Sci-Fi NFT card game Parallel raises $35m from VanEck, Solana Ventures

Paradigm-backed NFT card game Parallel has secured $35 million from a group of investors to expand the universe across new platforms.

Parallel, a sci-fi NFT card game, that supports the Ethereum blockchain and the Base layer-2 chain, has completed another financing round, bagging in $35 million from a pool of investors. In an X post on Mar. 28, the game developers said the funding was supported by Distributed Global, The Operating Group, VanEck, Solana Ventures, Base Ecosystem Fund, and Amber among others.

The projectโ€™s valuation following the funding was not disclosed, although the developers said that the proceedings will be used to โ€œexpand the Parallel universe across new mediums and platforms.โ€ As of press time, other details were not disclosed.

Since its launch in 2021, Parallel has remained in open beta, offering players the opportunity to collect, trade, and engage with unique in-game assets represented as non-fungible tokens (NFTs). The gameโ€™s narrative revolves around a fantasy storyline depicting humanityโ€™s endeavor to escape into space following a global energy crisis.

Following the launch, the game initially raised $50 million at a valuation of half a billion dollars, with support from crypto venture firm Paradigm and other investors, according to a report from TechCrunch. However, it remains uncertain whether the projectโ€™s valuation has been affected by the 2023 crypto winter, which saw valuation declines across many blockchain ventures.

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