Tech

Crypto Cauldron game studio raises £ 5.5m to become ‘Pixar of Web3’

The London-based crypto video game studio Cauldron has raised $ 6.6m (£ 5.5m) with the aim of becoming a “Pixar of Web3”.

Web3 gaming uses blockchain technologies as part of the core mechanics. This could include earning and spending in-game cryptocurrencies and using NFT assets as items.

While some video game companies are already exploring Web3 projects, it remains to be abandoned in the gaming world. Releasing the few blockchain gaming experiences to the public has been described as clunky and plagued with problems.

Cauldron, however, believes that he can distinguish himself from the competition by focusing on storytelling.

“Web3 gaming lacks great storytelling… people don’t really come back because there’s no reason to come back,” said Cauldron founder and CEO Mark Warrick TechCrunch.

Following the close of the seed funding round, Cauldron is working on developing three virtual worlds with fantasy aesthetics and science fiction.

Warrick has said that Web3 is “asset owned”, which is the guiding philosophy of creating what the company calls Project Nightshade.

“Unless you’re designing around having a part of a universe, existing entertainment can’t do that,” said Warrick.

The funding round was led by Cherry Ventures, with participation from Cassius, Seedcamp and Playfair.

Seed funding came just six months after a $ 1.4m (£ 1.1m) pre-seed round. The new funds will go towards hiring creative people from both the games and film industry to develop the virtual experiences.

“We are totally focused on making our world more accessible to people out there,” Warrick said.

“We couldn’t think of a better way to do it than through the Web3 space because people really feel like they want to own things on the internet and have a bit of a world at them.”



Crypto Cauldron game studio raises £ 5.5m to become ‘Pixar of Web3’

Source link Crypto Cauldron game studio raises £ 5.5m to become ‘Pixar of Web3’

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