Algorand has been in the market for a long time. Yet, it is one of the tokens that attracts less attention.
Its market valuation comes to around $9 billion after falling by 2.4% in the past 24 hours. Algorand is the most energy-efficient coin that has been termed Ethereum Killer.
Zone, a UAE-based GameFi ecosystem, has been on the Algorand testnet since November 2021. It has now become the first Algorand GameFi platform to secure funding of $2.3 million.
Zone Has Raised $2.3 Million
The gaming industry is constantly booming. Time has come to take it up a level by talking about the GameFi ecosystem. With Zone touching the mark of $4.35 million as the fund raised from the market, all eyes are now on what the ecosystem will offer next.
Zone’s recent funding round witnessed participation from institutional investors like GSR, MH Ventures, Tag Ventures, DAO Maker, and K300 Ventures, to name a few.
As a GameFi ecosystem, Zone combines the gaming experience with the rule of decentralized finance. This means that users can play a game to earn money from it. Players will also be able to trade their Non-Fungible Tokens, also known as NFTs, for money.
NFT is a market that hit a total valuation of $41 billion in 2021. Its integration with the GameFi ecosystem makes things more interesting for both categories.
Zone had attracted funding of around $1.6 million in the previous round that was scheduled in October 2021. Higher funding in the latest round shows that there is a shift in the market, and institutional investors realize this.
Adi Mishra, the Founder of Zone, highlighted the same in one of his official media statements. He further said that Algorand was the future of GameFi with a much lower fee as compared to its competitors.
Read this ALGO coin price prediction to know what the future holds for those who have ALGO in their portfolio.