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Souq G-Commerce announced that it has raised $3.3 million in pre-seed funding along with the availability of its portfolio manager beta test for Web3 game assets.
The funding will be used to further develop Souq’s flagship product for managing and tracking blockchain gaming assets, supporting players and games on all major blockchains.
Round includes participation from Kickstart, IVC, Operate, Moon Holdings, Ellipti Ventures, Perpetual Value Partners, Himanshu Sahay & Partners, Sterling VC, Evernew Capital, BBQ Capital, Mike del Balso, Chris Chang, BlockØ, Aleph One, Gautam Shah , and Miko Matsumura.
Today, managing and tracking gaming assets is difficult, as assets exist in a variety of games, wallets, and blockchains. Structured information on asset value and game economics/community health is non-existent. Souq onboards players in less than 30 seconds and allows them to track and manage their wallet on any blockchain or wallet, the company said.
“We exist to help gamers own the games they love and share the benefits of these new virtual economies,” Souq CEO JonPaul Vega said in a statement. “We are at the start of a paradigm shift in the world’s largest category of entertainment: games. Players will be treated as stakeholders in the games they play, thanks to property rights enforced through blockchain technology. ”
Souq creates the technology to discover and monitor a portfolio of Web3 game assets. The roadmap includes building the financial market focused on in-game economies, which will generate return opportunities for the gaming community.
“These new economies require players to have more information rights than Web2 games. We are positioning Souq as the one-stop-shop for in-game holdings and savings information,” Ken Berkowitz, product manager, said in a statement.
Souq was founded in 2021 to provide consumer asset management software in the Web3 gaming space. The focus is on building the first financial marketplace for in-game economies, allowing players to participate in and share the benefits of these virtual worlds.
Souq said he believes games are bringing a whole new profile of users into the blockchain ecosystem. These players demand a very polished UX, leading to advancements to simplify wallets, onboarding, and on-chain interactions. The entire ecosystem will benefit from these friction-reducing innovations.
“We personally view games as a more intuitive way for users to explore and engage with DeFi,” the company said. “Games represent a new vehicle for generating returns through a more familiar paradigm using their economies and gameplay.”
He noted that gamers face three issues with Web3 games. Assets can exist in various games, wallets, blockchains and marketplaces. This makes it difficult to keep track of what you own.
Monitoring the value of what you own and how it changes over time is much more difficult than fungible tokens. Each property is unique and requires the equivalent of digital expertise. There is no objective source of information or tool to help understand the health of the in-game economies in which a player holds assets.
Souq estimates that people playing Web3 games have between four and eight million wallets with over $3 billion in crypto assets.
At the highest level, Souq organizes game assets and structures market information. The company has released the first portfolio manager for Web3 game assets.
“Players connect wallets on any blockchain, and in less than 30 seconds we help them understand what they own, what it’s worth, and the health of the in-game economies they’re participating in. Think Robinhood for them. video games,” Vega said.
Vega added, “Our mental model for these games is the virtual economy; we see them as the stock markets of the future. We are building the first financial market focused on these economies. Our end goal is to kick-start the evolution of “gaming plus” where players can play and own pieces of games. This is what drives us and excites us. »
Vega said the company will only focus on open-economy games. It has two criteria to meet this qualification: its currencies (whether monetary or utility) exist as cryptocurrencies, and players can easily convert at any time. The second criterion is that content purchases (e.g. items) exist as entries on the blockchain and are housed in a player’s wallet (custodian or non-custodial).
Souq supports ETH/Poly game resources in ERC-721 and 1155 formats; it expands to Solana with additional Layer 2 solutions and alternative Layer 1 solutions will follow. By the third quarter, the company expects to cover 95% of all NFT games.
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