As interest in cryptocurrency and blockchain technology continues to grow, gaming startup Virtually Human Studio (VHS) has raised $20 million in a Series A funding round from investors looking to capitalize on the success of the growing industry.
The funding round was led by TCG Capital Management, while counting with the participation of Andreessen Horowitz and Red Beard Ventures, some of the most influential firms in the industry.
Virtually Human Studio is better known for its game “Zed Run”, in which players can breed and exchange virtual horses to compete with each other in races, using cryptocurrency to pay for in-game assets and Non-Fungible Token (NFT) to represent their ownership over them.
TCG Vice President Jacob Smilovitz commented,
“What the team at Virtually Human Studio is building fundamentally alters what it means to be a fan. VHS is building the future of virtual entertainment, digital ownership, and collaborative consumer relationships, and we look forward to supporting them as they develop new experiences across a variety of verticals.”
The growth of the NFT ecosystem has been exponential over the past year as prominent artists and personalities like Beeple, Paris Hilton, 3Lau, Edward Snowden, and Tim Berners-Lee have joined the craze, selling their creations for millions of dollars.
This success has sparked interest from companies and international investors around the world as it fundamentally changes the concept of ownership of digital assets.
The startup will use the new funds to expand both its products and engineering teams to further evolve Zed Run, as well as to further build its businesses. The team also plans to grow the Zed Run ecosystem by integrating new functions and mechanisms with VHS.
CEO Chris Laurent stated,
“Our vision for the future is to build a creator economy within the ZED RUN metaverse where players can work in professions such as stable owner, race track owner, breeder, accessory designer, and more.”
With blockchain gaming on the rise, startups in the gaming industry have found greater success when looking for funding and partnerships with gaming giants like Ubisoft, Atari, and AMD, all of which have launched their own programs to aid new businesses.