Florida-based Avalon Corp. has raised $13 million to build a platform for games capable of taking advantage of the metaverse, featuring a universe of interoperable worlds with various intellectual properties, to be built using technologies including blockchain and game engines.
Avalon Corp is working towards the democratization of game creation using blockchain as a tool, aiming to solve the problems faced by creators and designers in the future gaming industry.
According to CEO Sean Pinnock, gaming companies should be leading the development of the metaverse due to their expertise in engagement, play, creativity, and human connectivity, elements lacking in most existing metaverse platforms.
The global video game industry now surpasses the movie, music, and book industries combined. Multi-player video games possess the technological and engagement potential that the metaverse requires, which current players like Second Life, Facebook, and Microsoft have not fully tapped into.
Pinnock highlights the need for collaboration in building the metaverse, stating, “Whatever the digital future is, it’s clear that no single company can build it.”
Investors, including Bitkraft Ventures, Hashed, Delphi Digital, and Mechanism Capital, have provided funding for Avalon Corp. Industry veterans such as Twitch cofounder Kevin Lin, gaming legend Dennis Fong, Charlie Songhurst (previous head of corporate strategy at Microsoft), and Robin Jung (former CEO of game company Pearl Abyss) are among the project’s supporters.
Jun Park, senior associate at investment company Hashed, emphasizes the importance of evolving connected worlds in determining success in the metaverse development, supporting Avalon Corp. in its vision to pioneer the next wave of interoperable worlds.
The article notes the ongoing investment in metaverse projects, signaling continued interest despite a trend towards rebranding as AI companies.