Quick Take

• Gaming company Eterlast emerges from stealth having raised $4.5 million to bring web3 games to sports fans.
• The round was led by Supernode Global and included participation from investors such as Immutable X, Stake Capital and Founders Factory.

Web3 gaming company Eterlast emerged from stealth having raised $4.5 million to bring web3 games to sports fans.

The seed round was led by Supernode Global. Other backers included Immutable X, Stake Capital and Founders Factory.

The London-headquartered startup was spun out of Founders Factory’s venture studio. It aims to make owning NFTs a more interactive experience for sports fans by enabling them to leverage the assets within gaming experiences.

It's the latest in a string of raises for gaming companies. Other recently announced rounds include Arcade2Earn bringing in $3.2 million, Xternity netting $4.5 million and WeMade getting $46 million from Microsoft, among others. Despite the slump in both crypto and traditional markets, gaming and NFT companies continue to dominate capital raises, according to The Block Research.

Eterlast will first focus on boxing and rugby. It plans to launch House of Boxing next month, which will enable individuals to own key moments from top fights and reimagine them in a player vs player game format. The game is developed in partnership with boxing promoter Queensberry Promotions, which enabled Eterlast to secure a large  archive of boxing fights for the platform.

The startup's tech stack is built on ImmutableX, a scaling solution that builds on StarkWare's zero-knowledge proof technology.

"The team have done a fantastic job to date, securing impressive partnerships and IP to integrate with their platform," Oli Strong, an investor at Supernode Global, said. "There is a huge opportunity at the intersection of Sport and Web3 and Eterlast are uniquely positioned to capitalize on this.”