Blockchain was not only unknown a few years ago, but it also had a shady undertone because people believed it was an industry with hidden agendas, but now it is a multi-billion-dollar sector with millions of active participants.
The last few years have been revolutionary for the blockchain space as multiple countries and organizations have embraced the trends within the industry, especially non-fungible tokens, NFTs, which have become the most popular part of crypto in recent months.
NFTs have changed the globe more than anything else in recent months, and they are one of the most lucrative revenue streams in crypto. Entrepreneurs and artists have discovered a new way to generate ridiculous amounts of money in exchange for their digital material, which has sparked a new debate over blockchain technology’s possibilities.
Crypto gaming has also proven popular recently, and several firms have been on a fundraising campaign to develop their platforms.
Parallel Gets Funding
One of such platforms to have grown recently is Parallel, a sci-fi card game built on the Ethereum blockchain, which has risen faster than most crypto projects, catching the attention of investors. According to reports, the platform has raised $ 50 million from crypto firm VC Paradigm at a valuation of $ 500 million.
Parallel has had some investors in the past that have helped raise the profile of the platform. Some of these investors include Chad Hurley, the co-founder of YouTube, as well as Focus Labs, OSS Capital, and Yunt Capital.
Reaction from Paradigm
Matt Huang, co-founder of Paradigm, in an email opened up on Paradigm, was impressed by the growth experienced in Parallel. He reportedly said, “the best crypto games will be those that can go beyond their own content and inspire a community of gamers and developers to develop the game itself. We were impressed by Parallel. The unique focus and fervent early community, and excited to support them in their next stage of growth.”
About the Project
The concept of the project is based on a science-fiction scenario about humanity’s exodus from space following a disastrous attempt to solve a global energy crisis. Unlike some of the other high-value pixelated NFT projects, such as CryptoPunks, Parallel’s art style emphasizes realism, of course, via a sci-fi perspective.
After its first package fell during a large spike in NFT speculation, the sci-fi card game blossomed in August. Reports revealed that the platform earned approximately $ 105 million in transaction volume. One of the cards titled “Masterpiece” sold for $ 1.1 million in Ethereum. While revenues in September plummeted to a little over $ 11 million, a strong month like that might boost an NFT project’s long-term value, as the rarer purchases made during that period remain long-term.
Parallel to be put to Test
Nothing puts a system to the test like thousands of tech-savvy speculators attempting to exploit it in order to get incredibly wealthy. As a result, NFT’s weaknesses have spawned a plethora of nightmarish situations. Parallel, who have created their own drop system has had things quite easy but with their next drop coming up in a few days and the potential value of those cards rising, there are many speculations if they would continue to experience the success they have had.