Web 3.0 Gaming Platform Intella X Secures $12M in a Seed Round

Intella X, a Web 3.0 gaming platform that was developed by Neowiz, a South Korean multi-platform video game giant in collaboration with Polygon, has completed its first quarter funding round. Per the startup’s release, the platform secured $12 million in the financing round.

The equity financing session had prominent financial technology investors like Animoca Brands, Big Brain Holdings, popular NFT marketplace Magic Eden, JoyCity, XL Games, Polygon, Wemix, and many others in participation.

The funding round comes in anticipation of the firm’s upcoming launch on Polygon, a sidechain scaling solution than runs alongside the Ethereum (ETH) blockchain. The launch of the gaming platform on Polygon is set to happen in the first quarter of the year, although a specific date has not been fixed.  

The gaming platform also intends to launch its own Web 3.0 wallet, Decentralized Exchange (DEX), launchpad, NFT Marketplace, and several games on the Polygon network. With the new funds, the gamefi platform intends to create a hub where all game developers and gamers can take charge of all their blockchain gaming needs. 

Additionally, Intella X is a unique blockchain gaming platform that produces and uses its native IX Token. Users are allowed to stake or provide liquidity in the DEX in order to earn a reward. The IX token can be gotten when users play games on the platform. 

Beyond Intella X Other Crypto Funding

With 2023 just barely starting, some firms have already secured funds from major investors to improve their products offer. Last week, Sortium, an entertainment technology firm secured $7.8 million in a round led by Arca, a crypto hedge fund. It intends to develop its Web 3.0 infrastructure and onboard more people and brands into the blockchain industry.

Meanwhile, at the start of 2022, funding in the crypto industry gained traction after many investors showed interest in pushing their funds toward digital-asset-based projects. However, after the collapse of the Terra-Luna ecosystem, the industry began to record a decline in project funding.

As previously reported, the industry recorded almost $9 billion in funding in Q1 of 2022. This was later reduced to $3.4 billion in Q3 after market conditions were worsened following the implosion of Bahamian-headquartered FTX.