Bitkraft and Hashed lead $10 million round for crypto gaming studio Avalon

Bitkraft Ventures and Hashed have co-led a $10 million funding round for crypto gaming studio Avalon, which plans to release a massively multiplayer online game.

The company's first game, also called "Avalon," is being built by a team of people with experience working for major web2 gaming companies. To develop the title, Avalon has partnered with "artificial intelligence pioneers Didimo and Inworld AI," the company said in a statement.

“The Avalon universe prioritizes delivering an immersive gameplay experience by combining cutting-edge tech like Unreal Engine 5 with AI-assisted user-generated content systems," Avalon CEO and founder Sean Pinnock said in the statement. "Our focus on a no-code solution enables players to create game logic effortlessly. Plus, our upcoming NFT collection will introduce AI-powered avatar NFTs."

Pinnock previously worked at Electronic Arts and Microsoft, according to his LinkedIn.

"Through vibrant, complex and yet easy-to-build [user-generated content] experiences Avalon can make a significant contribution to the rise of the Synthetic Reality, and with it enable experiences with deep economies," said Carlos Pereira, a partner at Bitkraft Ventures, according to the statement.

Synthetic Reality refers to the generation and simulation of digital worlds and systems.

A spokesperson said players will be invited to play "Avalon" in a closed, early-access version of the game, which will be available later this year.

Other participants in the funding round included Coinbase Ventures, Spartan Capital, Foresight Ventures, LiquidX, and Momentum6, Avalon said.

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