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Animoca, Galaxy Interactive, And Polygon Lead Funding Round For Indian Gaming Firm nCore

Indian gaming firm nCore Games has raised $10 million in a new financing round as the company gears up to launch web3 offerings. The financing came mostly from Animoca Brands, Galaxy Interactive, Polygon, and Hyperedge Capital, all, not coincidentally, big spenders in the crypto space. While nCore plans to invest the money in more games this year, its major focus is its expansion into the metaverse. Additionally, nCore is evaluating launching its own NFTs and tokens, which it hopes to do in the coming months.

“nCORE Games was started by experienced gaming industry professionals with strong pedigrees,” said Yat Siu, Executive Chairman and Co-Founder of Animoca Brands. “This is one of our most promising investments in India, which has a large gaming market with a massive growth potential. “nCORE Games has the right team to leverage blockchain and NFTs in games to deliver digital property rights to players, and we look forward to many successful products as we move toward a global open metaverse.”

India has emerged as one of the largest mobile games markets globally by download counts. PUBG Mobile, before it was banned by New Delhi, had amassed over 50 million monthly active users in India. But gaming firms have struggled to efficiently monetize this user base because of the low penetration of in-app purchases and small ticket advertising dollars.

Meanwhile, Web3 is beginning to gain traction in India. Indian startup Faze, backed by Tiger Global, and Sequoia Capital India, last year partnered with ICC, the global governing body of cricket, to launch NFTs for cricketers. The startup is currently holding talks to raise a new financing round from Insight Partners, according to two sources familiar with the matter. Several Bollywood celebrities have also partnered with firms to launch their own NFTs.

(All information was provided by TechCrunch)

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