Tencent-Backed PlaysOut Eyes $150 Million Valuation in Web3 Gaming Surge
The Web3 gaming sector, now a $19 billion market, continues to attract significant investment, with Tencent-backed PlaysOut positioned to capitalize on this growth. PlaysOut, an infrastructure company focusing on Web3 gaming, is reportedly seeking $15 million in a new funding round that would value the company at $150 million. This news underscores the accelerating interest in Web3 gaming, both globally and potentially for the emerging African tech landscape.
PlaysOut’s Rapid Ascent in the Web3 Gaming World
The potential funding round follows successful earlier investment and the launch of PlaysOut’s native token, PLAY, which has seen a 19% increase in value since its introduction. Backed by notable investors including Tencent and OKX Ventures, PlaysOut is gaining momentum. This early success has fueled its pursuit of further investment, as it reportedly engages with large investors such as Middle Eastern sovereign wealth funds and global venture capital firms. The rapid expansion reflects the broader trend of significant investment in Web3 gaming and the underlying infrastructure necessary to build gaming experience.
PlaysOut’s fundraising success highlights a broader trend, showcasing an emerging confidence in blockchain technologies and the growth potential of blockchain games, especially in markets like Africa where the cost of computing and internet access can make traditional gaming less accessible.
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