Arcade2Earn Secures $4.8M in Private Token Round Led by Crypto.com Capital

Play-to-earn gaming platform Arcade2Earn has successfully raised $4.8 million in a private token round, with participation from Crypto.com Capital, Solana Ventures, Shima Capital, KuCoin Labs, and GSR. The funding, realized through a simple agreement for future tokens, will be utilized for the platform's development and expansion, according to The Block news report.

Arcade2Earn, previously built on Solana, recently transitioned to Ethereum and Avalanche. The move was prompted by a realization that certain technical needs were better suited for Ethereum. However, the Solana code hasn't been discarded, and Arcade2Earn plans to leverage it for a multi-chain expansion in the future.

The gaming platform will conduct a public token sale, starting on Feb. 27, offering 15 million $ARC tokens on the Fjord Foundry platform. This represents 1.875% of the total token supply, with the sale lasting for 72 hours.

Investors from the private token round will undergo a 6-month cliff period followed by an 18-month linear vesting period from the token generation event on Feb. 27.

Despite the delays caused by the transition from Solana and additional development time required by gaming partners, Arcade2Earn launched a closed alpha version last month. The platform aims to provide gamers access to web3 games through "Mission Pools," allowing them to earn rewards without owning NFTs. The ecosystem involves Mission Pool Operators (MPOs) and Mission Pool Contributors (MPCs), creating a play-to-earn model that facilitates in-game activities and rewards distribution based on mission success.

Arcade2Earn's recent funding round signals continued interest and investment in the play-to-earn gaming sector, demonstrating the potential for blockchain-based gaming platforms to reshape the gaming industry and offer new avenues for user engagement and monetization.