Manish Agarwal, former CEO of Nazaara Technologies along with Ishank Gupta, an angel investor has rolled out a new Web3 gaming venture called Kratos Studios. The duo claims to have raised Rs 160 crore at a valuation of Rs 1200 crore. The seed round was led by Accel, with participation from investors including Prosus Ventures, Courtside Ventures, Nexus Venture Partners, Nazara and others. “Gamers in Web2 games cannot own any asset, which is mostly owned by game developers. So here through the aid of blockchain the asset can be owned by gamers and the purchase can be recorded. The asset can be interoperated from one game to another. This way we will be able to digital asset ownership, which is a huge challenge. Decentratilsation will be at the forefront on driving growth in gaming,” Agarwal, told BrandWagon Online.
Agarwal and Gupta will continue to work Sandeep Nailwal, co-founder, Polygon and Gabby Dizon, co-founder, Yield Guild Games (YGG). As per Agarwal, 14,000 people/gamers have earned $5 (each), so far. “The aim is that by the end of this December 1-1.5 lakh people/gamers should be able to earn,” he added.
Furthermore, Kratos Studios has completed the acquisition of IndiGG through a token swap. The duo who with this has created a Web3 gaming Decentralised Autonomous Organization (DAO) under the IndiGG brand. According to the company, the fund will be used to build distribution rails in emerging markets for global Web3 games. Additionally, DAO will invest in some of the most promising Web3 games across the world. According to Agarwal this will further allow gaming companies to created targetted advertising. “With information on gamers, any new company which would like enter the space, can use cohorts to advertise and generate a better yield,” he explained.
The platform will be available in Africa as well as South East Asia. “The IndiGG stack will partner with existing gaming micro-communities in South Asia, both on-ground and online, as sub-DAOs in the IndiGG ecosystem. These micro-communities will facilitate explosive community growth for global Web3 games.” Gupta said.