The NFT card game Parallel, supported by Paradigm, has successfully raised $35 million from a consortium of investors, signaling its intent to expand its universe across various platforms. In an announcement on Mar. 28, developers of the sci-fi game revealed that Distributed Global, The Operating Group, VanEck, Solana Ventures, Base Ecosystem Fund, and Amber, among others, contributed to the latest funding round.
Although the project’s post-funding valuation remains undisclosed, developers have stated that the capital injection will facilitate the expansion of the Parallel universe onto new mediums and platforms. Detailed information beyond this statement is currently unavailable.
Since its inception in 2021, Parallel has been in open beta, allowing players to interact with unique in-game assets represented as NFTs on both the Ethereum blockchain and the Base layer-2 chain. The game’s storyline revolves around a fantasy narrative depicting humanity’s quest to escape into space amidst a global energy crisis.
Initially, Parallel garnered significant attention in the investment realm, securing $50 million in its early stages with a reported valuation of $500 million, supported by Paradigm and other investors. However, the impact of the 2023 crypto winter on the project’s valuation remains uncertain, given the market downturn affecting various blockchain ventures.