DEFY Labs Raises US$3.5M Seed for World’s First Move-to-Earn AR Game
The investment was led by Animoca Brands, OliveX, and Spartan Ventures.
SINGAPORE, April 07, 2022 (GLOBE NEWSWIRE) — DEFY Labs, the developer behind the move-to-earn augmented reality (AR) game DEFY, has raised US$3.5 million in a seed round led by Animoca Brands, OliveX, and Spartan Group.
Other investors who took part include Polygon Studios, GameFi Ventures, Bixin Ventures, Unanimous Capital, PathDAO, and Play It Forward DAO.
- DEFY’s gameplay involves hacking missions that require players to explore their physical surroundings with the aid of augmented reality.
- Rewards are distributed to players in the form of cryptocurrency and NFTs.
- Alpha version of the mobile app will launch in mid-April for players to take part in a revolutionary storyline.
DEFY’s gameplay blends a unique mix of AR, location-based interactivity, and hyper-casual code-breaking and hacking missions to create a unique experience for players around the world. Players take part in a Robin Hood-style revolution that pits them against an evil tech conglomerate. The game encourages players to explore their physical surroundings while earning in-game rewards, which are distributed as cryptocurrency and NFTs.
The fresh funds will go towards team expansion, game development, and improving the mobile app’s AR features.
“DEFY has the potential to serve as a bridge for the massive casual mobile gaming community to enter the world of NFTs. DEFY is transforming the experience of owning NFTs by introducing AR technology, contributing to making the open metaverse more physically engaging,” said Yat Siu, Co-Founder and Executive Chairman of Animoca Brands.
“The DEFY team’s background with producing world-class AR games for brands such as Red Bull and AIA makes them a leader in the AR move-to-earn space. With our plans in the DOSE fitness metaverse and our newly released Dustland Runner app and website, we see a lot of room for collaboration with the team,” said Keith Rumjahn, CEO and Co-Founder of OliveX.
DEFY is in the midst of conducting its first Virtual Private Mask NFT sale. Mask holders will be the first batch of players in the game, granting them special benefits, including early token claims and the chance to shape the game’s development. In all, 8,888 of these original mask NFTs were created to signify early player status, with each bearing unique artwork designed by a veteran of Singapore’s graffiti street art scene, Pure Libre.
“At Spartan, we’re really excited by games that unify virtual and physical worlds: DEFY combines an exciting augmented reality game experience driven by rich lore with move-to-earn elements and a strong economic flywheel. The team has the right background to build this, and we believe that DEFY will be a fun and interactive way for users to play and earn that will onboard many users into Web3.” said Kelvin Koh, Co-Founder and Managing Partner of Spartan Group.
The team behind DEFY comprises members who are experts of the sports and technology industries. “With a dynamic team that believes in the potential of merging physical activity, mobile gaming, and Web3 rewards, DEFY Labs is combining augmented reality with exploration and gamification to create the first-ever move-to-earn AR game that is in a genre of its own. Our early investors believe in our vision to change how mobile gamers interact with the world around them,” said Ben Pember, CEO and Co-Founder of DEFY Labs.
DEFY will launch the alpha version of its mobile game in mid-April.
About DEFY Labs
DEFY Labs is passionate about building the next generation tools and platforms that allow users to view and interact with NFTs and other digital collectibles in the real world. DEFY Labs’ vision of the metaverse is one that involves merging the virtual and physical worlds in a compelling and inspiring way.
Website: http://defydisrupt.io
Twitter: http://twitter.com/defydisrupt
Discord: http://discord.gg/defydisrupt
Instagram: http://www.instagram.com/defydisrupt/
Medium: http://medium.com/@DEFY-Labs
Media Contact: Ben Pember, media@defylabs.xyz
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The investment was led by Animoca Brands, OliveX, and Spartan Ventures.
This content was issued through the press release distribution service at Newswire.com.
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