OWN Raises Funding From Better Capital, Polygon Studios To Launch NFT-Based Play To Earn Game

Bengaluru-based online gaming startup OWN has received $2 Mn in seed funding round from Better Capital, Polygon Studios, Cloud Capital and Indigg. 

The gaming startup plans to launch its NFT-based play to earn game on crypto markets by next month.

Further, OWN would do the gamification of Bitcoin and Defi. The platform would evolve into the metaverse of cryptos to be called Cryptoverse later, said the startup.

“We are going to see large scale consumerisation of blockchain and crypto use cases in future. More people would want to use Web3 products and start their crypto journey. We want to capitalise on this shift in consumer behaviour and accelerate the transition by creating games for people who are interested in crypto,” the founders told Inc42.

Founded in February 2022 by Akhil Gupta (IIT Delhi), Dinesh Goel (IIT Bombay), Kunal Jadhav (IIT Bombay), Mayank Shekhar (IIT Gandhinagar), OWN aims to build a Non-Fungible Tokens (NFT)-based play to earn game on crypto markets. 

Such gamification would help people understand complex products through a smooth and simple gaming experience, the startup claims.

“To help people become more acquainted with the crypto ecosystem, we are personifying cryptocurrencies. Imagine if Bitcoin, Ethereum, Solana, etc. were represented by a Warrior – Cryptonite. Where each Cryptonite has a backstory, aspiration and a reason for existence. Each one of these Cryptonites will be sold as a unique NFT. Players can own these Cryptonites, play games and earn high rewards in Cryptos,” said Akhil Gupta, cofounder, OWN.

The entire crypto ecosystem is at a nascent stage in India. However, OWN claims to be building a platform where people can enjoy games that would help in spreading awareness and educate people about the benefits of cryptocurrencies.

“Currently, Web3 technology is new like the internet of the 90s. We would like to be catalysts of growth for this growing industry. OWN is on a futuristic path of  leveraging the Web3 tech and building consumer-centric use cases around gaming for crypto markets. We would want to invest in a tech that will be the frontrunner for the NFT-based play to earn games,” said Vaibhav Bhalekar, head of art and design, OWN.  

Meanwhile, NFTs convert digital art and other collectibles into distinctive, visible assets that are simple to transact on blockchain. Launched in 2017, NFTs are likely to have a rapid rise as compared to other digital currencies, gaining more traction among Gen-Z and millennials.

Recently a lot of investment has been made in NFT-based gaming platform for instance, InMobi’s consumer internet arm Glance acquired gaming startup Gambit Sports for an undisclosed amount to accelerate Glance’s ambition of building NFT-based live gaming experiences for Gen-Z. 

Further, Dream Capital, the corporate venture capital arm of Dream Sports, was reported to lead a $100 Mn funding round in cricket-focused NFT startup Rario.

Meanwhile, the online gaming industry is estimated to touch the $2.8 Bn-mark by 2022 growing at a CAGR of 40% after witnessing strong growth momentum in the pandemic times, as per a report by Deloitte.