Business • August 30, 2024, 5:11PM EDT

Web3 game developer Legend of Arcadia raises $4 million in seed funding

Quick Take

The firm’s backers include Animoca Brands, OKX Ventures, Arche Fund and Selini Capital.
Legend of Arcadia develops a card-based role-playing game that is free to access on mobile devices and will include the in-game cryptocurrency ARCA.

The web3 game developer Legend of Arcadia raised $4 million in funding.

The firm's backers include Animoca Brands, OKX Ventures, Arche Fund, Selini Capital, SNZ Capital, Starship, Summer Ventures, Faculty Group, WAGMi Ventures, Oak Grove Ventures, Cryptonite Capital, PANONY, HerculesVC and Mysten Labs, as well as The Sandbox co-founder Sébastien Borget.

Legend of Arcadia develops a card-based role-playing game that is free to access on mobile devices. The firm intends to use the funds to continue developing its game and bolster ecosystem partnerships, according to a release shared with The Block.

Legend of Arcadia's tokenomics aims to include the cryptocurrency ARCA. Users can earn the token by completing parts of the game and use ARCA for governance and community votes. However, the ARCA token generation event has not yet occurred, and it is scheduled for sometime in the fourth quarter of 2024.

"Gaming is going to be the next big thing that will drive the mass adoption of web3, and we are immensely proud to be part of this movement,” Legend of Arcadia Executive Producer Andy Lee said in a statement.

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