Innovative Web3 enterprise Loot Labs has launched Boxed.gg, a Web3 loot box platform as well as a $1.5 million pre-seed funding round led by BITKRAFT Ventures.
The funding will be used for more product development, marketing the Boxed platform and engaging partners that want to create a new way for communities to interact with existing assets.
Milan Harris, founder and CEO of Loot Labs said, “We are expanding the loot box model, with the ultimate goal of providing the most fun and equitable experiences in acquiring digital collectibles. At Loot Labs, we have taken a player-centric approach. We enable mystery boxes that target specific user needs while providing a level of transparency and accountability not seen in the game industry today.”
Loot boxes are virtual treasure chests found in video games that provide players with a chance to acquire rare or desirable items that enhance their in-game experience like skins, weapons and mods.
In 2020, gamers spent $15.26bn on in-game loot boxes which equated to 8.5% of all gaming revenue. With this in mind, Boxed aims to take that gaming experience and leverage NFTs as well as existing digital items to create themed third-party loot boxes ranging from Rare NFT Art to collectable Avatars used on platforms like Reddit.
A new form of loot
Loot Labs’ mission is to enable NFT purchasers to acquire digital collectibles in a fun, fair and transparent way. Boxed emphasises fairness by displaying the exact odds of unboxing each NFT, dynamically updating the pricing with real-time market data, and using provably fair random selection.
“The team behind Loot Labs has a wealth of experience operating a similar business in trading cards, and are positioned strongly to take their learnings and replicate their success in digital collectibles,” commented Carlos Pereira, Partner at BITKRAFT Ventures.
The pre-seed funding also received participation from Polygon Ventures, Mechanism Capital and Lofty Ventures Syndicate as well as angel investor Hammoudi ‘Yassuo’ Abdalrhman.