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Vulcan Forged Secures $8M in SkyBridge Capital-led Funding Round

Posted September 23, 2022 4:03 pm
4 min
By Jethro Sandico

Vulcan Forged, a multifaceted blockchain gaming platform, secured an $8 million Series A funding round. Alternative global investment firm SkyBridge Capital led the fundraise, with the option to invest an additional $33 million.

The recipient company plans to use the capital to accelerate Vulcan Forge’s patented “metaverse-as-a-service” engine MetaScapes. The funding will help the project scale operations in North America and other key markets as well.

Vulcan Forged

MetaScapes, is an engine that allows users to design and build their own metaverse land and store the data in an NFT. This grants gamers the power to create their own virtual worlds without any coding knowledge.

“Vulcan Forged and their MetaScapes engine are well-positioned to completely disrupt the legacy gaming and entertainment industries and we are excited to help take them to the next level,” SkyBridge Capital Founder and Managing Partner Anthony Scaramucci stated.

About Vulcan Forge

Vulcan Forge is a one-stop-shop for the Web3 gaming community. Considered a leading non-Fungible Token (NFT) studio, marketplace, and dApp incubator, the project gained prominence with the success of their Web3 games. Well-known titles in the company’s portfolio include Berserk, Forge Arena, and VulcanVerse.

The platform launched its own blockchain Elysium in 2021. The Proof-of-Stake (PoS) protocol was developed specifically for gaming, dApps, and the metaverse. The network is Ethereum Virtual Machine (EVM)-compatible, and employs a carbon-neutral model. 

“Vulcan Forged has experienced rapid organic growth over the last two years—having expanded from two employees to over 130 and attracting over 200,000 users across 15 games and dApps without outside capital,” said Vulcan Forged Founder and CEO Jamie Thomson.”

Tokenomics

The ecosystem utilizes two tokens: $PYR and $LAVA.

$PYR

$PYR is an ERC-20 token that is also compatible with the Polygon ecosystem. With the help of the Layer 2 solution, players are able to use the token with zero gas fees. Playing games on the platform is one of the easiest and enjoyable ways to acquire $PYR.

The token is designed for use across the entire ecosystem. This includes games and decentralized applications (dApps). Holders can use the $PYR token to buy or sell items in the marketplace, stake in land plots, or farm on Vulcandex, among others.

As of this writing, $PYR is trading at $3.16, with a $76,384,999 market cap, and a 24-hour volume of $13,514,556 (per CoinMarketCap).

$LAVA

$LAVA is the ecosystem’s secondary token. It has multiple use cases across VulcanVerse and is the “life-blood” of the entire network. Playing and engaging in any of the Vulcan Forged-created/hosted games will reward participants with $LAVA. 

As of this writing, $LAVA is trading at $0.01521, with a $327,065 market cap, and 24-hour volume of $1 (per CoinMarketCap).

About SkyBridge Capital

SkyBridge Capital is a New York City-based multi-asset investment firm. Its founders are Anthony Scaramucci, Brett S. Messing, Raymond Nolte and Troy Gaveski. The group advises and invests in hedge funds, digital assets, private equity, and real estate. 

The company is responsible ford the SkyBridge Alternatives Conference (aka SALT COnference). Its annual flagship event is in Las Vegas. The firm has organized SALT Conferences in the United Arab Emirates, Japan, and Singapore as well.

On September 2, 2022, FTX Ventures bought a 30% stake in the company. “Crypto billionaire” and investor Sam Bankman-Fried (aka SBF) is the owner of FTX. Scaramucci has stated that SkyBridge will use $40 million from the proceeds to invest in more cryptocurrencies.

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