SNACKCLUB Secures $9M in Seed Funding, Preps to Launch DAO

Source : coinquora.com

  • SNACKCLUB Web3 startup earns $9 million in seed fundraising round.
  • This fundraising is for the launch of DAO.
  • SNACKCLUB is the sister company of the Brazilian gaming platform — LOUD.

SNACKCLUB, a Web3 startup and new affiliate of gaming platform LOUD, has secured $9 million in a seed fundraising round. The funding stage was conducted to launch a decentralized autonomous organization (DAO) intended to reimagine ownership in the gaming industry.

LOUD is acclaimed as Brazil’s largest esports and gaming lifestyle group. This highlights that blockchain gaming could be the future of work for young players in developing countries.

Additionally, the proliferation of Web3 allows users to mint in-game items to an external blockchain wallet that provides rare assets value and liquidity to unlock new economies. This feature also led SNACKCLUB to launch its own DAO.

Then after, SNACKCLUB will soon operate under a community leadership structure that allows fans to participate in the company’s operation by voting on major decisions. Notably, there is no fee to join and anyone above 18 years old with internet access can participate in the voting session.

Jean Ortega, Co-Founder of LOUD and Managing Partner of SNACKCLUB remarked:

LOUD has always been a community-first organization. SNACKCLUB will elevate that commitment by investing in the technology, platform, and publishing partners that will bring the potential of blockchain gaming to our community. We have a long way to go, but these investments will change the how and why behind a gamer’s decision to play.

Specifically, the majority of the platform’s ownership and governance rights will be reserved for community onboarding only after the company owners and investors finalize the strategic vision. Investors who participated in the fundraising round include Animoca, Formless Capital, OP Crypto, Jump Crypto, and Shima Capital.