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Lava Labs intends to put the capital in its first game dubbed AFAR, which involves 25 players contesting against each other through set obstacles.
Lava Labs, a London-based blockchain gaming startup, has announced the completion of its Series A funding round with $10 million. Thereby raising the company’s valuation to $100 million according to a person close to the deal who spoke with TheBlockCrypto.
The Pixar and Disney-inspired platforms seek to revolutionize the future through immersive technology. More into the metaverse and the entertainment industry.
“Our vision is entirely around ‘fun’ and creating an enduring world,” said Kaya Tilev, CEO and creative director of Lava Labs, in a statement. “We have been inspired by Pixar and Disney throughout our lives and believe we are in a position to create the next generation of dazzling entertainment through our specialized process.”
According to the post, Lava Labs intends to put the capital in its first game dubbed AFAR, which involves 25 players contesting against each other through set obstacles. Notably, the company’s Series A funding round was led by Dialectic, a Swiss investment firm. However, Dialectic worked hand in hand with Merit Circle, Dragonfly, DeFiance Capital, Animoca, Razer Computer, Weak Simp Cap, Dapper Labs, and Maven 11. Additionally, there were angel investors who included Santiago R Santos, Gabbi Dizon, and Nick Chong.
Reportedly, the funding round was completed back in February. Following the completion of the funding round, the playform has announced a new virtual land sale expected later this year. It is expected that up to 10,000 plots will be put forward for sale.
Lava Labs and the GameFi Industry
Lava Labs is focused to ensure future generations will have fun with the gaming industry. Through the use of NFTs, metaverse, and blockchain technology, the startup is well poised to scale its gaming portfolio. With the funds to help further developments of AFAR games, Lava Labs secured a notable place in the history of gaming evolution.
From a technical standpoint, Lava Labs is tapping on the Web3 capabilities that promise to decentralize the internet. Moreover, the gaming protocol will be controlled by smart contracts without a need for a central governing body.
Institutional investors and private retail investors have found GameFi as a promising sector that will be part of the next decade. Furthermore, technology has infiltrated our daily activities and there are more gamers than there were 10 years ago.
Nevertheless, the adoption will not come without resistance, thus the need for hiring professionals to grow the market. Lava Labs will hire more respective experts to help develop its gaming platform to the next level.