Crypto Gaming United has raised $5m in a new funding round as confirmed by its founders Chrono.tech CEO Sergei Sergienko and VC manager Mark Carnegie.
The round drew attention from multiple parties, including Shaw and Partners and Blockchain Assets.
Crypto Gaming United is a startup that focuses on appealing to gamers who are interested in the play-to-earn model and NFTs.
The company was launched in August as a community of individuals interested in these products and already has 1,500 members with 40,000 people on a waiting list.
Each member is introduced to Axie Infinity, the world's most grossing play-to-earn game and receives digital assets – called scholarships by Crypto Gaming United – that can help newcomers to get a hold in the game and start earning.
Essentially, Crypto Gaming United is a guild like you would find in massive multiplayer online role-playing games such as World of Warcraft. Only in this case, it's allows players to connect and give each other a leg-up in various play-to-earn games.
Commenting on the fact that many of the participants are from low-income backgrounds, CEO Sergienko said: “The opportunity for wealth creation in the NFT space is no longer limited to those with the means, such as sports celebrities. At Crypto Gaming United, we are overcoming the cost barrier required for admission to play, thereby allowing players to generate income through their gaming exploits.”
Most similar scholarship models are associated with a fee that the company charges on each scholarship but Crypto Gaming United does not claim a share of profits earned by players.
The startup hopes to amass a member base of 100,000 people strong within the next 18 months.