Crypto gaming DAO Matchbox has raised $7.5 million to build core products and promote development on StarkNet.

MatchboxDAO Raises $7.5M to Build Out On-Chain Gaming on StarkNet

MatchboxDAO, a Starkware-based on-chain gaming ecosystem, has raised $7.5 million in its first funding round to continue improving crypto games built on the Ethereum scaler StarkNet.

The funding round was backed by prominent blockchain investors, including Starkware, Geometry Research, ReadyPlayerDAO, Neon DAO, Road Capital, Formless Gamma, and Bonfire Union.

“Matchbox is helping new gaming apps to set foot in expanding the gaming realm of the StarkNet ecosystem,” said Uri Kolodny, StarkWare’s co-founder and CEO. “Their support and mentorship for game builders are an important contribution for StarkNet.” 

StarkNet is a scaling solution for Ethereum built by Starware and uses rollups. Instead of processing transactions on the blockchain’s mainnet, rollups move activity off-chain to ease congestion. 

“Matchbox is on the route to building the next wave of infrastructure for the next-gen of games,” said Yonatan Ben-Shimon, Matchbox Foundation’s CEO. “Composable games and Dapps that empower devs and creators as well as  hundreds of millions of users.”

The freshly-raised funds will be used to develop the two core products of MatchboxDAO, namely Matchbox Spark and Matchbox Studios.

Matchbox Spark incubates gaming products on StarkNet, while Matchbox Studios is a set of development tools to accelerate game development on Starknet.

“Matchbox Spark is already happening for a month but we've come up with a new structure as we get more and more traction,” Ben-Shimon told Decrypt. “MatchBox Studio will be announced soon.”

Bringing crypto games to Starknet

In order to tokenize an in-game asset on the blockchain, gamers must pay gas fees.

Unfortunately, due to Ethereum’s often sky-high gas fees and slow transactions, executing these kinds of transactions is not ideal for scalable gaming applications. 

Layer-2 solutions like Starkware offer cheap and rapid transactions alongside improved privacy, making it an ideal candidate for game development.

“The privacy of ZKP is definitely why we wanted to be on StarkNet,” Ben-Shimon told Decrypt. “Having the possibility to hide information but to prove its existence on-chain is one of the major innovations for on-chain games (for a strategic game for example).”

Stay on top of crypto news, get daily updates in your inbox.

NEWS RELATED

Lebanon inspecting new suspected cases of cholera

Lebanon inspecting new suspected cases of cholera Lebanon’s health minister has said the authorities are inspecting new suspected cases of cholera, less than a day after confirming its first case of the illness in the country since 1993 Lebanon’s Health Minister Firas Abiad speaks during a press conference on the ...

View more: Lebanon inspecting new suspected cases of cholera

Malaysia trims fat in Budget 2023 despite election year

KUALA LUMPUR – Malaysia is set to trim spending next year despite a crucial general election due by September, after deeply increasing its debt burden to rescue the economy hit by Covid-19 shutdowns. The deficit in 2023 will ease to 5.5 per cent of gross domestic product (GDP), largely ...

View more: Malaysia trims fat in Budget 2023 despite election year

Jack Grealish: Erling Haaland ‘probably the best I have ever played with’

Manchester City’s Jack Grealish believes Erling Haaland is “unstoppable” and the best goalscorer he has ever played with.

View more: Jack Grealish: Erling Haaland ‘probably the best I have ever played with’

Kaia Gerber flashes her midriff in a white crop top and blue overshirt as she grabs a smoothie in LA

Kaia Gerber kept things casual as she stepped out in Los Angeles on Thursday, after grabbing a smoothie at Maru Coffee. The model, 21, flashed her midriff in a white crop top and faded denim jeans as she took her rescue dog Milo for a walk, while sporting a pair ...

View more: Kaia Gerber flashes her midriff in a white crop top and blue overshirt as she grabs a smoothie in LA

Kevin Spacey: Anthony Rapp allegations explained - what House of Cards actors lawyers said about ‘MeToo’

The sexual assault trial against (House of Cards, The Usual Suspects) in Manhattan federal court has begun, with a jury of six men and six women selected on Thursday (8 October). Judge Lewis Kaplan is presiding over the case – the same judge who heard the civil suit against earlier ...

View more: Kevin Spacey: Anthony Rapp allegations explained - what House of Cards actors lawyers said about ‘MeToo’

Easter Island statues suffer 'irreparable' damage in fire

The deliberate blaze "totally charred" a number of the famous figures, known as moai, after sweeping across more than 100 hectares (247 acres) around the Rano Raraku volcano, a UNESCO world heritage site.

View more: Easter Island statues suffer 'irreparable' damage in fire

WWE Wrestling Champ Sara Lee Dead at 30

Lee originally rose to fame as a contestant on the sixth and final season of "Tough Enough"

View more: WWE Wrestling Champ Sara Lee Dead at 30

How much do female footballers get paid? Women’s average salaries, national team pay & prize money

face the United Stadte of America in an international friendly at Wembley Stadium this evening. The London venue is expected to be sold out for the blockbuster event in what could be another landmark event for women’s football. Attendance at women’s football matches has dramatically improved in recent years and, ...

View more: How much do female footballers get paid? Women’s average salaries, national team pay & prize money

OPPO A77s Malaysia release: SD 680 SoC, 6.56-inch 90Hz LCD and 33W fast charging at RM999

OPPO Band 2 Malaysia release: 1.57-inch AMOLED, up to 100 workout modes and 14-day battery life at RM249

Treasury Yields Inch Higher as Markets Await Unemployment Data While Fed Remains Hawkish

Thailand mourns 24 children, 12 others slain by ex-police officer in shooting rampage

Chicago Mayor Lori Lightfoot sings TikTok karaoke amid 37% increase in violent crime

We Should ‘Fight the Fed' Because It Is Fallible, Investment Advisor Says

How does Overwatch 2’s ranking system work? Overwatch 2 ranks, explained

Rebel Wilson and girlfriend Ramona Agruma share a sweet smooch as they enjoy a date night at Disneyland

Brazil: Police Shut Down $769m Crypto ‘Pyramid’ that ‘Drew in’ Celebs, Sports Stars

NS may have to cut more services as staff shortages bite

‘House Of Promises’ And ‘The Wall’ Land International Homes As Distributor Beta Unveils 25-Strong Mipcom Drama Slate

X4: Foundations (Mac) 

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network