Gaming platform

AO Labs Raises $4.5M for Web3 Gaming Platform Spacebar Backed by Big GameFi Names

Quick take:

  • Spacebar is a casual space-themed Web3 game.
  • Gabby Dizon, CEO of YGG; Polygon’s Balaji Srinivasan and Sandeep Nailwal, and others participated in the round.
  • The spacebar will be launched in the coming months.

Virtual game studio, AO Labs, has raised $4.5 million in a seed round for its first blockchain game, Spacebar. The round was led by Yield Guild Games (YGG), with participation from 70 investors, including some of the biggest names in crypto and GameFi.

Investors who participated in the round included Gabby Dizon, CEO of YGG; Balaji Srinivasan and Sandeep Nailwal of Polygon; Jeff “Jiho” Zirlin of Axie Infinity Sky maker Mavis; and Kyu Lee of South Korean video game company Com2uS.

The game studio was founded by gaming and tech veterans Joony Koo and Christy Choi. Koo was previously COO of South Korean mobile game company, BiNAREE, Inc., and co-founder and business development manager of South Korean digital asset company, Block Crafters. Choi was the founding director of Binance Labs from 2018-2020 and is currently an advisor at YGG.

Speaking to VentureBeat, Koo said, “I think gaming will probably be the piece that really engages all of these different building blocks across crypto. That’s why I’m extremely optimistic about creating this game, because it could be the gateway to driving mass adoption. It’s not just because the game is fun. This is because while playing the game you will interact with all the different tools built in this space.

AO Labs is on a mission to create a community-driven, open-source blockchain game called Spacebar. It is a space-themed casual game that incorporates Web3 tools including a decentralized ID system, DeFi, NFTs, and gaming guilds. The studio has yet to reveal which blockchain the game will be built on.

Commenting on AO Labs’ decision to raise funds from Web3 founders instead of venture capitalists, Choi told VentureBeat that they “wanted to empower the community and make a game where we built the game with the community”, that’s why they went to the people. they trust in the Web3 game space.

“YGG is thrilled to support the AO Labs team in their mission to accelerate ownership economy and composability through games on Web3,” said CEO Gabby Dizon.

Spacebar will launch next year, and the team behind the game includes alumni from Binance, Kakao, Coupang, Com2uS, Disney, and corporate-backed startups. The company currently has a team of six people and hopes to hire aggressively to accelerate development of the game.

AO Labs is currently working on a prototype of Spacebar, which will change as the game’s launch date nears. Borrowing ideas from esports and user-generated content, Spacebar will be an arcade-like game with simple leaderboards . Users will be able to sell in-game assets to earn money and participate in major game updates.

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