via Blockade Games

Blockade Games, the creator of upcoming blockchain-based RPG Neon District, is raising a $1.5 million seed round through an open raise on Paperstreet, a compliance infrastructure platform for token sales and investor syndication

According to the announcement, Blockade Games is selling 11.5% of its equity to raise the $1.5 million, putting it at a roughly $13 million pre-money valuation. The company has already hit its soft cap from institutional investors and is opening up the final $600,000 of the round to accredited investors via Paperstreet.

Blockade’s game, Neon District, is described as a “3rd person cyberpunk RPG where a party of characters, equipment and other assets (that live on the Blockchain) progress through various stages of exciting game-play.” Players take on the role of rebels, called Degens, that are fighting The Mainspring, an autocratic and mechanical government is attempting to wipe out all previous signs of culture and independent thought.

The game notably leverages ERC-721 Non-Fungible Tokens (NFTs) to enable unique units and items. As in-game assets gain experience points over-time, they gain real-world value that can be capitalized on by games via a P2P marketplace. These assets record their history on the Ethereum Network via the Loom DAppchain.

Blockade Games has raised $900,000 of the $1.5 million from a combination of investors, including Blocktower CapitalCypher Capital, Unchained Ventures, Xsquared Ventures and HODL Capital.

More: Now Listed on Paperstreet! Blockade Games, Parent Company of Neon District, Series Seed Equity Round
Related: Loom Network Adds Second SDK Project: ‘Neon District,’ a Blockchain-Based RPG

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.