Xternity has raised $4.5 million in a funding round led by NFX in a bid to boost web3 adoption by web2 games.
Xternity, a Web3 platform for games, has announced that it has raised $4.5 million in a funding round. In a press release shared with Coinjournal, the team said the investment round was led by NFX and joined by other investors, including Jibe Ventures, Flori Ventures, Secret Chords and Vgames.
The investors are popular within the web3 and gaming ecosystems for supporting high-end projects.
Xternity is a project launched by Sagi Maman (CEO) and Shahar Asher (CTO). The project seeks to support game creators in building the future of gaming by empowering players with true digital ownership.
In addition to the $4.5 million funding, Xternity also announced its open BETA. The open BETA provides games with Multi Chain API, Embedded and customised wallet, NFT platform at scale, and Web3 CRM tool, which is already integrated with leading blockchain networks, including Polygon, ImmutableX, Solana, and Celo.
While commenting on this latest development, Sagi, the CEO, and Ex-Playtika said;
“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.”
The gaming sector is embracing web3 adoption, with an increasing number of web2 games making the transition. While more infrastructures and adoption tools are released to the ecosystem, Xternity said it seeks to build no-code solutions that help game developers boost players’ engagement, especially among GenZ.
Xternity serves as a meta layer that can be integrated seamlessly into any game. Shahar added that;
“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.”
Gigi Levy Weiss, General Partner at NFX, concluded that;
“Xternity’s founders are utilizing their unique perspectives of both game monetization and scalable platforms to build the ultimate web3 ecosystem for games. By understanding game developers’ need for scalable infrastructures and sustainable economic models, they were able to create a seamless solution that safely onboards web2 games to web3, and the current framework is just the first milestone”.
The Xternity mission is to build a comprehensive ecosystem for player empowerment on web3.
Web3 refers to the next major phase of the internet, which is still in development. It is expected to be more user-friendly and decentralised, with improved security and privacy features.