Decentral Games is pleased to announce the completion of a $5 million USD capital raise, welcoming partners Collab+Currency, Metaverse Ventures (Digital Currency Group), Genesis Block Ventures, Bitscale Capital, Cluster Capital, ID Theory, and AU21 Capital. The additional funding will allow Decentral Games to bolster its team and accelerate the development of additional features and products in the nascent metaverse.
The First Metaverse-native, Profitable DAO
Since its founding in 2019, Decentral Games has diligently executed on its mission to become the premier platform for metaverse-native multiplayer games playable with digital currency. This year the project has seen its most rapid expansion yet in terms of both technical developments and user growth. Following the activation of the DAO, the community has seized the opportunity to expand its presence throughout the metaverse.
Decentral Games intends to use the funds to further invest in its infrastructure including additional headcount in the areas of product development and marketing in order to acquire more players and expedite key features in the product development pipeline.
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Treasury Growth
Since launching the $DG token and games on mainnet in December 2020, betting volumes have increased quarter over quarter and recently eclipsed a landmark $70 million. These strong cash flows have contributed to the growth of the treasury, which remains well capitalized with over $8 million in assets, a 1000% quarter over quarter increase. The main sources of revenue for the DAO treasury have been gameplay proceeds (blackjack and roulette), Polygon/Matic node staking rewards, and wearable NFT sales.
Following DAO votes, proceeds have been allocated to purchase over 1000 parcels of Decentraland LAND to date, including the largest single LAND sale ever at $1.5 million USD. The integration of crypto gameplay to poker and slots will soon welcome two additional sources of revenue for the DAO.