Web3-Focused Entities Raise Millions to Build Projects

Jethro Sandico

Sep. 07, 2022

Amid all the fear, uncertainty, and doubt (FUD) swirling over the blockchain space this year, some investors seem unperturbed by the harsh market conditions. As funding continues to flow into the coffers of Web3 builders, more ideas can be realized and these projects could push the limits of the nascent technology.

During first week of September 2022, Metaverse Magna, Fuel Labs, and Dust Labs have successfully obtained the capital they need to turn their goals into a reality.

Here’s what we’ve learned about the aforementioned projects so far.

Metaverse Magna 

On September 5, gaming guild Metaverse Magna completed a seed sale token round of $3.2 million. According to the team, MVM plans to use the funding to build “Africa’s largest gaming DAO,” which will grant gamers access to “world-class opportunities.”

The fundraising round includes Old Fashion Research (OFR), Wemade, Gumi Cryptos Capital (gCC), AFF, HashKey, IndiGG Tess Ventures, LD Capital, Polygon Studios, Taureon, and Casper Johansen of Spartan. 

MVM started out as a gaming guild that offered Play-to-Earn (P2E) scholarships to more than a thousand gamers engaging in titles such as Axie Infinity, Pegaxy, and Thetan Arena. Currently, the guild boasts a solid community of 100,000.

As an emerging gaming market, the continent of Africa accounts for 30% of the 3 billion gamers who spend over $200 billion annually on in-app purchases (NFTs and other tokens), and video game consoles. With millions of African users engaging in various forms of digital recreation, MVM can onboard more people to Web3.

The proposed gaming DAO will be publishing mobile games in the market while creating tools for game developers. This allows creators to make use of emerging business models in the space. Additionally, the DAO will operate as an independent entity under Web3 app company Nestcoin’s ecosystem.

Fuel Labs

On September 6, Fuel Labs raised $80 million to build what the company believes will be the “fastest modular execution layer.”

The project garnered support from Blockchain Capital and Stratos Technologies. Other entities that backed Fuel Labs in this funding round include Alameda Research, Bain Capital Crypto, Blockwall, CoinFund, Dialectic, Maven 11 Capital, Spartan, TRGC, and ZMT. 

Fuel Labs is a group of developers focused on solving blockchain scaling problems. In 2020, the company introduced the first “optimistic rollup” to mainnet Ethereum. Optimistic rollups aid in transactions separately from the main network, which helps increase speed and lower costs.

Fuel’s main goal is to provide a more efficient scalability solution than the usual Layer-2s (L2s). The system that they designed aims to give blockchains higher flexible throughput, while ensuring reliable security and lower transaction costs.

“Fuel is designed specifically to leverage additional bandwidth in ways no other scalability system can,” Fuel Labs Co-Founder Nick Dodson stated.

Dust Labs

On September 6, Non-Fungible Token (NFT) software company Dust Labs announced that the team has raised $7 million to build the Dust ecosystem and $DUST, the native token of popular digital art collection DeGods.

Investors that chipped in to complete Dust Labs’ capital include companies such as Chapter One, Foundation Capital, Magic Eden, Metaplex, Hello Moon, Big Brain Holdings, and Solana Ventures, to name a few.

Founded by Frank and Kevin, the creators of NFT collection DeGods and y00ts, Dust provides NFT tooling to projects on Ethereum and Solana. The company’s first offering is a scholarship whitelisting tool that they tested during the minting of y00ts NFTs.