Merit Circle, a decentralized autonomous organization on gaming, has recorded a new milestone in its history. On Thursday, October 7th, the DAO announced its successful closure of a $4.5 million seed fund.
Some investors, both angels and institutions, funded the vision of the project for this round. They include DeFiance Capital, Yield Guild Games, Maven11, Bitscale Capital, Spartan Group, and Mechanism Capital to mention a few.
On the other hand, the angel investors were Danish Chaudhry, Bobby of Coingecko, Jihoz of Axie, Kristaps, Ryan, Calvin, Richard, Piers of Bitkraft and some others.
When consulted about the reason DeFiance Capital participated in the round, its spokesman, Arthur, commented thus:
“The team behind Merit Circle has built scalable operational processes to effectively grow, onboard and sustain members. We believe that Merit Circle will be amongst the top guilds that will be kingmakers in this landscape.”
Merit Circle is a DAO that seeks to maximize value accrual among many games in the Metaverse. Of course, the gaming industry has evolved beyond physical consoles and has scaled into Web 3.
With this fund, Merit Circle team hopes to ensure the scaling of its operations across the play-to-earn industry. It hopes to widen its membership and become the “dominant player in the play-to-earn industry”.
According to the announcement, Merit Circle has collaborated with other giant gaming communities in the Metaverse. These include Axie Infinity, Star Atlas, Hash Rush, Illuvium, and Nyan Heroes.
More importantly, the organization informed the press that it is conducting extensive research on game strategies. When eventually released, each game on the main DAO will have its subDAO to further decentralize the governance.
Read also: OP Games Raises $8 Million Seed Fund.