Web3 Startup Avalon Corp Raises $13M in a Funding Round Led by Bitkraft Ventures
A group of game developers teamed up to co-found a Web3 firm, Avalon Corp, and have managed to raise more than $13 million in a funding round that attracted some prominent venture capitalists like Bitkraft Ventures, Delphi Digital, Hashed, Coinbase Ventures, and Mechanism Capital, among others.
Most of the Avalon co-founders are former employees of popular tech firms, including Sony and Electronic Arts.
Avalon Corp Reveals First Project
‘Avalon’ is the firm’s first project. It is being developed in Unreal Engine 5 and is expected to have some metaverse elements.
Avalon Corp CEO Sean Pinnock says the team is looking to create an interoperable universe for anyone to create their desired content. Pinnock expects his company to onboard top brands in its universe once it’s developed.
While Avalon Corp has not mentioned which blockchain it will use to enable its project’s interoperable economy, the CEO seems to be a big fan of Ethereum Layer 2 protocols like ImmutableX and Polygon. He says these protocols process transactions faster and at a lower cost than the underlying blockchain.
Meanwhile, Avalon Corp Chief Product Officer Jeffrey Butler says Avalon will be more than just a digital world to explore. According to Butler, the firm will gamify the project and give users the ability to move assets from one world to another using NFTs and crypto.
Avalon Corp Suggests Plans to Use AI Technology in Its New project
The Chief Product Officer also revealed that the firm is exploring the possibility of using fast-rising technology, artificial intelligence (AI), to enable users to create their own worlds. To that end, Avalon Corps is looking for a long-term partnership with AI companies to implement the feature.
While Avalon Corp wants to make its project a top-quality game, the developers acknowledge that not every user may possess the PC hardware required to run the game smoothly.
Therefore, the firm says there will be a web version of Avalon where data is hosted and processed online rather than on the user’s PC. So anyone with a browser will be able to play this game.
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