GameFi

Crypto Gaming Studio Avalon Secures $10 Million Funding Led by Bitkraft and Hashed

Avalon, a rising crypto gaming studio, has secured a successful $10 million funding round co-led by venture capital giants Bitkraft Ventures and Hashed. This investment fuels the development of their flagship title, a massively multiplayer online game (MMO) simply named “Avalon.”

Avalon’s development team boasts veterans from prominent web2 gaming companies, leveraging their expertise to craft an immersive gaming experience. The studio has also partnered with industry leaders Didimo and Inworld AI, pioneers in artificial intelligence, to further enhance the game.

“The Avalon universe prioritizes an unforgettable gameplay experience,” said Sean Pinnock, CEO and founder of Avalon, in a press release. “We achieve this by combining cutting-edge technology like Unreal Engine 5 with AI-powered user-generated content systems. Our focus on a no-code solution empowers players to effortlessly create in-game logic. Additionally, our upcoming NFT collection will introduce groundbreaking AI-powered avatar NFTs.”

Pinnock’s background includes experience at industry titans Electronic Arts and Microsoft, according to his LinkedIn profile.

“Through vibrant, intricate, yet easy-to-build user-generated content experiences,” said Carlos Pereira, Partner at Bitkraft Ventures, “Avalon is poised to make a significant contribution to the burgeoning Synthetic Reality (SR) landscape. This technology fosters experiences with deep in-game economies.”

Synthetic Reality refers to the creation and simulation of digital worlds and systems.

Avalon has announced a closed, early-access version of “Avalon” planned for release later in 2024. Players will be invited to participate and experience the game firsthand.

Coinbase Ventures, Spartan Capital, Foresight Ventures, LiquidX, and Momentum6 also participated in the funding round, demonstrating the strong investor confidence in Avalon’s vision.

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