Trace, a Play-To-Earn NFT Metaverse project founded by Bogdan Evtushenko, Dmitry Fomin, Dmitry Korostelev and Alexey Gavrilov in 2018, have raised $3 million in a closed round of seed investments.
The funding was led through private investments by HNI investors. In light of their clout in the metaverse, Trace also raised an additional $500K through NFT Sales on the platform.
The cash injection will be used to develop the Metaverse project, work on marketing and acquisitions, brand development and tech hiring. The project, currently a host to over 100,000 members across local communities.
Trace is a Geo-location based metaverse project , which utilizes Augmented Reality technology and is accessible via smartphones. For the uninitiated, NFT stands for Non-fungible token.
Abhyudoy Das said, “For the Indian market Play-To-Earn games have a lot of potentials to facilitate mass adoption especially in the cryptocurrency market. The Gaming market in India has seen massive growth over the past couple of years and currently shows no sign of decline. Considering the overall popularity and the kind of market penetration of the Gaming industry, we feel this is the perfect time to leverage this interest to facilitate mass adoption of the Crypto market.”
He also added that Trace offers players the potential to make money solely through the in-game features.
Trace has already created an in-app marketplace, where players can buy and sell avatars, cars, car parts, boosters, and other game items, which is much more convenient for the users than searching for the necessary NFTs on third-party marketplaces.