Web3 Game Cat Paradise Raises Seed Fund at $15 Million Valuation
Cat Paradise, a peer-to-peer (P2P) blockchain game developed on TON network, has announced that it has raised a sizeable seed round of funding. The round raised almost $ 1 million at $15 million valuation, with contributions coming from the likes of Mask Network and Moon Capital. The company will use the funding to improve existing on-chain technologies, hire more skilled developers, and reach more customers.
How Cat Paradise plans to navigate Web3 gaming
Pluto Games, developers of the highly successful game “Tap Fantasy,” are behind the success of Cat Paradise. More than 700 million people use Telegram, and now they can play mini-games on the app. Players on Cat Paradise can earn incentives and tokens for taking part in community events and caring for digital cats without creating profiles or linking wallets.
The project’s use of augmented reality (AR) and NFT places it at the cutting edge of GameFI innovation on TON. With the platform’s augmented reality features, users may take in digital cats and build a bond with them that will last a lifetime. Cat Paradise NFT holders have early access to community features, curated content, and opportunity to work with major labels and artists.
The proliferation of Web3 gaming assets has paved the way for NFTs, and the gaming industry appears to be integral to the future of NFTs. Web 3 game assets, in contrast to “traditional” gaming assets, can be issued as NFTs and easily exchanged or sold on NFT marketplaces, hence opening up previously untapped revenue channels. In these games, the player is given a special place in the virtual community.
The Play-to-Earn (P2E) business model is largely responsible for the platform’s meteoric rise, which has seen it attract over 600,000 users from around the world. Cat Paradise and Tap Fantasy’s producer Silver Yang learned a lot from her time with Knights of Fantasy, a role-playing game (RPG) that was available on WeChat and Facebook and attracted 20 million users and made over 17 million USD in revenue.