Key highlights:
- SNACKCLUB has raised $9M in seed funding for a decentralized autonomous organization (DAO).
- Animoca, Ascensive Assets, Formless Capital, Jump Crypto, Mechanism, OP Crypto, and Shima Capital were one of the main investors.
- Gamers will be able to “play-to-earn” which may be the future of work for people in developing countries.
As part of its mission to redefine ownership in gaming, SNACKCLUB, the sister company to LOUD, has raised $9M in seed funding for a decentralized autonomous organization (DAO). Among the investors were Animoca, Ascensive Assets, Formless Capital, Jump Crypto, Mechanism, OP Crypto, and Shima Capital.
Brazilian gaming company LOUD operates teams in titles such as Fortnite, League of Legends, and Free Fire. There are over 300 million followers across its various social media platforms, making it one of the fastest-growing gaming social networks.
Since the beginning of gaming, gamers had no control over the currency, equipment, or assets their characters gained through the countless hours invested in modern games. Web3 allows users to “mint” in-game items such as NFTs directly into external blockchain wallets that provide immediate liquidity and provide rare assets with value.
As part of the DAO, SNACKCLUB states that users will be able to “play-to-earn” and invest in games using blockchain technology that may earn an income and allow players to own their in-game assets. Anyone with an internet connection will be able to join the DAO through the Discord server. As a result, blockchain gaming may be the future of work for young people in low-income countries.
According to Jean Ortega, co-founder of LOUD and managing partner of SNACKCLUB, LOUD has always put the community first. SNACKCLUB will further demonstrate its commitment to the community by investing in the technology, platform, and publishing partners that will make blockchain gaming possible. In his words, these investments will alter not just how, but why a gamer decides to play.
Marc Weinstein, a partner at Mechanism, the round’s leading investor, said the group is delighted to aid SNACKCLUB in developing a system that encourages ownership, fairness, and transparency, especially in a region where even a small income can have a profound impact. Additionally, he pointed out that it is an exciting time for the gaming industry, and that they are eager to define its potential with new partners.
A number of plans are in the works for SNACKCLUB, including adding new games and currencies. Their goal is to mobilize a large audience that populates the game and begins mining for high-liquidity assets. For now, however, SNACKCLUB is concentrating on its team, setting up governance, defining its investment thesis, and completing due diligence on prioritized investment opportunities.
