Animoca Brands Leads Planetarium Labs' $32 Million Funding Round

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Animoca Brands Leads Planetarium Labs’ $32 Million Funding Round

Animoca Brands Leads Planetarium Labs' $32 Million Funding Round
Source: CoinDesk
1657180078 07 Jul / 07:47

Planetarium Labs has secured $32 million in a Series A fundraising round headed by Animoca Brands. The company is establishing a community-driven Web3 gaming network.

Planetarium Labs will utilize the funds to expand its network with tools for gaming and player governance, according to co-founder and CEO Kijun Seo in an email to CoinDesk.

The round also includes Samsung Next and Planetarium partners Krust Universe, the investment arm of South Korean digital giant Kakao, and WeMade, the publisher of the play-to-earn game Mir4.

The Planetarium Labs gaming system is built on Libplanet, a software development kit that enables the creation of blockchain apps using the Unity game engine.

Each game operates its application-specific blockchain network and can establish its governance and tokenomics, such as permitting free-to-play. The gaming community may then administer a decentralized network to power each game.

Nine Chronicles, an open-source online role-playing game with more than 300,000 participants and supporters like Animoca Brands, Binance Labs, and Ubisoft, utilized Libplanet technology. Next week, Nine Chronicles will release “Chapter 3” with various new features, including dual staking programs and player championships, according to Seo.

“Planetarium Labs is also supporting the development of live-action collectible NFT (non-fungible token) RPG Stella Fantasy, which had a major gameplay trailer reveal this week. We have recently signed a partnership with XL Games founded by Jake Song, the creator of the famed Lineage franchise and the co-founder of Nexon, to explore community-governed MMORPGs,” Seo stated. He said that Planetarium would disclose other games under development via its partners later this quarter.

Animoca Brands, a gaming investment business located in Hong Kong, recently revealed that its portfolio assets amounted to more than $1.5 billion over 340 investments as of April.

In a press release, Yat Siu, co-founder and executive chairman of Animoca Brands, said, “We strongly believe that the future is massive decentralized worlds in an open metaverse, which is why we are delighted to support Planetarium Labs’ vision of community-centric blockchain games that empower players with creative freedom and full digital rights.”

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