Quick take:

  • The fundraising also attracted participation from OKX Ventures, Aptos Labs, Amber Group, Matr1x, Hashkey Capital and Leland Ventures.

  • Nitro Lab has now raised a total of $25 million according to press material shared with NFTgators on Tuesday.

  • Nitro Lab’s first game leverages the studio’s “Play and Trade” model which “merges high-quality gameplay with an engaging trading system.”

Nitro Lab, a Web3 games studio using a “play to trade” gaming model to power its games on Tuesday announced an $8 million funding round led by Alexis Ohanian’s SevenX Ventures. The fundraising also attracted participation from OKX Ventures, Aptos Labs, Amber Group, Matr1x, Hashkey Capital and Leland Ventures.

The fundraising brings the total raised to date to $25 million, according to press material shared with NFTgators.

Nitro Lab plans to use the fresh capital to accelerate the development of its inaugural blockchain game Castile, which entered beta testing on September 10. The beta testing will run through October 10, the company said.

Led by tech and gaming veterans from Facebook’s advertising division, NetEase, Tencent and ByteDance, Castile leverages the Nitro Lab’s “Play and Trade” model which “merges high-quality gameplay with an engaging trading system.”

In the alpha testing phase, Castile ranked first in U.S. TikTok marketing tests achieving a 90.53% user retention and an average playtime of 198.9 minutes, Nitro Lab said.

As part of the beta testing, Castile will introduce new features including a Tarot System, Trading System, League Boss Racing and League Tournament, plus up to 10 million CAST (Castile’s governance token) in rewards.

Castile is built on the Aptos blockchain, whose gaming network includes the likes of READYgg, Eragon, Aptos Arena and the games companion app for upcoming markets, STAN, among others. 

Commenting on his firm’s participation in Nitro Lab’s latest fundraising and the role Nitro Lab will play in the Aptos gaming ecosystem, HC Xie, Ecosystem Manager at Aptos Labs said in a statement: “We’re excited to see how its first title Castile will engage and expand the global gaming community while showcasing the unique capabilities of the Aptos network.”

Arthur Kao, Co-Founder of Nytro Lab commented: “Our ‘Play and Trade’ model is set to empower players to engage in high-quality gameplay while participating in a dynamic game economy. With this investment, we’ll scale our vision, expand Castile with new content, and drive the adoption of Web3 gaming.”

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The post Web3 Games Studio Nitro Lab Secures $8m Funding Led By SevenX Ventures appeared first on NFTgators .