Web3 Game Studio Orange Cap Games announced a $3.5 million salary increase, which is designed to drive growth in its chunky penguin Vibes TCG and its recently purchased Moonbirds IP.
Led by Web3 investment firms 1KX and Yuga Labs, the move continues to support Yuga Labs Team Post-Sale’s support for the Moonbirds brand and confirms co-founder Greg Solano’s belief: “No one better than Orange Cap Games can help you [Moonbirds] arrival [its] Potential. ”
This is in the September 2024 $2 million prepaid angel cycle, including participants including chunky penguin parent company Igloo Inc., founders of the Income Association Gabby Dizon and Rektguy Creator OSF.
Key Insights
- Orange Cap Games announces $3.5 million salary increase, led by 1KX and Yuga Labs
- These funds will be used to “bring IP to life while adding TCG and Moonbirds products and ecosystems”
- This is a $2 million salary increase in September 2024, including participation from Igru, Gabi Dizan and OSF
- Yuga’s involvement shows that despite their recent sale of IP
- More details on the next steps of Vibes TCG and Moonbirds IP will be shared when appropriate
Source: Orange Hat GameWhat is the Orange Hat Game?
Orange Cap Games is a self-proclaimed “Game and Experience Design Studio” based in New York.
Although they are a relatively new arrival to the Web3 game scene, their team has decades of collective experience in designing and manufacturing desktop transaction card games – they bring that expertise to the blockchain industry.
The team is the developer of the chunky Penguin official trade card game, a hybrid physical and digital experience that is stocked in over 100 retailers around the world and has sold more than 4 million cards and 350,000 online games since its launch in December 2024.
Last week, it was announced that Yuga Labs had agreed to sell the Moonbirds IP (which they themselves acquired in February 2024) to Orange Hat Games for an undisclosed fee. Yuga’s $3.5 million salary increase in Orange Cap Games is a separate deal, or part of its divestment plan, which is unknown.
Source: Orange Hat GameWhat will these funds be used for?
Orange Cap Games said the funds will help them “to bring IP to life while growing their Vibes TCG and Moonbirds products and ecosystems.”
Given that the announcement hasn’t shared more details shortly after the acquisition of Moonbirds IP – a similar time was observed between announcing its September 2024 salary increase and the reveal of TCG, we can speculate that these funds will play a key role in its Moonbirds brand plan.
Peter Pan, partner at 1KX, who led the $3.5 million investment company, said: “We continue to believe that over the next decade, the world’s largest IP surface will be derived from cryptocurrencies and believe that Onchain Originives will enable Onchain Originives to thrive in new forms of IP that enables Onchain Origitives to thrive in ways that have never been possible.
“We think it’s still very incredible early in this design space, and few operators are able to crack code on this category. We believe that Orange Hat Games have this potential.”
