Web3 gaming redefined by Souq
Tuesday, June 28, 2022
Souq has raised $3M in funding to redefine web3 gaming and provide the first open economy platform and portfolio manager for monitoring web3 game assets, amidst a recession. Souq CEO JonPaul Vega discusses how they help players become owners of the games they love and treat them as stakeholders.
Businesses have become increasingly reliant on Web3 in 2022, though according to Bloomberg, Deutsche Bank predictions and Fed rate raises may signal a recession looms. In that case, CoinDesk adds that signs point to a continued and strong correlation between recession-trending stock markets and cryptocurrency performance.
Now more than ever, ownership of digital assets to maximize value, and tracking that health and value for peak market intelligence and control, is crucial. While the Web3 gaming world is known for play-to-earn economies, Souq has developed the first open economy platform and portfolio manager.
With a raise led by Kickstart and Infinity Ventures Crypto, Souq is poised to redefine gaming as the first portfolio manager for Web3 game assets. Today, managing and tracking game assets is complicated and challenging, as assets exist across various games, wallets, and blockchains. Comprehensive information on game economy and market value insight is scattered. Souq onboards players in less than 30 seconds, and allows them to track and manage their portfolio across any blockchain or wallet easily and conveniently.
Souq raises $3M to redefine web3 gaming amidst recession
"We exist to help players become owners of the games they love and share in the upside of these new virtual economies. We are at the start of a paradigm shift in the largest global category of entertainment: gaming. Players will be treated as stakeholders of the games they play, enabled by property rights enforced through blockchain technology," shares Souq CEO, JonPaul Vega.
This month, Souq announced the launch of their beta portfolio manager and seed round funding, with major crypto and VC backers. Their team is pioneering the technology to discover and monitor a portfolio of Web3 game assets; with a roadmap that includes building out the financial market focused on game economies, which will power yield generating opportunities for the player community.
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