Forte raises US$ 725 million to grow gaming NFT services
by: Dynasty GI2021-11-20
Forte, a startup specialised in Blockchain solutions for the gaming sector, was successful in raising US$ 725 million to help expand its operations, attracting players such as Tiger Global, Solana Ventures and Warner Music Group.
The additional funds will help the company expand its services and add more game publishers to its platform, currently operating on an invitation-only basis.
Forte claims it is currently working with over 40 developer partners who use the platform to integrate Blockchain technology into the games. This, in turn, enables game publishers to add features such as the minting and selling of NFTs (non-fungible tokens) which are becoming increasingly popular. According to specialist site The Block, Forte does not operate its own Blockchain, but uses various Layer 1 and Layer 2 providers such as Ethereum, Cosmos, Solana and Polygon to help game developers create their communities. A Forte spokesperson told the site that they are live in over 10 titles at the moment, with each game deciding ‘how and when it would like to move from testing to full live operations on public L1 and L2 Blockchains and networks’. Forte’s spokesperson declined to share the company's valuation following this latest round but it was valued at US$ 1 billion after its first funding round took place six months ago, when it raised US$ 185 million. According to The Block, there has been significant fundraising by Blockchain gaming startups recently, with nearly half of the US$ 3.4 billion worth of venture capitalist’s deals in October going to the sector.
"Some estimates suggest that the global value of the gaming sector is currently at US$ 300 billion and growing. And, as this is a sector that is always driving and embracing the latest innovations, Blockchain technology is an obvious route for them to develop even deeper, as well as more profitable, relationships with the nearly 3 billion gamers worldwide, with NFTs being a very promising growth path for the sector."
Said Eduardo Carvalho, the founder and CEO of Dynasty Global Investments AG.