Fruitlab’s Play-to-Earn Model Receives Funding Boost from Scytale Ventures
Fruitlab, the Web3 social gaming platform built on blockchain that provides a universal Play-to-Earn framework for AAA games, has secured $1.5 million USD in additional funding from Scytale Ventures, the leading venture capital company in blockchain investing.
Fruitlab’s mission is to provide a fair and equitable platform for players, content creators and game developers. This is achieved through:
- Universal Play-to-Earn model enabling registered users to earn rewards while playing AAA games
- Player funded Esports platform which allows players to compete against each other in Head-to-Head competitions
- Content sharing platform that enables creators and viewers to monetize their intellectual property and attention from the very first view
“With Scytale’s investment supporting our unique blockchain-powered social gaming platform, we’re bringing together ‘Play-to-Earn’, Esports and social content, and providing rewards through our own cryptocurrency, the PIP,” said Cameron Leslie, Co-Founder of Fruitlab. “We believe Fruitlab Gaming enhances the users experience and brings a whole new dimension to what are already incredibly popular and successful games.”
“Gaming is one of the sectors that is benefitting greatly from blockchain tech,” said Mark Cachia, CIO/Founder of Scytale Ventures. “Fruitlab is positioned perfectly in this space and fits in extremely well with the goals of our fund. We’re very excited to be investing in and working with the team.”
Nearly 700,000 users around the world use Fruitlab, either on web or mobile app. Built as a plug and play dApp, there is no behavioral change for the player as it runs in the background and updates rewards instantly. With this immediacy, users begin enjoying the benefits of PIPs that are available for trading in the Fruitlab Marketplace. Once the PIP is a listed token it will be able to be traded for other crypto or fiat currencies.
Fruitlab
Fruitlab, founded in 2018, is a unique blockchain-powered social platform that brings the Play-to-Earn model to Games, Esports and Social Content. Based in London, UK, with employees throughout the world, registered users, mainly from the Americas and Europe, total nearly 700,000 with over 2 million videos uploaded and 10 billion+ views recorded.
Scytale
Scytale Ventures is a digital asset manager with a focus on blockchain solutions. They were an early adopter/investor in blockchain with their Horizon Fund I in 2017. The Horizon Fund II closed in early 2022 with more than USD 60m. Scytale largely invests in projects building real world solutions across different ecosystems.
