- Seed funding will be used to develop gaming world
- Investors include NFT focused Sfermion and Animoca Brands
Blockchain gaming developer Atmos Labs has raised US$11 million in seed funding to develop metaverse-native sports for its virtual world.
Sfermion, which has a US$100 million non-fungible token (NFT) investment fund, led the round, which also included serial Web 3.0 investor Animoca Brands, as well as Collab+Currency, FBG Capital, CoinGecko Ventures, UniX Gaming and several others.
The funding will be used to expand the development team and grow its community, as well as the virtual game world of Atmos – an expansive sci-fi themed universe.
Atmos Labs believes other attempts to bring competitive sports to virtual environments have been viewed with scepticism because they have too closely replicated physical sport and associated ‘legacy ideas’.
The company is confident it can avoid these pitfalls by creating esports designed specifically for the metaverse and integrating blockchain technology with play-to-earn mechanics. The ultimate ambition is to fuse the innovation and appeal of esports with the fandom of traditional sports to create something truly engaging and unique.
“People are going to congregate around the spectacle of competition in the metaverse just like they do in the physical world,” said Kevin Beauregard, founder and chief executive of Atmos Labs. “We are building metaverse-native sports and entertainment — a category we believe will bring excitement and substance to the metaverse concept writ large.”
As is common with other crypto-based gaming ventures, players will own their own gear, teams, and identities as NFTs. The first products and drops are due to launch in the “coming months”.
“We’re committed to building a world in which players can generate value from gameplay, own and trade interoperable assets in non-exclusive marketplaces, and govern the ecosystems they helped create,” added Dylan Bushnell, vice president of game design at Atmos Labs. “Importantly, all blockchain-related integrations aside, the games we’re developing could stand on their own.”