Web3 Gaming Firm Midnight To Float A New Company Following $7.5 Million Funding

Web3 gaming firm Midnight has come out from stealth to raise $7.5 million to fund a new company. The seed round was led by Shima Capital, while notable blockchain vendors contributed to the fundraising. These include Bixin Ventures, FJ Labs, Overworld, Snackclub, and Forte.

The company was founded in 2021 by its Chief Executive Officer Steve Wade. The business development executive has been in the industry for many years and has set up several video game entities. He has launched eight-game portals, four gaming payment solutions, and 45 online games.

Former Chief Technology Officer of Soundcloud, Steven Spagnolo, is also a co-founder of Midnight. He has been in the industry for three decades and has also participated in the launch of several video games, both offline and online.

Midnight Is Targeting A Broad Spectrum Of Gamers

Midnight says its goal is to build games for players and give them “never-ending experiences” and economic participation. The company is looking to build a series of high-quality and free-to-play games for different audiences. The games will be based on Web3 technology, which will create a robust economy and true interoperability.

Wade assured gamers that the company believes that participation should be meaningful and additive to the players’ stories. The games will be built and designed to create fun without the NFT layer, and the company wants to target the widest swath of players.

“It shouldn’t matter whether someone is crypto-native or not – they’ll find something for them at Midnight,” Wade added. This means that the gaming platforms will not be limited to only a particular type of player, but encompasses all forms and platforms for games.

Midnight Plans To Raise More Funds For Expansion

Midnight says it now has over 60 full-time people working on four different titles. While measuring its performance, midnight stated that strong progress has been made and the firm is scaling up rapidly. Midnight has lofty dreams in the gaming industry and Wade believes the company will complete another funding round to match its big ambitions.

However, the company is taking a different route to its growth. Wade said the firm is more interested in making 20 games for $60 million than focusing on the extensive development of one game for the same amount. The goal is to give players several gaming options while maintaining high quality at the level of the game being developed.