Saga Secures $5 Million Funding from Placeholder to Expand Web3 Gaming Platform

Published: November 20, 2023 at 8:50 am Updated: November 20, 2023 at 8:50 am

Edited and fact-checked:
November 20, 2023 at 8:50 am

In Brief

Web3 game protocol Saga raised a $5 million funding in seed extension round led by the venture capital firm Placeholder.

Saga Secures $5 Million Funding to Advance Web3 Gaming

Web3 gaming protocol Saga today announced it has successfully raised $5 million in a funding round led by investment firm Placeholder.

This latest financial boost elevates Saga’s total funding to $13.5 million. With its mainnet launch targeted for January next year, Saga is positioning itself as a pivotal player in the evolving Web3 gaming landscape.

The uniqueness of Saga protocol lies in its scalability and the ability to support high-performance applications like games. Unlike traditional blockchains, the platform offers customizable parallel chains, known as “chainlets,” allowing developers to create multiple, independent blockchains simultaneously.

This approach, similar to the technology behind Polygon’s supernets and Avalanche’s subnets, presents a more flexible and scalable infrastructure than the singular blockchains of Ethereum and Solana.

Saga’s Broader Vision for Web3 Gaming

Beyond financial support, Saga focuses on user acquisition to help projects scale effectively, a strategy divergent from the usual developer grants. This approach ensures that all developers building on Saga are committed to the platform without any promise of compensation.

Additionally, protocol is planning token airdrops, first for testnet developers and later for community members, with stringent requirements to deter speculative behavior.

While currently emphasizing gaming, Saga aims to serve as a general infrastructure platform for a wide array of decentralized applications.

However, gaming remains a primary focus, with mobile gaming being the central area of development. The team at Saga believes that the challenges and requirements of mobile gaming, such as high transaction volume and the need for low latency, will rigorously test and ultimately strengthen their infrastructure.

With nearly 300 projects already building on its testnet, code-named Pegasus, Saga is gearing up for a transformative year ahead. The anticipation around its mainnet launch and the potential impact on mainstream crypto adoption is high, as protocol positions itself at the forefront of the Web3 gaming revolution.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti