HyperPlay Secures $12 Million in Funding to Enhance Web3 Gaming Interoperability
On June 8, HyperPlay, a Web3-native game launcher, announced it closed its Series A funding round, securing a substantial $12 million from investors. The funding round included notable co-leaders Griffin Gaming Partners and Bitkraft Ventures.
Other investors were not left behind, with the participation of MetaMask’s parent company ConsenSys, Ethereal Ventures, Delphi, Game7, Mirana Ventures, and Monoceros Ventures.
Revolutionising Web3 Gaming
HyperPlay, established in November 2022 by MetaMask and Game7 DAO, is designed to tackle the Web3 gaming interoperability challenge. The platform provides interoperability for Web3 gaming, allowing developers to work without being constrained by centralised entities like Apple, Google, and Steam.
Enabling Interoperability Across Web3 Games
The platform’s key goal is to facilitate interoperability across all Web3 games through a wallet overlay on top of games. This system permits players to carry their MetaMask wallet inside native or browser-based games. HyperPlay’s game store currently offers over 33 Web3 titles, according to the company.
JacobC.eth, founder of HyperPlay, stated: “Since announcing HyperPlay in November of last year, we’ve been focused on building a platform that empowers both developers and users to effortlessly navigate the Web3 gaming realm.”
HyperPlay’s Dual Focus on Developers and Users
HyperPlay aims to serve both developers and users alike. Its “developer loyal” focus entails no taxation on in-game economies, instead monetizing optional features like on-ramping or token swaps.
For users, HyperPlay supports all Ethereum Virtual Machine-compatible chains. This enables players to carry their wallets, tokens, and nonfungible tokens (NFTs) into every native or browser game. HyperPlay’s launcher integrates an in-game wallet overlay, eliminating the need for users to exit the game and use a separate website for NFT transactions.
Web3 Gaming Gaining Momentum
Web3 gaming, or blockchain gaming, uses distributed ledger technology to offer greater transparency, security, democratisation, and user control over in-game assets.
According to DappRadar, Web3 gaming accounted for nearly half of all blockchain transactions in 2022. This positions gaming as the fastest-growing sector in the blockchain space, well ahead of decentralized finance (DeFi) and NFTs.
In 2023, the momentum continues, with the sector witnessing consistent growth in the first quarter, according to another DappRadar report. Blockchain games and metaverse projects received a total of $739 million in funding during this period.
