PlotX Secures a $5 Million Funding Round Led by Polygon and Hashed; Launches Staking Program

PlotX, a GameFi protocol aiming to create sustainable play-to-earn (P2E) ecosystems, has announced the completion of a $5 million pre-Series A funding round and grant-led Polygon Studios and Hashed helping them expand to reach a global audience, details from a press release on January 17 reveals.

Notable investors in the recently concluded funding round include established crypto venture funds like Alpha Wave Global, game-centric investors in Animoca Brands, and angel investors, such as Sandeep Nailwal—the co-founder of Polygon—and Alan Howard—the co-founder of Brevan Howard Asset Management.

PlotX Has over 80k Users

The blockchain gaming dApp launching from the low-fee and highly scalable Polygon network is among the fastest GameFi dApps on the Ethereum sidechain’s ecosystem. By mid-January 2022, it had drawn over 80k players, growing at an impressive rate of 144 percent month-on-month. Considering the widespread adoption of NFTs, the metaverse, and the expansion of GameFi, the rapid expansion in PlotX could be sustained through 2022.

The Rise of Blockchain Gaming and P2E Models

A recent Blockchain User Behavior Report by DappRadar, a multi-chain analytics platform, noted that blockchain games dominated, even flipping DeFi activities, to be the most active in 2021, with a market share of 52 percent.

Specifically, the integration of play-to-earn models by platforms immensely contributed to the surge of on-chain gaming activities judging from the spike in active user wallets. A parallel study by Blockchain Game Alliance (BGA) earlier affirmed DappRadar’s findings.

Sachetizing the Crypto World

The current skill-based trivia game on PlotX is already proving to be a game-changer. The platform’s developers are introducing an interactive and adrenaline-pumping play-to-earn game, allowing users to predict the outcome of real-world events to earn rewards every hour. This game is one of the first on PlotX, demonstrating their overarching goal of sachetizing the crypto world to provide even more opportunities for global users, especially those in emerging economies yearning to access decentralized services spanning GameFi, CeFi, and DeFi.

Is PlotX India’s Axie Infinity?

Following the success of Axie Infinity and the impact on players in the Philippines, the co-founder of Hashed, Ethan Kim, is positive PlotX’s offerings can have a similar effect in India. PlotX’s skill-based games, he observes, can offer a seamless blockchain experience while rewarding users, consequently driving mass adoption in the populous nation.

We’ve seen the growth of Axie Infinity up close and are now witnessing what PlotX is doing for the India++ market. In emerging economies like India, mass adoption of crypto would be driven by P2E games like PlotX – a Web3 project with a frictionless Web2 user experience. I am particularly very excited about PlotX’s idea of ‘sachetizing’ crypto for emerging economies. Skill-based games in Web3 that reward people for their knowledge will open the floodgates for mass adoption in meaningful ways.

Meanwhile, the co-founder of Polygon is optimistic about PlotX’s prospects, saying the game could find success to become India’s Axie Infinity. By launching on Polygon, a highly scalable, EVM-compatible blockchain, players avoid the inconveniencing Gas fees enabling them to accumulate their rewards before redeeming them for hard cash.

Source: https://coinquora.com/plotx-secures-a-5-million-funding-round-led-by-polygon-and-hashed-launches-staking-program/