Trace raises $3.5mn in funding

Hyderabad Play-to-earn NFT metaverse project, Trace recently raised over $3 million in a closed round of seed investments. Additionally it also raised an additional $5,00,000 through NFT sales on the platform.

The project, currently a host to over 1,00,000 members across local communities, has also announced the appointment of Indian Crypto influencer, Abhyudoy Das as their advisor. Trace is a geo-location based metaverse, which utilizes AR technology and is accessible via smartphones.

Abhyudoy Das said, "For the Indian market play-to-earn games have a lot of potential to facilitate mass adoption especially in the crypto-currency market. The gaming market in India has seen a massive growth over the past couple of years and currently shows no sign of decline. Considering the overall popularity and the kind of market penetration of the gaming industry, we feel this is the perfect time to leverage this interest to facilitate mass adoption of the crypto market."

"Trace offers players the potential to make money solely through the in-game features. It has already created an in-app marketplace, where layers can buy and sell avatars, cars, car parts, boosters, and other game items, which is much more convenient for the users than searching for the necessary NFTs on third party marketplaces," he added.

The Drive&Earn and Move2Earn mechanic in the game allow the users to earn Trace tokens by simply driving around the world. The tokens can then be utilised to mint and obtain additional NFT's. The Trace project also will continue to offer new features via updates every six months to ensure replay-ability of the game for long term engagement.