- Rekt Studios, UAE-based blockchain-focused startup, has secured $1.5 million in funding from Cypher Capital.
- The funding will go towards the development of its gaming metaverse ecosystem, Unseen.
- According to the startup, Unseen is a fully immersive, interoperable decentralised virtual ecosystem centred around gaming, built to be accessible directly through the ownership of any Ethwreum Virtual Machine-compatible Non-Fungible Token (NFT) in existence.
- Rekt Studios was founded in 2021 by Elie Rizek and provides developers and designers with tools to develop blockchain-based products.
- Launched early this year in Dubai, Cypher Capital is a $100 million VC fund focused on backing startups in web3, blockchain, crypto and other digital assets.
Rekt Studios, a Dubai-based startup has announced it’s secured $1.5 million in funding from Cypher Capital, a Dubai-based leading blockchain and web3 venture capital firm, to bolster the development of the ‘Unseen’ ecosystem.
The investment will augment development and enable Rekt Studios to launch a product capable of establishing itself as the leading gaming metaverse. The collaboration will also provide access to the substantial global network of Cypher Capital and facilitate the execution of Rekt Studio’s first gaming metaverse, Unseen. Bill Qian, Chairman of Cypher Capital, and Rekt Studio's board advisor will support the studio's ambitious plans for operations, partnerships, and growth.
"I am confident that the ambitious plans which Rekt Studio have laid out to date alongside their stated goals of Rekt Studio will have a very positive impact on the region. The new funding will not only enable further game development but will also fuel expansion and the studio’s marketing efforts. Our immediate goal is to provide the Middle East with a distinct and accessible gaming ecosystem, while also establishing the region as the most prominent space for abundant opportunities in this space,” said Bill Qian, Rekt Studio’s Board advisor.
Unseen is an immersive fully interoperable decentralised virtual ecosystem centred around gaming, entertainment, and real-world utility. This world is one for all, fully inclusive, and accessible directly through the ownership of any EVM-compatible Non-Fungible Token (NFT) in existence. The ecosystem is made for entertainment first, and it provides ample opportunities for users to invest, create, sell, and buy digital assets and experiences.
The metaverse will bridge traditional gaming through blockchain technology in an open virtual world. The selection of games will range across various types, genres, and gameplay mechanics to eventually evolve into a fully-fledged game distribution platform.
“At Cypher Capital, we strive to remain at the forefront of cutting-edge technology within the web3 universe. In light of setting the new norms, Rekt Studios’ upcoming value-driven ecosystem “Unseen” showcases the maturity of the industry and its limitless potential. We are very excited to be investing in this project and cannot wait to see what the future holds for Rekt Studios, within both the business as well as the immersive world that they are building. Unseen’s proprietary virtual economy that leverages emerging technologies and integrates them at the core of human interactions is unprecedented, and Cypher is delighted to help them bring this vision to the world.” said Bijan Alizadeh, co-founder and partner at Cypher Capital.
Unseen will provide simplified design, development, and integration tools for users to build on top of the platform and shape the world that they want to see. Creators can make anything from games, experiences, and metaverse buildings to digital assets. Unseen seeks to redefine the concept of “digital ownership” by providing source files for any digital asset to all corresponding creators and owners for them to interact with and utilize to the full extent of their imagination.