NFT platform and a Web3 CRM tool. Already integrated are the Polygon, ImmutableX, Solana and Celo networks.
As per a recent press release, Sagi Maman, Xternity’s CEO, commented on the startup’s aims:
“Xternity continuously strives to define and build a long-term solution with valuable utility for the user. We believe that mass adoption of Web3 is possible only with simple, safe and scalable technology built upon a sustainable engagement economy.”
Shahar Asher, the company’s CTO, added:
“Xternity platform enables game developers to work with many blockchains simultaneously at scale while having a unified code experience, they also can add NFT assets and game economy layers while focusing on their core mission.”
Xternity receives $4.5 million in pre-seed funding
Coinciding with the open beta launch, Xternity has just secured $4.5 million in pre-seed investments. Contributing to the total were Jibe Ventures, Flori Ventures, Secret Chords, Vgames and NFX.
Gigi Levy Weiss, General Partner at NFX, spoke about the firm’s latest investment:
“Xternity’s founders are utilizing their unique perspectives of both game monetization and scalable platforms to build the ultimate web3 ecosystem for games […] They were able to create a seamless solution that safely onboards Web2 games to Web3, and the current framework is just the first milestone.”
Given the success of Reddit’s recent NFT integration, Xternity’s approach of taking infrastructure to studios rather than gamers directly might better position it to get crypto’s foot in the door of the traditional global video gaming market. Because, let’s face it, blockchain-native games haven’t been great up to now.
