Xternity Jumpstarting Web3 Gaming Adoption With $4.5 Million Raise

Web3 gaming infrastructure provider Xternity has secured $4.5 million in funding. Coinciding with the raise, the startup has also launched its platform in open beta. 

Xternity is building tools that allow Web2 gaming studios to integrate blockchain technology. Although gamers have traditionally hated crypto, recently, Ethereum’s switch to proof-of-stake appears to be softening the attitudes of those once opposed to Web3. 

Xternity lands $4.5 million in funding

Reddit’s Avatars proved that seamlessly incorporating crypto into a product people already love is like a fast track to Web3 mass adoption. Hoping to achieve similar, but via gaming, is Xternity. 

Its codeless solution gives the tools traditional game designers need to add crypto functions to their games. The platform works as a meta-layer and, according to a recent press release, will function for any existing game.  

On Xternity’s goals, the firm’s CEO, Sagi Maman, said:

“Xternity continuously strives to define and build a long-term solution with valuable utility for the user. We believe that mass adoption of Web3 is possible only with simple, safe, and scalable technology built upon a sustainable engagement economy.”

Xternity has just raised $4.5 million via a pre-seed funding round. Investors include Jibe Ventures, Flori Ventures, Secret Chords, Vgames and NFX.

Gigi Levy Weiss, General Partner at NFX, added:

“Xternity’s founders are utilizing their unique perspectives of both game monetization and scalable platforms to build  the ultimate web3 ecosystem for games.”

Open beta now live

Coinciding with closing the pre-seed raise, Xternity has launched in open beta. This initial release includes a multi-network API, a customizable wallet, an NFT platform and a Web3 CRM tool. The features support Polygon, ImmutableX, Solana and Celo. 

Shahar Asher, the firm’s Chief Technology Officer, commented on the platform: 

“Xternity platform enables game developers to work with many blockchains simultaneously at scale while having a unified code experience, they also can add NFT assets, and game economy layers while focusing on their core mission.”

Softening attitudes since the merge

Throughout the 2021 bull market that attracted millions of newcomers to the industry, most gamers made it quite clear that they hated all things crypto. Some of the beef might come down to environmental concerns — all those GPUs consuming any cheap electricity they can to run Ethereum. 

However, for gamers, the GPUs were an issue, too. The kinds of graphics cards that used to be used to mine Ethereum are exactly the kind that PC gamers use and crypto mining made them awfully expensive. 

Since Ethereum’s merge to proof-of-stake, GPUs are no longer required and we’ve also seen major companies like Meta, Reddit and even JP Morgan get more comfortable with public blockchain technology. With tools like those Xternity is creating, it’s only a matter of time before a AAA game studio integrates crypto.