Saga, a system aimed at creating a specialised blockchain area for game and entertainment creators, has raised $6.5 million in seed funding. Saga, which was established in late 2021 and broke cover in March, is currently worth $130 million.
Maven 11, Longhash Ventures, Hypersphere, Figment, Polygon Studios, Samsung NEXT, Chorus One, GSR, C2X, CRIT Ventures, Akash Network, Unanimous Capital, Strangelove Ventures, Tess Ventures, Merit Circle, Hustle Fund, Polymer, Zaki Manian, Jae Kwon, Garrette Furo, Alex Shin, Nick Tomaino, and other angel investors participated in the fundraise, which was denominated in as-yet-unlaunched tokens.
Saga received $2 million in pre-seed funding from Ignite, formerly Tendermint, as part of an incubation programme in late 2021.
Saga’s co-founder, Rebecca Liao, stated the following:
“The goal of Saga as a protocol is to ensure that developers have their own place in which to build, because as more people utilise web3, especially in gaming and entertainment, the expectations for developer and user experience will rise.”
Saga aims to tackle this problem by creating “chainlets,” or specialised blockchains that can be customised to match the demands of developers. Those interested in developing crypto-based applications can do so directly with Saga’s chainlets or as a scaling solution for another layer 1 or layer 2 blockchain.
Web3, according to Liao, is unable to handle more “experiential” apps, such as those in the gaming and entertainment industries. She cites network congestion, performance concerns caused by slow throughput, and costly gas expenses as major roadblocks. She claims that Saga’s chainlets can assist developers in overcoming these obstacles.
Next year, Saga plans to launch its mainnet and token. It will release an “AlphaNet” in the coming months to begin recruiting developers and forming relationships with infrastructure and gaming companies.
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