Moonveil Entertainment, a Web3 game studio that aims to create immersive and decentralized gaming experiences, has announced that it has raised $5.4 million in a seed round led by Animoca Brands. The round also saw participation from other prominent investors and gaming veterans, such as Dapper Labs, Galaxy Interactive, Polygon Studios, and Ubisoft.
The funding will be used to accelerate the development of Moonveil’s flagship title, a blockchain-based open-world RPG that leverages the power of NFTs and DAOs to create a dynamic and player-driven game universe. The game, which is currently in pre-alpha stage, will allow players to own, trade, and customize their in-game assets, as well as participate in the governance and evolution of the game world.
Moonveil Entertainment was founded in 2021 by a team of experienced game developers who have worked on AAA titles such as Assassin’s Creed, Far Cry, and Watch Dogs. The studio’s vision is to combine the best practices of traditional game development with the innovation and potential of Web3 technologies.
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“We are thrilled to have the support of such a stellar group of investors and partners who share our passion for creating groundbreaking Web3 games,” said Alexandre Amancio, co-founder and CEO of Moonveil Entertainment. “We believe that Web3 is the future of gaming, and we are excited to be at the forefront of this revolution.”
Yat Siu, co-founder and chairman of Animoca Brands, said: “Moonveil Entertainment is one of the most promising Web3 game studios in the industry, with a talented team and an ambitious vision. We are delighted to lead this seed round and to support Moonveil in their journey to create the next generation of gaming experiences.”
Crackdowns on crypto drives Trading and Investment opportunities
The cryptocurrency market has been facing increased regulatory pressure from governments around the world in recent months. Nigeria, for instance, has banned all crypto-related activities, including mining, trading, and payments. The US, on the other hand, has proposed stricter tax reporting rules for crypto transactions and hinted at possible legal actions against stablecoins. These crackdowns have caused volatility and uncertainty in the crypto space, leading to price drops and market corrections.
However, despite the challenges and risks, some crypto enthusiasts see these crackdowns as an opportunity to trade and invest in the emerging asset class. They argue that regulation is inevitable and necessary for the long-term growth and adoption of crypto, and that the current market conditions offer attractive entry points for savvy investors. Here are some of the reasons why they believe that crackdowns on crypto drive trading and investment opportunities:
Crackdowns create arbitrage opportunities. Arbitrage is the practice of taking advantage of price differences between different markets or platforms. For example, when China banned crypto trading, the price of Bitcoin dropped significantly in the Chinese market compared to other markets.
This created an opportunity for traders to buy low in China and sell high elsewhere, earning a profit from the price gap. Similarly, when the US announced its tax reporting rules, some crypto exchanges experienced delays or outages due to high demand. This also created an opportunity for traders to exploit the price discrepancies between different exchanges.
Crackdowns increase demand for decentralized solutions. Decentralized solutions are those that do not rely on a central authority or intermediary to function. For example, decentralized exchanges (DEXs) are platforms that allow users to trade crypto directly with each other without a third-party custodian or broker. Decentralized finance (DeFi) is a broader term that encompasses various financial services and applications that run on blockchain networks without intermediaries.
These solutions offer more privacy, security, and autonomy for users than centralized ones. They also enable users to access global markets and financial services without censorship or restrictions. As crackdowns on crypto intensify, more users may turn to decentralized solutions to avoid regulatory scrutiny and interference.
Crackdowns spur innovation and competition. Innovation and competition are essential for the development and improvement of any industry or sector. Crypto is no exception. As crackdowns on crypto pose new challenges and threats, they also motivate crypto developers and entrepreneurs to come up with new solutions and strategies to overcome them.
For example, after China banned crypto mining, some miners relocated to other countries with more favorable regulations and energy sources. Some also switched to alternative mining methods, such as using renewable energy or mining other coins. These moves not only help miners survive and thrive, but also contribute to the diversification and decentralization of the crypto network.
Crackdowns on crypto may seem like a negative factor for the crypto market, but they also create new opportunities for trading and investing. Crypto is a dynamic and resilient industry that can adapt and evolve in response to changing circumstances. As long as there is demand and interest in crypto, there will be ways to access and benefit from it.