- Crypto gaming startup Stardust raises $30 million despite the recent slump.
- Stardust reported that it raised the sum via a funding round led by Framework Ventures.
- “Web3 gaming will result in the creation of assets as well as apps”, says Framework co-founder.
Blockchain-based gaming company Stardust, the development platform of Palo Alto, announced Tuesday that it raised $30 million from blockchain venture capital firm Framework Ventures. Stardust is a platform that provides tools for blockchain-based game development. The team shared insights on their success in a recent article with Bloomberg.
Although venture capital funding for crypto startups has dropped sharply, some startups are still securing funding. Stardust secured the funding during a series of funding rounds conducted by Framework Ventures. The company declined to disclose its valuation but said it was higher than its previous round of funding.
Furthermore, a series of tweets were shared by Stardust and Framework Ventures regarding their success. On the thread, Framework Ventures tweeted that Stardust might become the ‘Coinbase of Web3 Gaming’ in the future.
Funding for NFT gaming startups has shown some resilience despite the decline in overall VC investment in crypto startups. Framework Ventures co-founder Michael Anderson said his firm invested in Stardust because he believes blockchain gaming will expand to traditional gaming as well.
Sharing his opinion about the platform, he said,
There isn’t the infrastructure to bridge web2 gamers and web3 gamers without a company like Stardust.
Vance Spencer, the Framework co-founder, believes web3 gaming will result in new, interesting assets as well as exciting, consumer-friendly apps that will definitely help onboard new crypto users. Although nonfungible token (NFT) trading volumes have decreased by nearly 98% since January, industry executives tell that the technology is maturing and developing.