FTX Ventures backs $5.8m round of Line Games’ Web3 gaming platform

Korea’s Nerdystar, the new investment arm of game publisher Line Games, secured US$5.8 million in investments for its blockchain gaming platform Luxon, bringing the firm’s total funds raised to US$10.8 million.

The round was led by Blocore, with FTX Ventures and GuildFi also participating.

Image credit: Line Games

The fundraise follows an initial US$5 million investment from Line. The capital will be used to build the Luxon platform and strengthen game development, with its first game launching later this year.

Line’s goal for Luxon is to help users and developers transition to Web3. Third-party games will only be accepted to the platform after successful launches of Line’s original games, according to the company.

Luxon’s first game, Desperado B218: The Scars of Exos, will see gameplay centered on NFTs. Players will be able to acquire assets from the publisher and in a dedicated marketplace where Luxon token users can purchase or trade the game’s NFT items. The player’s in-game activities generate these items.

Nerdystar said it has 100 developers and artists, with most of them seasoned team members from Line’s Oozoo studio who wanted to focus on Web3 games.

“We aim to appeal to a traditional gaming audience that wants more ownership without sacrificing game quality,” said Nerdystar CEO Alan Huh.

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Other investors who joined the round include:

• Bitkraft Ventures
• Formless Capital
• VistaLabs
• Seum
• SBXG