Leading Blockchain VC Hashed Backs Hit Gamefi Project Monsterra

April 22nd, 2022 at 12:00 pm UTC · 4 min read

Leading Blockchain VC Hashed Backs Hit Gamefi Project Monsterra
Photo: Hashed

Dual-chain NFT game Monsterra is celebrating after inking a strategic partnership with renowned early-stage venture firm Hashed.

The popular play-to-earn game, which is deployed on Binance Smart Chain and Terra, announced the news via its official Medium page, pledging to “build connections with the company’s long-established Korean community and other reputable partners in Hashed’s network.”

A Landmark Deal

Although the exact terms of the deal have not been disclosed, Monsterra said that it will work closely with the crypto assets fund and community builder, whose team of blockchain experts and engineers is spread throughout Seoul, Singapore, Silicon Valley and Bangalore.

Hashed is one of the best-known and most prolific VCs in the Web3 space. Back in December, the company announced a whopping $200 million Venture Fund II to invest in Web3 startups including those geared towards blockchain-based gaming and NFTs. It is likely that this partnership utilises capital from this particular war chest.

In the same month that the aforementioned Hashed Venture Fund II was announced to the world, the company raised $120 million for a fund – Hashed Ventures, Inc – entirely focused on the new era of distributed networks.

Among its many successes, Hashed helped build out projects such as Terra Money, Axie Infinity and The Sandbox. While Axie Infinity went on to become the most traded NFT collection of all time after surpassing $4 billion in trading volume, The Sandbox is the market’s leading virtual real estate platform.

Hashed quote:

“As one of the earliest investors of Terra, the Hashed team has always been supportive of the Terra ecosystem and its innovative Web3, DeFi, and GameFi founders. We believe the Terra blockchain would soon begin to see an inflow of creative and entertaining blockchain gaming applications, and Monsterra is an exciting new Web3 gaming project we support on Terra.”

The significance of Monsterra’s partnership with the company, therefore, should not be understated. With a team of seasoned entrepreneurs and builders pitching in, the game looks well placed to broaden its reach within the fast-growing but fiercely competitive gamified finance space.

Remarkable Milestones in 5-Month Journey

It has been a hectic time for Monsterra, a colourful game that combines elements of farming, property building and battling. Three weeks ago the project’s Marketplace officially launched, giving users the opportunity to trade in-game NFTs peer-to-peer.

Over the past year, a sizeable gaming community has rallied around the release. Monsterra now boasts close to 200,000 members/followers in all channels, having concluded three successful INOs (Initial Node Offering) and sold out 20,000 Mystery Boxes on Binance’s NFT marketplace in just 10 seconds. Following that fire sale, another 900 boxes sold out within an hour on GameFi and Metaverse Starter.

Monsterra recently launched a public testnet campaign as it prepares to unveil several new features such as staking, additional battles, and an adventure mode. A DAO Treasury is in the works too, giving players (known as Monsterriors) the opportunity to vote on the allocation of funds.

In addition to Hashed, the project has welcomed many high-profile investors and strategic partners to the team, among them Huobi Ventures, Shima Capital, Icetea Labs, Salad Ventures, GameFi, TerraVerse, MetaGaming Guild, HG Ventures, and GT Capital. Over 50 marketing partners and 100 global KOLs are also onboard.

Unlike many releases that offer players economic incentives, Monsterra favours what it calls a ‘free-to-play-to-earn’ model. Thus, despite the richest earning opportunities being reserved for players who put skin in the game, those who play for free can also earn a profit.

About Hashed

Hashed is a global, multi-billion venture fund focused on backing founders pioneering the future of blockchain and cryptocurrency. Led by serial entrepreneurs and engineers, Hashed is expediting global blockchain adoption through strategic investments and community building. Based in Seoul, San Francisco, Singapore, and Bangalore, Hashed has cultivated industry-defining web3 founders around the globe by accelerating teams such as Terra Money, Axie Infinity, Klaytn(Kakao) Link(Line), and The Sandbox. Hashed additionally operates metaverse studio UNOPND and a digital assets custody service KODA.