April 19, 2024
VanEck, Solana Ventures Back Parallel's Growth with $35m Investment in Sci-Fi NFT Game
NFT

VanEck, Solana Ventures Back Parallel’s Growth with $35m Investment in Sci-Fi NFT Game

Parallel, the popular sci-fi NFT card game that has been captivating players since its launch in 2021, has secured a whopping $35 million in its latest financing round.

The investment comes from a diverse group of backers, including Distributed Global, The Operating Group, VanEck, Solana Ventures, Base Ecosystem Fund, and Amber, among others.

The developers of Parallel announced the successful funding round in a recent post on Mar. 28, highlighting their commitment to expanding the Parallel universe across new mediums and platforms.

Funding to Fuel Expansion into New Horizons

While the exact valuation of the project post-funding remains undisclosed, the developers have emphasized that the funds will be instrumental in realizing their vision of broadening the Parallel universe.

Since its inception, Parallel has been in open beta, offering players the opportunity to collect, trade, and engage with unique in-game assets represented as NFTs.

The game’s narrative intricately weaves a fantasy storyline depicting humanity’s quest to escape into space amidst a global energy crisis.

From Inception to Ambitious Growth

Parallel’s journey began in 2021 when it raised an initial $50 million at a valuation of half a billion dollars. The funding round, which garnered support from crypto venture firm Paradigm and other investors, propelled Parallel into the spotlight of the burgeoning NFT gaming space.

However, the impact of the 2023 crypto winter on the project’s valuation remains uncertain, as the industry experienced widespread declines in valuation across various blockchain ventures.

Navigating Through Uncertain Terrain

Despite the challenges posed by market fluctuations, Parallel has continued to innovate and captivate its audience with its immersive gameplay experience.

The latest infusion of $35 million in funding signifies a vote of confidence from investors in the game’s potential to redefine the gaming landscape.

With a clear focus on expanding into new mediums and platforms, Parallel is poised to solidify its position as a trailblazer in the realm of NFT gaming.

A Bright Future Ahead

As Parallel embarks on its next phase of growth, players and investors alike eagerly anticipate the evolution of the Parallel universe.

With its compelling narrative, innovative gameplay mechanics, and commitment to pushing the boundaries of NFT gaming, Parallel is well-positioned to shape the future of gaming as we know it.

As details about the project’s expansion plans emerge, one thing is certain – Parallel’s journey is far from over, and the best is yet to come.

Image: printerval

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