Backed by Paradigm, the NFT card game Parallel has recently secured a hefty $35 million from a consortium of investors to expand its universe across various new platforms. This sci-fi game, which operates on the Ethereum blockchain and the Base layer-2 chain, has successfully completed another round of funding. In a post on Mar. 28, the game developers announced that Distributed Global, The Operating Group, VanEck, Solana Ventures, Base Ecosystem Fund, and Amber were among the key investors backing this round.
While the exact valuation of the project post-funding remains undisclosed, the developers have indicated that the funds will be utilized to broaden the reach of the Parallel universe on different mediums and platforms. At present, further details regarding this development are yet to be revealed.
Since its inception in 2021, Parallel has been in open beta, allowing players to collect, trade, and interact with unique in-game assets represented as NFTs. The game’s storyline revolves around a fantasy narrative portraying humanity’s quest to escape into space after a global energy crisis.
Initially, after its launch, the game managed to raise $50 million at a valuation of half a billion dollars with backing from Paradigm and other investors, as reported by TechCrunch. However, it remains uncertain whether the project’s valuation has been impacted by the 2023 crypto winter, which witnessed valuation declines across numerous blockchain ventures.
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