Red Door Digital (RDD), a Taiwan-based gaming company, has raised a $5 million seed investment to develop high-quality games for the growing Web 3 ecosystem.
M6, Shima Capital, Maven Capital, Cryptology Asset Group, and LucidBlue Ventures provided initial funding to the company.
See Wan Toong, the CTO of RDD, previously said that gaming is experiencing a creative drought, which GameFi may help alleviate. Toong believes that Web 3 gaming is on the edge of a “Flappy Bird” moment.
RDD said that the funds would be used to expand the studio’s unique game theory models, which will “drive the scalability and sustainability of the in-game economy.”
The studio intends to ultimately licence its infrastructure to other developers in order to serve as an onramp for Web 3.
“Web 3 and the metaverse may be buzzwords right now, but more immersive online interactions are the inevitable direction for gaming, and we want to build games that get mainstream gamers aboard,” said CoinDesk’s CEO, Joseph Derflinger.
Red Door Digital is presently working on three projects, the first of which, Reign of Terror, is scheduled for release in the summer of 2022.