MPL in talks to raise $10-$15Mn in web3 gaming

Mobile Premier League (MPL) is launching a new web3 gaming venture, GGX, as the gaming unicorn taps the play-to-earn (P2E) gaming sector. MPL is in advanced talks to raise $10-$15 million through a simple agreement for future tokens from investors including Spartan Capital and Polygon, valuing the startup at about $200 - $250 million.

GGX is expected to be an in-game NFT marketplace that will offer a platform for owning and trading in-game assets, like an exchange. The platform will allow any game developer to monetise games using the GGX software toolkit.

The aim of GGX is to have multiple games and game developers on its platform. Players who acquire assets across any game on the GGX platform could freely trade them with other users on GGX. In P2E gaming, players are rewarded with cryptos, which they can exchange for real money.

MPL offers around 70 games across categories such as daily fantasy sports, quizzing, board games, e-sports, and casual games on both its Android and iOS apps. It is said that MPL's foray into web3 gaming is part of a plan to create a gaming group that spans skill-based real-money gaming, play-to-earn, and a recently launched gaming studio, Mayhem Studios.