Forte, a cryptocurrency gaming startup, announced today that it has received $725 million in Series B funding, adding to the $185 million it received in a Series A round earlier this year.
The funding round was led by Sea Capital and Kora Management, with participation from well-known investors such as Andreessen Horowitz, Animoca Brands, and Warner Music Group. Cosmos, Polygon Studios, and Solana Ventures—the venture arm of Solana Labs—all participated in the Series B, indicating Forte’s multichain ambitions.
Forte is working on a platform that will allow game developers to incorporate blockchain elements into their games. This includes NFTs that players can collect as well as wallets in which they can store them. The vision, according to Forte, is to move beyond the current gaming paradigm. In a press release, it stated, “In blockchain-enabled games, players can truly own goods rather than making purely entertainment expenditures.” “Players from all over the world can freely trade goods and services with one another, as well as participate in community economies that reward creativity, collaboration, and skill.”
It only remains to make it a reality. Though blockchain-based games do exist (for example, the NFT-focused Axie Infinity), they can be rough around the edges. Forte intends to use its war chest to expand its offerings and attract more game publishers. It also intends to integrate with a number of layer-1 blockchains (including Cosmos and Solana) and layer-2 protocols (such as Ethereum-based Polygon).
The platform is “currently invite-only and in private testing,” but it hopes to tap into the more than 15 million players who already play the games of its partners.
Whereas a Series A can assist a startup in monetizing, a Series B broadens its market reach by expanding infrastructure and services. Forte was valued at $1 billion during its May Series A. With nearly a billion dollars in funding this year, its value is likely to be much, much higher today.