Faraway raises $21M to make blockchain game

Faraway has raised $21 million to make blockchain games with the player-driven economic model. The investment of 21 million dollars is an impressive amount for a company that started its journey in June.
Mini Royale: Nations is becoming a blockchain game.
Mini Royale: Nations is becoming a blockchain game.

Miami-based Faraway joins the trend of player-driven and decentralized gaming economies. The company is preparing to launch Mini Royale: Nations by leveraging blockchain technology. Faraway is a fairly new studio and has already received $21 million in investment for the project.

The multiplayer game already has around 300,000 monthly active users and 25,000 daily active users. Soon, Solana blockchain technology will be integrated into the game, and the current game will be revised as a blockchain game.

Faraway CEO Alex Paley spoke about the issue in an interview with GamesBeat:

“We’re leveraging blockchain technology to make hyper-social games with player-driven economies. We’re moving fast and working hard.”

The Miami-based company has raised $30 million from its investment rounds to date. Lightspeed Venture Partners and FTX are the companies that led the last investment round. Other participants in the previous and previous two rounds include a16z, Sequoia Capital, Pantera Capital, Jump Capital and Solana.

Faraway will produce Solana-based blockchain games.
Faraway will produce Solana-based blockchain games.

Amy Wu, a partner at Lightspeed Venture Partners, used the following sentences in a statement:

“Lightspeed is searching for the industry’s most promising teams to bring the next 100M users to web3, and that is likely in gaming. We are still at the beginning of the blockchain gaming era and we’re about to see teams like Faraway catapult gaming into the next wave of what’s possible.”

The NFT gaming industry is growing rapidly. Looking at Google Trends data, it is possible to say that terms related to NFT have been on the rise since February. Dapper Labs generated more than $780 million from NFT-related sales this year, while digital artist Beeple generated more than $69 million from the NFT concept. Overall, blockchain and NFT games have seen transactions reaching billions of dollars in market cap this year.

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