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- Red Door Digital is a gaming studio developing AAA-quality Web3 video games.
- The startup has raised a $5 million seed round, led by M6, Maven Capital, and Shima Capital.
- See the key slides from the pitch deck it used to convince investors to back its fundraise.
Singapore-based Web3 gaming studio Red Door Digital in March raised $5 million seed round, which it plans to use to further develop high-quality video games for Web3.
The games will leverage blockchain technology and incorporate play-to-earn models, cross-chain decentralized finance, or DeFi, infrastructure, and interoperability with non-fungible tokens, the startup said.
Play-to-earn games, such as “Axie Infinity,” let users earn money – usually in the form of tokens — by progressing through the game. Red Door charges trading fees on the buying and selling of NFTs in its games.
The company, founded in 2021, has three games under development: “Reign of Terror,” billed as a “cyberpunk MMO,” which will feature in-game characters and items available as NFTs; “Dinohorse Saga,” a casual racing and battling game; and “Project Synth,” a sci-med battle royale-style game.
“We don’t focus on Web3 at the expense of the game. Both parts play a role,” said Joseph Derflinger, CEO of Red Door Digital. He added that most Web3 games so far have lacked playability.
The company has recently stated an intention to build “AAA-quality” games, which refers to high-budget, high-profile games typically produced and distributed by large gaming studios.
Red Door Digital said it won’t be just releasing Web3 gaming titles, however. It is also building Web3 infrastructure that is intended for use in third-party studios’ games as well as its own, and it’s already in talks with top-tier game studios looking to expand into GameFi, the company said.
Investors in the seed round included M6, Shima Capital, Maven Capital, Cryptology Asset Group, and LucidBlue Ventures.
Check out the key slides from Red Door Digital’s seed round investor deck.
Red Door Digital is a Singapore-based gaming studio working on “AAA-quality” Web3 games.
Derflinger told Insider that most Web3 games so far focus too heavily on Web3 characteristics at the expense of playability — something that Red Door is hoping to change.
The company has set up a treasury and DAO, or decentralized autonomous organization, to reward players as part of its games’ play-to-earn model.
“The metaverse is not about VR. It’s the concept where you can have this bigger universe that crosses multiple different [types of] content that interoperate with each other,” said See Wan Toong, Red Door Digital Chief Technology Officer.
The company released its first game on the solana blockchain, which is also used by NFT marketplace Magic Eden, partly to avoid ethereum’s high fees.
Red Door’s games will allow players to create and own in-game assets, such as NFTs. Toong said this involvement will ensure players stay engaged with a game even when developers themselves might be tired of updating it.
The studio plans to take a slice of the fees from players’ in-game trading of NFTs.
While Red Door is less than a year old, its developers hail from established game publishers like Tencent, EA Games, and Epic Games.
Red Door’s games will allow players to “level up” their NFTs as characters level up in-game, which will require an NFT to re-render itself. Players will also be able to “fuse” their NFTs to create rarer NFTs, Red Door said.