MPL Reportedly Ventures Into Web3 Gaming With $10 to $15 Million Investment
Mobile gaming platform Mobile Premier League (MPL) is reportedly planning to enter Blockchain Gaming by raising $10 - $15 Million USD to tap into the play-to-earn sector. Currently, the MPL mobile app on iOS and Android offers over 70 games in different categories such as board games, fantasy gaming, and many others. However, it plans to enter the Web3 and Blockchain gaming space by establishing GGX– a non fungible token (NFT) marketplace that will allow players to purchase and trade of in-game assets.
, MPL is in “advanced talks” with investment firm Spartan Capital and Polygon to raise the necessary capital through a simple agreement for future tokens (SAFTs). MPL could potentially control 20% of the native token supply.
MPL’s new project in the Web3 space
MPL has been at the forefront of Indian gaming and esports and now it is looking to expand. This new initiative will be named GGX and it is expected to primarily function as a marketplace for trading in-game assets similar to an exchange platform. MPL plans to have multiple users and game developers on this platform, according to The Economic Times’ sources.
This will enable players who acquire assets on any game on the GGX platform to freely trade with other users on the platform, even if they’re not the same game titles. This is possible because the platform is expected to allow any game developer to monetize games using the GGX software toolkit.
Considering that MPL had just created its Mayhem game studio in May, the expansion into Blockchain Gaming seems like a natural step for the platform. The studio gives the organization access to the required resources and skill sets to build and launch the GGX platform.
The popularity of Axie Infinity has opened the eyes of many investors to the potential of the play-to-earn sector. Worldwide, many projects like The Sandbox are partnering with big brands like Adidas, Snoop Dogg, The Walking Dead and more.
In India, Ncore games raised $10 Million in Series A funding for its Web3 push, while Kavin Bharti Mittal’s Hike has also entered this space and is building Rush Gaming Universe.