July 24, 2024
Latest Cryptocurrency News

Mirror World Labs Secures $12M in Series A Funding

Solana-based gaming studio Mirror World Labs has raised $12 million in its inaugural Series A funding round. The funding was led by prominent investors Bitkraft, Galaxy Interactive, Big Brain Holdings, and others. This capital infusion aims to further develop Mirror World Labs’ gaming rollup, Sonic.

“For the past two years, we’ve worked with hundreds of games in the Web3 gaming ecosystem, helping them with monetization and listing,” said Chris Zhu, CEO and founder of Sonic, on June 13. Zhu emphasized Solana’s pivotal role in their strategy, noting that Sonic SVM could be crucial for onboarding thousands of new games this summer.

Mirror World Labs: Advancing the Sonic Protocol

The newly raised funds will be instrumental in accelerating the Sonic protocol. It will feature sandbox environments, customizable gaming primitives, and extensible data types. These enhancements will facilitate the onboarding of new developers into the Solana gaming ecosystem. Moreover, they will assist existing game producers in utilizing the Sonic SVM and HyperGrid Framework. This framework allows developers to deploy new game engines and virtual machines within the Solana environment.

Developers have noted that while Solana has seen growth in the memecoin and decentralized application markets, its gaming sector has lagged behind. The novel Sonic protocol is expected to support developers in deploying Solana Virtual Machine (SVM) chains. Thus, boosting their GameFi projects.

Initial Success and Future Prospects

Launched on March 29, the Sonic protocol has already been deployed to 50 gaming clients as initial distribution nodes. Early adopters such as Mahjong Meta, Matr1x Fire, and Seraph/ActozSoft have seen substantial engagement, with over 200,000 transactions during their gaming sessions after incorporating the Mirror World SDK.

Founded in 2022, Mirror World Labs has focused on developing Solana gaming infrastructure across all stages of the game lifecycle, from onboarding developers to providing technical solutions. To date, the firm has raised a total of $16 million in venture capital funding. This marks a significant milestone in its mission to revolutionize the Solana gaming landscape.

Image by gstudioimagen on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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