LOUD's sister company SNACKCLUB raises $9M for blockchain gaming
SNACKCLUB, the sister company of prominent Brazilian esports organization LOUD, has raised $9M.
The basics: The company's funding will be used in an effort to develop Brazil's "potential" in blockchain gaming.
- SNACKCLUB is a new company that plans to launch a decentralized autonomous organization (DAO) that will reimagine "ownership in gaming."
- The $9M seed round will allow SNACKCLUB to launch and access the community of gamers that LOUD has amassed. The esports org is said to have a combined audience of over 300M people.
- SNACKCLUB plans to operate under the leadership of its community, allowing LOUD fans to vote on major decisions on behalf of the organization. Those over 18-years-old will be eligible to participate and there won't be an entry fee.
- A release describes the company as a startup and investor hub, helping players in developing regions to get involved in blockchain gaming. Typically, on-chain games require players to buy digital assets in the form of NFTs (non-fungible tokens) to participate.
On the chain: Blockchain gaming is a nascent sector but it reportedly grew by 765% in 2021.
- SNACKCLUB will mobilize LOUD's fan base towards certain games, which will be decided by the community, to drive the speculation needed to develop value in the in-game assets.
- Popular blockchain games include Splinterlands, Famers World, and Axie Infinity. Using the latter as an example, players build collections of NFTs and are 'rewarded' by playing the game as and when the NFTs increase in value.
- “As LOUD’s sister company, SNACKCLUB is launching with access to an immediate and passionate community who are anxious to explore the future of gaming”, said Marc Weinstein, a partner at the funding round’s leading investor: Mechanism.