The gaming industry has moved from pay-to-play, which favors only the team behind it, to play-to-earn which favors both the players and the community at large. As such, the gaming ecosystem is recording the influx of millions of new users over a short space of time.
Part of the gaming Startups springing in the gaming industry is PlayDough. PlayDough was established this year and it claims to have witnessed a remarkable level of growth as it has built a strong community across 30 countries.
In furtherance of this, the Startup announced on Monday, 11th of October, that it has successfully secured $2 million in a funding round. The spokesmen of the Startup informed the press that the fund will be geared towards its expansion.
In terms of backing, Westridge Markets, a venture capital firm that funds blockchain-based Startups, pioneered this round. The statement did not mention whether or not any other institution or angel investor contributed.
The Chief Executive Officer of Westridge Markets, in the person of Shamyl Malik, noted that the goals of Startup and Westridge align. Hence, the reason for the investment and backing.
“Connecting gaming, collectibles, metaverses and de-fi, we think that PlayDough is building at the intersection of four of the strongest trends in blockchain space. We will continue to support the start-up through our network and ideas,” he commented.
On the other hand, the CEO of PlayDough, Mehul Khati, remarked that the secured fund will enhance the PlayDough team to implement their ideas on expanding the Startup and the entire community at large.
According to Mehul, PlayDough will ensure the expansion of the play-to-earn economy as a yield generation strategy. Not only that, but the overall inclusion of everyone into it.