Web3 gaming company
The funding round was led by Hashed and the Sui Foundation, with additional support from gaming specialists such as Spartan, Neoclassic, Bigbrain Holdings and KRAFTON.
Web3 gaming startups, aside from the biggest names, generally don't attract headline-grabbing funding rounds. However, there is a constant stream of investments flowing into various games and developer studios. This trend continued this week, with several companies integrating games with Web3 announcing new rounds of funding.
XOCIETY is an AAA MMOTPS metaverse gaming platform that combines third-person online shooting with a creator economy.
The recent capital injection follows the launch of XOCIETY's beta test, which the company says attracted more than 3,000 users from 76 countries. The test reportedly generated over 11,000 hours of gameplay and retained over 77% of players for a week or more.
Developed by Team NDU, XOCIETY integrates RPG mechanics with a new reward system focused on player participation and skill. The game features an in-game corporate 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 profit models seen in some Web3 games,” said Jeffry Kim, founder of NDU. “This investment will help us combine the best aspects of traditional games 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 expertise is crucial to developing a high-quality, engaging game that stands out in the Web3 space,” said Simon Kim, CEO and Managing Partner of Hashed.
“XOCIETY is a natural partner for Sui,” said Greg Siourunis, CEO of the Sui Foundation. “Thanks to Sui's high performance, instant settlement speeds, and dynamic on-chain assets, players will be able to experience the best that Web3-powered gaming has to offer.”
