Indian gaming firm nCore Games raised $10M for Web3 expansion

Indian gaming firm nCore Games has raised a $10 million funding round led by Animoca Brands and Galaxy Interactive, as per a report.

Indian gaming firm nCore Games raised $10M for Web3 expansion

Polygon and Hyperedge Capital also participated in the round, The funds will be used to lead a drive into Web 3 gaming. 

Having developed a range of games that have attracted a huge number of downloads, nCore's bigger focus is turning to the metaverse and launching its non-fungible tokens(NFTs) 

Despite India's size as a mobile gaming market, firms are struggling to monetize their users due to apparent resistance to the in-app buying model.

nCore co-founder Vishal Gondal is optimistic that Web 3 items can make inroads through extra incentives and offers. "Presently when you're playing a game, the maximum upside for you was to become part of a community" While playing the game you have the chance to own the value of the game stated Tech Crunch. 

Hong Kong-based Animoca Brands is an investor in NFTs and Metaverse projects and has the largest part stake in the Metaverse game The Sandbox. it got a valuation of $2.2 billion during a $65 million funding in October.

Layer 2 Ethereum-scaling service Polygon is also no outsider to such ventures having made a $200 million initiative in December alongside Reddit co-founder Alexis Ohanian to invest in social media and Web3 based projects. 

Read: Believercards have partnered with gaming company Gamex21