South Korean play-to-earn (P2E) LandFi metaverse KlayCity recently raised $3.75 million in a seed and private funding round. The round was led by Krust and Animoca Brands, with participation coming from a long list of other investors such as Naver Z, FriendsGames, A&T Capital, OKX Blockdream Ventures, Genesis Block Ventures, Kyros Ventures, ROK Capital, StableNode, PlayDapp, HG Ventures, Eric Zoo from Exnetwork Capital, Kwon Do and more.
KlayCity is looking to build the future of the mirrored virtual worlds, and in doing so, expand its LandFi metaverse to a global market which extends beyond its native Korea. The company’s CEO, Jake Choi, has since spoken on how the funds will be integrated into such plans: “With this capital from our strategic investors and partners, KlayCity will continue to build the virtual world with Land NFTs to allow users to come across a whole different experience in crypto space”.
The company also has an overarching goal to develop its IP business in various fields that surround the original story of KlayCity.
Land NFTs are what make up the year 2080-set metaverse, as they divide the KlayCity ‘earth’ into Districts based on real-life population centers. Land NFT owners can stake their NFT to generate $LAY tokens every 30 days based on the tier of their Land NFT, and can also mint new Land NFTs by burning a certain amount of $LAY and $ORB tokens. In addition, the Klaytn Network-built platform allows players to utilise NFTs, $LAY and $ORB tokens in even more directions, whilst also allowing them.to participate in various activities such as scavenging, exploring, and levelling.
The presale for KlayCity Land NFTs has already taken place, as the 10th of February saw the selling of such assets for 500 KLAY a piece. Whilst now being actively traded on OpenSea, District #684 amassed a price of 120,000 KLAY on March 11th, which is a huge 240 times larger that the initial minting price of 500 KLAY.