UnCaged Studios – the developers behind the Web3 esports game MonkeyLeague – have closed a $24 million Series A funding round. The round brings the organization’s total valuation above $150 million.
- The funding round was led by Griffin Gaming Studios, and included participation from Maverick Ventures Israel, Drive by DraftKings, 6th Man Ventures, and Vgames, according to a press release.
- The funds will be used to further develop the MonkeyLeague esports franchise before the end of 2022. The game utilizes teams of unique MonkeyPlayerNFTs, and lets players earn in a native cryptocurrency called MonkeyBucks.
- UnCaged CPO Raz Friedman highlighted the difficulty of raising such money given the bearish state of global markets. “We will use this funding well to bring about the next wave of adoption from game developers and users,” he said.
- The money will also be used to develop GameOS, an end-to-end developer platform helping both web 3 and web 2 developers get involved with crypto.
- Blockchain game development exploded in 2021 as developers launched numerous projects to integrate both NFTs and cryptocurrency into their games. Earlier this week, GameStop announced the launch of its own NFT marketplace, shortly after launching a crypto and NFT wallet.
“We believe new models of digital property ownership in Gaming have the potential to support lasting player engagement and balanced digital economies,” said Nick Tuosto, Managing Director of Griffin Gaming Partners, regarding its investment.