AO Labs Secures $4.5M in Funding Round to Support its Spacebar Project
The virtual gaming studio has raised $4.5M through token sales in its recently concluded fundraising round led by YGG. The objective of the funding is to build a playground for Web3 Communities.
Founders of AO Labs, Johnny Koo and Christy Choi, believe that the gaming sector will pave the way for Web3. The veterans are combining their wealth of experience in Gaming and Tech to build a casual game that the community members can actively assist in building.
The fundraising round was led by Yield Guild Games ahead of over 70 leaders and angels in the crypto and gaming world. Few participants are Gabby Dizon, CEO of YGG; Balaji Srinivasan and Sandeep Nailwal of Polygon; Jeff ‘Jiho’ Zirlin of Axie Infinity maker Sky Mavis; and Kyu Lee of Com2us. The primary aim of the studio is to build a playground for Web3 communities — a community-owned, open-source game platform called Spacebar.
One of the founders, Christy Choi, in an interview, stated
“I think gaming will probably be the piece that engages all these different building blocks across crypto. That is why I am extremely bullish about building this game because it could be the gateway to drive mass adoption. It’s not just because the game is fun. It is because while playing the game, you will interact with all the different tools being built in this space. We will act as a point of interaction for all these people in crypto.”
Few Details of the Game
The spacebar is a space-themed casual game that integrates Web 3 tools, including a decentralized identification system, DeFi, NFTs And game guilds.
The game developers are alumni from Binance, Kakao, Coupang, Com2uS, Disney and venture-backed startups. The team will be hiring more individuals who are versed in both blockchain tech and game development.
Finally, the team expects to launch a governance token and give further details on the gaming mechanism.