MPL Prepares to Launch Maiden Web3 Platform Named GGX

MPL will raise funds through SAFTs from investors as part of its plans to enter the P2E gaming space through the GGX platform.

Jul 3, 2022
by Michael
MPL Prepares to Launch Maiden Web3 Platform Named GGX

GGX Will Be an NFT Marketplace

Mobile Premier League (MPL) has announced plans to enter the P2E gaming ecosystem by launching a gaming venture called GGX. This platform will be an NFT marketplace for trading and exchanging in-game assets.

This development was revealed by sources who also said that "GGX aims to have multiple games and game developers on its platforms." Therefore, players who purchase and own assets in games on the platform could freely trade them with other players on GGX.

GGX is valued at about $200 - 250 million, and MPL will own 20% of the total token supply. In addition, it will have a software toolkit to help developers monetize games on the platform.

Through SAFTs (simple agreement for future tokens), the company is partnering with investors such as asset management firm Spartan Capital and Polygon to raise $10-15 million.

What Is MPL?

MPL was founded in 2018 by Shubam Malhotra and Sai Srinivas, and it has published about 70 games across e-sports, quizzing, board games, casual games and daily fantasy sports. They are compatible with Android and IOS.

Last September, It became a member of the unicorn club, a group of private companies with a $1 billion or more valuation. Mayhem studios, its recent subsidiary, is a part of the company's plan to create an ecosystem for value-based, skill-based games.

The studio launched a battle royale game last month, which some sources said will have these tradable assets, and this trading will happen using the GGX infrastructure. So, Underworld Gang Wars will be a concept of what GGX can do.

P2E gaming has attracted many international investors, and Indian founders are not lagging in the race. Indian companies such as Ncore Games, Hike and Nazara technologies are part of the firms investing in the ecosystem.

As of May, 4.9 billion has been invested in the metaverse and blockchain gaming space, and investment is expected to continue to increase.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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