- Red Door Digital is a gaming studio developing AAA-quality Web3 video games.
- The startup has raised a $5 million seed round, led by M6, Maven Capital, and Shima Capital.
- See the key slides from the pitch deck it used to convince investors to back its fundraise.
Singapore-based Web3 gaming studio Red Door Digital in March raised $5 million seed round, which it plans to use to further develop high-quality video games for Web3.
The games will leverage blockchain technology and incorporate play-to-earn models, cross-chain decentralized finance, or DeFi, infrastructure, and interoperability with non-fungible tokens, the startup said.
Play-to-earn games, such as “Axie Infinity,” let users earn money – usually in the form of tokens — by progressing through the game. Red Door charges trading fees on the buying and selling of NFTs in its games.
The company, founded in 2021, has three games under development: “Reign of Terror,” billed as a “cyberpunk MMO,” which will feature in-game characters and items available as NFTs; “Dinohorse Saga,” a casual racing and battling game; and “Project Synth,” a sci-med battle royale-style game.
“We don’t focus on Web3 at the expense of the game. Both parts play a role,” said Joseph Derflinger, CEO of Red Door Digital. He added that most Web3 games so far have lacked playability.
The company has recently stated an intention to build “AAA-quality” games, which refers to high-budget, high-profile games typically produced and distributed by large gaming studios.
Red Door Digital said it won’t be just releasing Web3 gaming titles, however. It is also building Web3 infrastructure that is intended for use in third-party studios’ games as well as its own, and it’s already in talks with top-tier game studios looking to expand into GameFi, the company said.
Investors in the seed round included M6, Shima Capital, Maven Capital, Cryptology Asset Group, and LucidBlue Ventures.
Check out the key slides from Red Door Digital’s seed round investor deck.
