Web3 game studio Hyve Labs has raised $2.75 million in pre-seed funding led by Framework Ventures.
The round also included Volt Capital, Builder Capital, 32 Bit Ventures and several angel investors from companies such as Zynga and InfiniGods. The company’s main goal is to build a decentralized gaming ecosystem that will make game development on the blockchain platform easier.
With the latest funding, Hyve Labs plans to expand its team, develop on-chain assets and create a cross-chain game launcher.
Source: Hyve LabsWhat to expect from this latest funding?
Hyve Labs plans to use the $2.75 million to accelerate the development of its game aggregation and platform infrastructure.
This aggregation will leverage decentralized data availability services such as EigenDA to achieve seamless cross-chain integration. By connecting with social platforms such as Telegram, Discord and Farcaster, Game Studio aims to provide developers and players with a more accessible and connected experience. Additionally, the funding will support the team’s expansion, including recruiting talent to strengthen the company’s technical and creative capabilities.
The studio is also focused on creating its first game and other on-chain assets as part of its goal to build a self-sustaining ecosystem. The integration of artificial intelligence will be at the core of the platform’s capabilities, improving game mechanics, generating dynamic content and enhancing player interaction. Artificial intelligence will also be embedded into Hyve’s in-house development tools to streamline the workflow for game creators, allowing them to focus on the more creative aspects of their projects.
“With the support of outstanding investors like Framework and Volt Capital, this funding will propel us one step closer to redefining the gaming landscape,” said Lucas Fulks, CEO and co-founder of Hyve Labs. “Our mission is to create a gaming ecosystem , prioritizing player fun and engagement while allowing developers and builders to innovate without restrictions.”
When will the testnet chain be launched?
While Hyve Labs has yet to reveal a specific date for the launch of its testnet chain, it hinted that development is underway.
The company also previewed its first game, “BitByte,” which is expected to be released soon. More details on the release schedule, including testnet chain and games, will likely be announced in the near future.
This pre-seed funding provides Hyve Labs with the resources to advance its vision of a decentralized gaming ecosystem and position it for future growth in the web3 gaming space.
