Web 3 Gaming Platform on Terra Blockchain Raises $25M in Token Sale

Blockchain gaming platform C2X raised $25 million in a private token sale that included purchases from FTX Ventures, Jump Crypto and Animoca Brands, its parent company MetaMagnet announced Thursday.

The investments values the platform at $500 million. C2X says it also has plans to launch its own publicly traded token by the same name, though no date for the release has been set, according to a press release.

The platform, which will include “token economics, NFT marketplaces and a wallet,” will be built on the Terra blockchain and advised by Hashed, a longtime investor in the Web 3 gaming industry and major player in the Terra ecosystem.

C2X says it will also be “guided heavily” and in part developed by South Korean game publisher Com2us, which is also advised by Hashed, according to the press release.

“Right now sentiment has completely shifted since the growth of Axie, the NFT boom and major talent inflow to Web 3,” Baek Kim, managing partner at Hashed, told CoinDesk in a Telegram message, referring to Axie Infinity, a popular blockchain-based online game.

“Com2us is pivoting to be a Web 3-first gaming company," Kim said.

Hashed participated in C2X’s private token sale and raised a $200 million fund of its own to support Web 3 gaming and ecosystems in December.

The investment in C2X is the latest affirmation of the confidence that FTX, Jump Crypto and Animoca Brands have in the growing Web 3 gaming industry. The trio’s support for the sector has included hundreds of millions of dollars of investment in the past year through various gaming funds.

“Blockchain technology provides a transparent and secure platform for users to buy, sell and store assets, and applying this concept to video games was the logical next step,” Paul Kim, director of MetaMagnet, said in the press release. “C2X puts the power in the hands of the users and builders, not in a single centralized entity, enabling the full community to direct the platform’s operations and fully invest in its success.”