Web3 Gaming Startup Vulcan Forged Secures $8M in Funding

Blockchain gaming and decentralized application (dApp) incubator Vulcan Forged raised $8 million in a series A funding round led by SkyBridge Capital, a famous venture capital backed by Sam Bankman Fried’s crypto exchange FTX. Notably, the funding terms include an option for Skybridge to invest an additional $33 million into the project. 

Vulcan Forged Plans North American Expansion

Vulcan Forged is a Web3 play-to-earn game (P2E) previously deployed on the Ethereum network. The project later launched its Proof-of-Stake (PoS) blockchain called Elysium focused on gaming, non-fungible token (NFT) marketplace, dApps, and other metaverse activities. In 2021, Vulcan Forged migrated to the blockchain, powered by its native PYR cryptocurrency.

As a P2E gaming studio focused on the metaverse sector, the crypto incubator plans to use the new funds to expand its scope across major markets in the industry, starting with North America. The firm intends to open an office in New York City, according to CEO Jamie Thomson. 

“As we look to expand into new markets like North America and open our office in New York City, we believe that now is the perfect time to capitalize on our momentum,” said Jamie Thomson, the founder, and CEO of Vulcan Forged. 

Vulcan Forged to Launch MetaScapes

Aside from helping to scale its business offerings across the North American market, the $8 million funding will support the launch of Vulcan Forged’s MetaScapes.

MetaScapes is a trademarked registered metaverse-as-a-service engine that allows users to create their own digital universe and virtual properties in the form of NFTs. The product is meant to build on the success of the company’s suite of Web 3 games, such as VulcanVerse, Forge Arena, and Berserk. However, the launch date for MetaScapes remains undisclosed. 

“Vulcan Forged and their MetaScapes engine are well-positioned to completely disrupt the legacy gaming and entertainment industries, and we are excited to help take them to the next level,” said Anthony Scaramucci, the founder and managing partner at SkyBridge Capital. 

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