StarryNift Announces $10M Funding to Power Its Metaverse Launch

UTC by Benjamin Godfrey · 3 min read
StarryNift Announces $10M Funding to Power Its Metaverse Launch
Photo: StarryNift / Twitter

The emergence of the StarryNift ecosystem will be marked with an Anniversary Carnival before the end of May.

StarryNift, a metaverse gaming platform has announced it has successfully raised the sum of $10 million in pre-A funding round to power the launch of its upcoming Starryverse. According to email statements shared with Coindesk, the funding round was led by Susquehanna International Group (SIG), one of the first and largest shareholders of ByteDance, the Chinese parent company of TikTok.

The StarryNift funding round also saw participation from Binance Labs, BSC Fund, Alameda Research, and GBV Capital. As a startup, StarryNift is brandishing itself as an integrated gamified platform and launchpad for fun digital collectibles focused on empowering art by technology and democratizing value appreciation as DAO.

Through the platform, anyone will be able to create, auction, trade, and play with unique non-fungible tokens (NFTs). The startup is also creating enablement where users will be able to customize their Avatars and farm their assets, generating rewards through contributions to the project.

“The uniqueness and irreplaceability nature of NFTs enables digital content to become assets, and the game is one of the most compatible digital content with NFTs,” explained Lv Nan, a SIG investment manager who has joined StarryNift’s board of directors. “Game tokens, equipment, and pets can be digitized and created as a digital currency.”

“With the fusion of NFTs into games, players continuously earn rewards and become more involved, making NFT games more engaging and sustainable,” added he.

The emergence of the StarryNift ecosystem will be marked with an Anniversary Carnival before the end of May, and through it, the startup’s metaverse, called Starryverse which will also serve as a marketplace will be launched.

StarryNift and the Metaverse Rush

For StarryNift to establish itself as a dominant player in the evolving metaverse world that is unfolding today. There are a lot of startups pushing for building unique products in the ecosystem with the majority being bootstrapped by big venture capital firms like Binance Labs and the host of others supporting StarryNift.

As it stands, the metaverse ecosystem will be dominated by the outfits with the most innovative model that can not just incentive users appropriately but also provide value in the form of what it is offering in relation to engagement and content.

The backers of StarryNift especially SIG are known for their selective picks. ByteDance is a perfect example of a very promising bet the investment giant has made, and moreso, ByteDance has also been exploring its metaverse moves, with targeted virtual reality hardware maker Pico’s acquisition in a bid to take the competition to other big tech companies including Meta Platforms Inc (NASDAQ: FB).

The development of StarryNift and its gameplay has been in the works for quite some time and with the new funding, expectations mount for the outfit to deliver on its promises across the board.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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