Iceland-based video-game developer CCP Games announced on Tuesday that it raised $40 million in a funding round led by Andreessen Horowitz, with participation from other investors such as Makers Fund, Bitkraft and Nexon, among others.
The new capital will be used to expand CCP Games' research and development team to develop a blockchain-based massively multiplayer online (MMO) game set within the universe of Eve Online.
According to the company, the new game will use smart-contract technology to create relationships between the virtual worlds and players.
Also Read: Are Your NFTs Safe from the IRS? The Shocking Truth Behind New Tax Proposals
Andreessen Horowitz Invests In CCP Games' Ambitious Vision: Andreessen Horowitz, which is known as a16z, is a well-known investor in the crypto industry and announced its first gaming-specific fund in May 2022 with $600 million in committed capital.
According to a16z General Partner Jonathan Lai, "They're a veteran team, and we believe in their ambitious vision to deliver incredible player experiences at the intersection of best-in-class game design and blockchain technology."
Blockchain-based MMO Game Development Boosted By Funding: The funding round led by a16z has given a boost to the development of blockchain-based MMO games. CCP Games' new project is expected to leverage the strengths of blockchain technology, such as decentralized asset ownership, non-fungible tokens (NFTs), and smart contracts, to provide players with unique and engaging experiences.
Read Next: The Dark Side Of Crypto: Over 600,000 ETH Worth $1.15B Vanishes Into Thin Air
Photo: Black Salmon via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
