Internet Game, a new company that has been called “HQ Trivia meets NFTs,” has raised $7 million in an early investment round. Investors in the seed round include Magic Eden co-founder Zedd and HQ Trivia co-founder Rus Yusupov. Other investors include ParaFi Capital, Dragonfly Capital, Dephi Digital, Uniswap Ventures, Collab+Currency, Gmoney, Milk Road, Ready Player DAO, and Uniswap Ventures.
According to the company, the idea turns HQ Trivia into an online game with a twist involving cryptocurrency.
Before the first season started in March, 8,000 people had to make NFTs worth $2.2 million so they could play. With those funds, the company bought NFT rewards chosen by the players, like Bored Apes, Mutant Apes, Doodles, Azukis, and CloneXs, worth more than $1 million.
In a tournament that the company called “like Squid Game,” each “Game Token” NFT that was bought could be used to play five games over five days. Those who were still alive after five rounds got a “Metaverse Access Card NFT,” which let them play all future project events and special minigames for free. From the prize fund, each of the top 100 scorers got a blue-chip NFT.
The NFT lets a player sell their rank and score to another player
In a statement, Jordan Lejuwaan, co-founder and CEO, said that “joy is our “utility” and major key performance indicator.” “Everyone who plays the games we make goes through a roller coaster of feelings. All of the people who took part in Season 1 said it was the most fun they had ever had on Web 3.
How is it different from HQ Trivia? Lejuwaan told The Block that trivia questions are only interesting for a limited amount of time. “Our model includes a buy-in. Since HQ Trivia didn’t really have a business plan, it had to keep raising the prize money as the number of people who used it grew.
fight when the market is down
Internet Game: The second season of “Bear Market Battle” comes out on September 12. The hosts will be Leah Lamarr, who runs the comedy show Clubhouse, and Gmoney, who is a big deal in the NFT. Between September 12 and September 23, six more games from Season 2 will be played.
In an exclusive interview with The Block, Lejuwaan said that future seasons of the game will try to make it easier for people who don’t own or understand cryptocurrencies to play. This will be done with a lower entry bar, noncustodial wallets for prizes, and payments in dollars.
He said, “We are building with the express purpose of onboarding people to web3.” In season 3, people may not even be aware that they are using something made with cryptocurrency.
The games that Lejuwaan and his co-founder Krish Jagirdar made for their communities can be used by other NFT projects. Jagirdar says that it is a way to get the next generation interested. “The goal is to get people more involved in their communities.”
where we are
Less than two years after it became popular, HQ Trivia had a rough ending. It went bankrupt while the hosts drank and cursed on the last live show. It didn’t do well because it had problems and cost money. It also lost a bid to be bought out, which would have helped it stay in business. In the middle of the controversy, co-founder Colin Kroll died in 2019 of an accidental drug overdose. He had been accused of acting inappropriately with women. Both Kroll and Yusupov have worked for Vine and Twitter in the past.
It didn’t cost anything to get the game or to play it. Whoever correctly answered all 12 multiple-choice questions asked by a live host would win some of the game’s prize money. Over the course of its run, $6 million in cash prizes were given out.
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