Avalon Corp has announced it has raised $13 million to build their interoperable digital universe, AVALON. So, who is behind this project and what is it?
The topic of major Web2 talent moving to Web3 is one I have written about at length for two years or more. It is an undeniable trend, whether they head up the gaming divisions at Polygon or are starting their own games studios with the intention to use blockchain technology. In this case, it’s the latter.
Avalon Corp is a veritable feast of Web2 gaming talent, with developers and leaders that have worked on the likes of Diablo, God of War, EverQuest, World of Warcraft, Elden Ring, Assassins Creed, and Call of Duty. It isn’t difficult to imagine why, therefore, Avalon Corp might be able to source significant funding for their Web3 project.
In a press release yesterday, Avalon Corp announced $13 million raised to fund the building of a new interoperable universe. Led by the legendary BITKRAFT Ventures, as well as HASHED, Delphi Digital, and Mechanism Capital, this funding round saw a smorgasbord of familiar investors in the space: Kevin Lin (co-founder of Twitch), Coinbase Ventures, and Yield Guild Games, to name a few. I’m just surprised not to see Animoca Brands!
We have an opportunity to change the digital world and we truly believe we are the right team to ensure these changes are beneficial for both creators and players […] We know that engagement is driven through play, creativity, and human connectivity, all critical elements that are severely lacking in most self-proclaimed metaverses, and it’s exactly why the inevitable confluence of tech that will emerge as the metaverse will be built by game developers.
— Sean Pinnock, CEO at AVALON
There are few details on AVALON thus far, and so it is difficult to build worthwhile opinions, but the quotes from senior figures at the company do have some astute observations. First and foremost, creators will be foundational to the metaverse, whatever that may be. While I believe Play-to-Earn will never resurrect in its brief and early form, the creator economy will be central in the rise of Web3 gaming and the metaverse, and so it is encouraging to see a focus on creators, without the shilling of P2E shadows.
Avalon Corp has the talent, experience, and now the financial backing, to achieve something impactful in Web3 and so although the details on AVALON are lacking, this is a project worth planting a flag in for the future.