Souq Raises $3.3M to Manage Players' NFT Assets
Souq G-Commerce has announced the completion of a $3.3 million pre-seed investment round and the beta release of their portfolio manager for Web3 gaming assets.
The capital will be used to further expand Souq's flagship product for monitoring and managing blockchain game assets, which helps players and games on all major blockchains.
Kickstart, IVC, Operate, Moon Holdings, Ellipti Ventures, Perpetual Value Partners, Himanshu Sahay & Partners, Sterling VC, Evernew Capital, BBQ Capital, Mike del Balso, Chris Chang, Block, Aleph One, Gautam Shah, and Miko Matsumura are among the investors who participated in the round.
Souq CEO JonPaul Vega said in a statement:
“We exist to help players become owners of the games they love and share in the upside of these new virtual economies. We are at the start of a paradigm shift in the largest global category of entertainment: gaming. Players will be treated as stakeholders of the games they play, enabled by property rights enforced through blockchain technology.”
Souq is developing software that will allow users to discover and track a portfolio of Web3 game assets. The roadmap includes building out the financial market focused on game economies, which will power yield generating opportunities for the player community.
Vega stated that the company will solely develop games with open economies. It has two criteria to meet this qualification:
Its currencies (whether monetary or utility tokens) are available as cryptocurrencies, allowing participants to quickly convert in and out at any moment.
The second criterion is that purchases of content (e.g., items) be stored in a player's wallet as entries on the blockchain ( custodial or non-custodial).
Furthermore, Souq supports ETH/Poly game assets in ERC-721 and 1155 forms; it is extending to Solana with additional Layer 2 solutions, and alternate Layer 1 solutions will follow. The company intends to cover 95% of NFT games by the end of the third quarter.