GamerGains, a cryptocurrency-based play-to-earn (P2E) platform, raised $5.8 million to lower the crypto threshold for traditional players. The latest funding round was supported by Tiger Global, FTX, Winklevoss Capital, BlockFi, and others.
Jon Brovda, Co-Founder and CEO of GamerGains, says the platform is designed to be a "crypto-enhanced home for traditional gamers and we are thrilled to have an incredible group of investors supporting that vision."
Although it remains unclear how exactly GamerGains plans to use the proceeds, the company added that with the latest round it will eliminate the technological, economic, and professional barriers that have constrained gaming platforms thus far.
P2E gaming platforms are nothing new in the blockchain market. Axie Infinity, the notorious blockchain P2E game also rewards its players with crypto.
However, Web3-related gaming remains to be a niche so far. GamerGains wants to change that by allowing players to earn its Solana-based utility token called $GAMER for playing existing AAA titles like Grand Theft Auto V or Apex Legends.
While it is yet to be seen how exactly the financial side of the project is going to work, reports say users will be able to connect Steam, or game consoles to GamerGains' platform to earn tokens by completing a set of challenges or contests. The platform will launch in beta for PC games this spring and consoles later this year.