Azra Games, a video game developer based in Sacramento, has secured $42 million in Series A funding, with investment from Pantera Capital, Andreessen Horowitz, and NFX.
The funds will be used to develop a mobile-first role-playing game that integrates blockchain technology and non-fungible tokens, according to a company press release. This will bring the company’s total funding to $68.3 million.
Mark Otero, Azra’s CEO, previously developed Star Wars: Galaxy of Heroes, one of Electronic Arts’ most successful games. Otero aims to create a new RPG that leverages blockchain technology.
Azra Games plans to utilize the funding to expand its team and advance its development projects. Additionally, it aims to grow Azra Labs, a research and development initiative.
An institutional nod to blockchain gaming
Pantera Capital, NFX, and a16z are key players in the blockchain and venture capital industries. Their involvement is a formal nod to strong investor confidence in the potential of blockchain gaming.
Their support of Azra Games suggests they see an opportunity for blockchain gaming to finally break through. These investors typically target projects with potential for mainstream adoption and long-term growth.
Combining gaming with blockchain has not been easy. Many developers have attempted to integrate these technologies, but the majority have failed. Despite the challenges, the potential remains, and investors like Pantera Capital and a16z continue to fund new projects in search of a winning formula.
Azra Games plans to develop its RPG first, focusing on creating a compelling and sustainable experience for players before adding blockchain-based features like NFTs. The game would then allow players to own and trade digital assets, according to Fortune.
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