Planetarium Labs aims for the stars after Animoca Brands funding
By Carine Lee
07:55, 13 July 2022
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South Korea continues to blaze a path through Web3 with Planetarium Labs raising $32m in Series A funding round led by Animoca Brands, a blockchain game maker and crypto investor.
The funding, which was joined by Krust Universe (South Korean tech giant Kakao’s investment arm), Wemade, and Samsung Next, lays the foundation to lead a generation of Web3 games powered by the community.
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Poor UX on blockchain gaming
And that is exactly where Planetarium Labs latest infusion of cash will be directed at.
Funds will be allocated to build fundamental tools for community-driven gaming and player governance while enabling key studios to deliver increasingly sophisticated Web3 gaming experiences, Planetarium Labs said in a statement.
This is important as Web3 investors have complained that the disparity between demand and supply in blockchain gaming is a barrier to long term success.
Using a proprietary blockchain
The company is building a gaming ecosystem based on the proprietary Libplanet blockchain.
Libplanet has been specifically designed with the needs of online gamers in mind.
Planetarium Labs co-CEOs Kim Jaesuk and Seo Kijun said: “The future of gaming is moving in a direction where the players and the community collaborate on a shared vision.”
The battle for Web3 heats up
The two CEOs may be pinning their hopes on success in Web3 but others are taking a different approach. Solana Labs recently launched Solana Mobile to give user easier access to Web3 – and the SOL token.
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The investment fits a pattern for Animoca Brands, a VC firm which focuses on gamification and blockchain opportunities globally.
The firm’s co-founder and executive chairman Yat Siu said they are delighted to support Planetarium Labs’ vision of community-centric blockchain games that empower players with creative freedom and full digital rights.