Phi has raised $2 million in its seed and aims to set up a social gaming ecosystem for web3 players. The $2 million seed round was led by Chapter One, Delphi Digital, and Polygon Ventures. The seed round was also backed by over 25 other individual investors including Lens Protocol and AAVE Founder, Stani Kulechov, Anthony Sassano, founder of The Daily Gwei, Ryan Sean Adams, co-founder of Bankless and builders from ENS domain, Ethereum, and notable firms.
One of Phi’s key focuses is to drive massive web3 adoption using the funds raised. “We’ll tackle exciting new challenges to visualize & gamify on-chain identity, which enables further mass adoption of the web3”, Phi said.
Phi’s investment partner, Mene Mazarakis, at Chapter One commented that “leaning into on-chain identity and leveraging gamification will play a larger role in helping users reap the benefits of crypto. Phi’s gamified aspect of expressing identity through earned objects will lead to greater engagement and exploration of web3 projects.”
Also, Phi is looking to bring more innovation to the social, gaming, and the art world; creating a community and collaborating with more protocols, and developing other derivatives of Phi, specifically 3D art, animation, and game.
Users on the Phi network can generate personalized experiences by plugging their ENS domain which would allow them earn in-game assets depending on their wallet activity.
Further, utilizing the funds raised, Phi wants to “accelerate the design & development of improving UI/UX & new social/gaming features.”
The Investment Associate Rob Sarrow, at Delphi Ventures said Phi’s approach is a game changer and would simplify complex actions and underwhelming web3 frontends. He added that “by expanding the design space for novel consumer experiences, Delphi Ventures is proud to be a partner in Phi’s journey.”
Phi is a social gaming platform focused on on-chain activities, gamifying the blockchain and providing an environment where on-chain identities can be easily visualized.
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