League of Kingdoms Arena (LOKA) proudly announced a $3M Seed Funding round led by crypto venture capital (VC) firm Hashed. With this extra boost, the world’s first decentralized MMO will expand the game franchise and the adoption of the LOKA token.
Andreessen Horowitz (a16z Crypto), Binance Labs, Sequoia Capital India and BlockTower Capital also joined the round. In addition, Strategic investors like Sky Vision Capital, Yield Guild Games (YGG), and Korean blockchain ecosystem builder, DeSpread completed the impressive list of partners.
League of Kingdoms is an NFT strategy game using play-to-earn mechanics. The play-to-earn system allows players to earn tokens based on their participation in-game. Last month, the team introduced the governance token LOKA to kick off the in-game economy. Later, the League of Kingdoms will inject the utility token SOD into the gameplay. These two tokens will provide more robust and more expansive economic layers to the game.
League of Kingdoms Arena’s Post-Seed Funding Plans
According to the official announcement, the fresh funds will be primarily earmarked for two things. Firstly, it will be used to “build out the foundational infrastructures for the player-owned governance and play-to-earn economy in the game.” Moreover, it will accelerate the growth of the global community with over 200,000+ active gamers.
So from a gamer’s perspective, how will things change?
With this financing round, League of Kingdoms will be evolving into a game metaverse. This means that the team will be adding more entertaining game experiences. For example, the launch of PvP arena, expansion of P2E through the Drago x $SOD economy and commerce platforms like NFT bazaar). They will also launch GameFi tools, token rewards for in-game competitions and social media features.
So the short story is that it will usher in enriching player experience inside and out of the League of Kingdoms.
Hashed is one of the most well-versed and influential investors in the Web3 space. So onboarding them adds tremendous value to the League of Kingdom Arena. Moreover, the VC firm was an early believer and investor of blockchain gaming pioneers like Axie Infinity and The SandBox. So LOKA is in very good company.
Founded in 2009 by Marc Andreessen and Ben Horowitz, Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley, California. The firm made early bets on companies that are household names today. Its investment portfolio includes Facebook, Instagram, Twitter, Pinterest, Airbnb, Lyft, Stripe, Github, etc.
Meanwhile, Binance Labs brings in a gamut of valuable infrastructures and support to proliferate the decentralized gaming vision.