Metaverse Startup Bullieverse Raises Funding To Build Play-To-Earn Games

Metaverse startup, Bullieverse, has raised $4 Mn in a funding round led by Web3.0 venture funds and a slew of other investors.

The round also saw participation from 6th man Ventures, Okx Blockdream Ventures, Fundamental Games, C2 Ventures, Gate Labs, GravityX, Roark Fund, LD Capital, Rainmaker Games, Good Games Guild, Gen Block, Shima Capital, DWeb3, ExNetwork and others.

The startup will use the funds to build an arcade of play-to-earn games, expand its ecosystem and acquire more users. The fresh influx of capital will also allow the startup to expand its functionalities and launch NFTs that can be explored easily by the users.

Founded in 2021 by Srini Anala and Murali Reddy, Bullieverse is an open fantasy metaverse built specially for blockchain-based gamers and creators.  

The startup allows gamers, digital creators, and investors can seamlessly interact with each other, enjoy a better gaming experience, coupled with a ‘fair’ monetisation mechanism that forms the basis of the ‘play to earn economy.’

The startup aims to become a fully functional Decentralised Autonomous Organisation (DAO) that revolves around decentralised governance and intuitive user experience, along with seamless game creation mechanics.

Bullieverse CEO and cofounder, Srini Anala, said, “The mission to create a DAO involving gaming and a metaverse play will deliver a self-reinforcing gaming environment for the community. We believe we are different, and we have already started demonstrating that through our execution. In due course, we will also be able to interoperate with other Metaverse economies..”

Echoing the sentiment, Partner at 6th Man Ventures, Mike Dudas said, “As investors in the Web 3.0 space, we focus on product and the team. Bullieverse clearly has a top tier metaverse-gaming product and is led by a very experienced and balanced team. Both 6th Man Ventures and Bullieverse believe in the true potential of Play-and-Earn gaming, its ability to expand and reign in the gaming industry.”

Bullieverse will premiere at leading launchpads including Seedify, Infinite Launch, Redkite and GameFi, which will allow users to participate in the Initial Game Offering. 

The startup also plans to launch two tokens in a bid to streamline participation of users on the platform. This launch, the startup says, is backed by another blockchain startup, Polygon.

This comes as the global startup ecosystem takes baby steps towards ushering in the Web 3.0 era. Earlier this month, Ethereum Layer-2 scaling startup Polygon raised $450 Mn from some of the biggest names in the venture capital ecosystem led by Sequoia India with participation from more than 40 major VC firms. 

In February itself, NFT startup, Colexion also raised $5 Mn in its seed and private round. The startup is looking at building and expanding its Metaverse infrastructure to offer artists and collectors and partnership with industry leaders and launch its state-of-art digital museum

This was followed by Bengaluru and San Francisco-based crypto investing platform, Mudrex, raising $6.5 Mn in a Pre-Series A round from Arkam Ventures.

A report by CrossTower estimates that Web 3.0 would help India contribute an additional $1.1 Tn of economic growth to its GDP over the next 11 years.

According to another report, the global NFT market also crossed the $40 Bn threshold in 2021. As much as $41 Bn worth of cryptocurrency flowed into two types of Ethereum smart contracts associated with the NFT marketplace.

Web 3.0 is the next evolution of the internet and has engulfed the entire world, the investment in Bullieverse shows the positive sentiment and goodwill that Indian startups have created in the space. As such, it should be welcomed and it will help drive the next stage of innovation.