Azra Games raises more than $42 million to develop blockchain-embedded game

Azra Games, a Sacramento-based video game developer, has raised $42 million in Series A financing, with investments from Pantera Capital, Andreessen Horowitz and NFX.

The funds will be used to develop a mobile role-playing game that integrates blockchain technology and non-fungible tokens. according to a company press release. This will bring the company's total funding to $68.3 million.

Mark Otero, CEO of Azra, previously developed Star Wars: Galaxy of Heroes, one of Electronic Arts' most successful games. Otero aims to create a new role-playing game that takes advantage of blockchain technology.

Azra Games plans to use the funds to expand its team and advance its development projects. Additionally, he aims to grow Azra Labs, a research and development initiative.

An institutional nod to blockchain games

Pantera Capital, NFX and a16z are key players in the blockchain and venture capital industries. Their participation is a formal nod to investors' strong confidence in the potential of blockchain gaming.

Their support for Azra Games suggests that they see an opportunity for blockchain games to finally break through. These investors typically focus on projects with the potential for widespread adoption and long-term growth.

Combining gaming with blockchain has not been easy. Many developers have tried to integrate these technologies, but most have failed. Despite the challenges, potential persists and investors like Pantera Capital and a16z continue to fund new projects in search of a winning formula.

Azra Games plans to develop its RPG first, focusing on creating a compelling and sustainable experience for players before adding blockchain-based features like nfts. The game would then allow players to own and trade digital assets, crypto/2024/10/15/azra-games-a-blockchain-based-video-game-developer-raises-42-million-from-pantera-capital/” target=”_blank” rel=”nofollow”>according to Fortune.