Paradigm-backed NFT card game Parallel has secured $35 million from a group of investors to expand the universe across new platforms.
Parallel, a sci-fi NFT card game, that supports the Ethereum blockchain and the Base layer-2 chain, has completed another financing round, bagging in $35 million from a pool of investors. In an X post on Mar. 28, the game developers said the funding was supported by Distributed Global, The Operating Group, VanEck, Solana Ventures, Base Ecosystem Fund, and Amber among others.
$𝟯𝟱𝗠 𝗙𝘂𝗻𝗱𝗶𝗻𝗴 𝗥𝗼𝘂𝗻𝗱 𝗶𝗻 𝗣𝗮𝗿𝗮𝗹𝗹𝗲𝗹 𝗦𝘁𝘂𝗱𝗶𝗼𝘀
We are excited to announce our latest funding round! Our team is thrilled to expand the Parallel universe across new mediums and platforms. // pic.twitter.com/ZJLyFoahjH
— Parallel (@ParallelTCG) March 28, 2024
The project’s valuation following the funding was not disclosed, although the developers said that the proceedings will be used to “expand the Parallel universe across new mediums and platforms.” As of press time, other details were not disclosed.
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Since its launch in 2021, Parallel has remained in open beta, offering players the opportunity to collect, trade, and engage with unique in-game assets represented as non-fungible tokens (NFTs). The game’s narrative revolves around a fantasy storyline depicting humanity’s endeavor to escape into space following a global energy crisis.
Following the launch, the game initially raised $50 million at a valuation of half a billion dollars, with support from crypto venture firm Paradigm and other investors, according to a report from TechCrunch. However, it remains uncertain whether the project’s valuation has been affected by the 2023 crypto winter, which saw valuation declines across many blockchain ventures.
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