Web3 gaming company XOCIETY closed a $7.5 million pre-Series A funding round as it looks to expand its operations and technology stack, according to an emailed announcement shared with Investing.com on Thursday.
The funding round was led by Hashed and the Sui Foundation, with additional backing from gaming specialists such as Spartan, Neoclassic, Bigbrain Holdings, and KRAFTON.
Web3 gaming startups, aside from top names, usually don't attract headline-making funding rounds. However, there's a steady stream of investment flowing into various games and developer studios. This trend continued this week, with several companies integrating gaming with Web3 announcing new funding rounds.
XOCIETY is a AAA MMOTPS metaverse gaming platform that combines online third-person shooting with a creator economy.
The recent capital injection follows the launch of XOCIETY’s beta testing, which the company says it attracted over 3,000 users from 76 countries. The trial has reportedly generated more than 11,000 hours of playtime and retained over 77% of players for a week or more.
Developed by Team NDUs, XOCIETY integrates RPG mechanics with a new reward system focused on player engagement and skill. The game features an in-game corporation system, allowing players to own shares and manage their own companies and economic entities within the game world.
"We are focusing on creating a sustainable player engagement model, moving away from the short-lived earning models seen in some Web3 games," said Jeffry Kim, founder of NDUs. "This investment will help us blend the best aspects of traditional gaming with the possibilities of Web3."
The development team includes industry veterans such as Myoungjin Lee, known for his work on Ragnarok, and Sang Chung, former Head of PlayDapp. "Our team's experience is crucial in developing a high-quality, engaging game that stands out in the Web3 space," commented Simon Kim, CEO & Managing Partner of Hashed.
“XOCIETY is a natural partner for Sui,” said Greg Siourounis, Managing Director of Sui Foundation. “Thanks to Sui’s high throughput, instant settlement speeds, and dynamic on-chain assets, players will be able to experience the best of what gaming powered by Web3 has to offer.”