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PlayDough Technologies secures $2 million funding

PlayDough Technologies has secured a $2 million funding round from the venture capital firm Westridge Markets.

The blockchain gaming platform has received the investment off the back of an exceptional period of growth that has seen the startup build a community with members across 30 countries.

PlayDough are aiming to democratise access and enable anybody to participate in the play-to-earn gaming economy.

The traditional model of the gaming business has evolved from pay-to-play, with revenue coming from players buying the games, to free-to-play with in-game purchases creating revenue.

Blockchain technology has taken this further as in-game items such as characters and accessories are represented by NFTs (Non-Fungible Tokens). Users mint, purchase and sell the items with the creator receiving revenue through a small commission.

The NFTs required to play games can be costly and leaves players from developing countries unable to access the economies. PlayDough have intervened to help gamers across the world with access.

Mehul Khati, the co-founder of PlayDough Technologies: "PlayDough has been a journey of blitz scaling since inception. It has only been a few months and we already have active community members in over 30 countries. Gaming seems to be achieving the borderless ideals of crypto at full speed.

"We have started with the most advanced play-to-earn game, Axie Infinity. While building a community around PlayDough has been satisfying, the ability to look at play-to-earn as a yield generation strategy has also been a motivator for the trader in me. We have built valuation models, breeding strategies and training programmes for our community to be able to generate the highest yield possible.

"While Axie being the most advanced game in the play-to-earn space remains the focus for PlayDough, it has already started building inventory in emerging games from Sorare to Gods Unchained. Star Atlas on Solana and Moonray on Stacks are showing early signs of a cross-chain universe that PlayDough is planning to build on."

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