Web3 TCG Parallel, a blockchain-based game studio, has successfully secured a $35 million funding round to support the expansion of its web3 trading card game (TCG) and other titles. The funding round saw the participation of major investors including VanEck, Distributed Global, and Solana Ventures, along with notable angels such as Solana co-founders Anatoly Yakovenko and Raj Gokal, Pudgy Penguins CEO Luca Netz, and YGG co-founder Gabby Dizon.
Parallel, developed by Parallel Studios, is a web3 TCG that utilizes NFT-powered assets and play-to-earn incentives. The game is set in a dystopian future where Earth has become uninhabitable, leading humanity to scatter across space and split into five factions: Earthen, Marcolian, Augencore, Kathari, and Shroud. Players collect cards representing these factions and engage in head-to-head battles to fight for PRIME tokens, the utility currency of the Echelon ecosystem. The game also offers various gameplay modes catering to different play styles, including The Ladder and Sectors, and features a rookie queue to provide a training ground for new players with customizable rookie decks.
The recent funding will play a pivotal role in Parallel Studios’ expansion plans, particularly in broadening the reach of their titles across new platforms and mediums. The studio aims to utilize the funds for user acquisition efforts through the Parallel Ambassador program, influencer collaborations, and advertising campaigns. Additionally, the funding will support the studio’s plans to launch on platforms such as the Epic Games Store and Steam, with potential mobile versions in consideration. Moreover, the studio is working on Colony, an AI-powered survival simulation game built on Solana, and a part of the funding will be allocated to support the development of Wayfinder, an AI protocol aimed at enhancing user experiences in blockchain ecosystems. Parallel Studios plans to release a beta version of Colony by the end of 2024 and is accelerating hiring to meet this development goal.
With the additional $35 million funding, Parallel’s total raised capital now stands at $85 million, after a previous funding round led by Paradigm, valuing the company at $500 million.
