Soulbound secures $4 million to revolutionize web3 social gaming

Soulbound, a web3 social gaming ecosystem, has secured $4 million in funding to advance its mission of empowering the new creator economy. This innovative platform merges GameFi and SocialFi, offering a next-generation digital experience that combines gaming and social interaction. The latest funding round, completed in Q2 2024, attracted participation from leading figures in the gaming and blockchain communities.

Through the funding, Soulbound will be able to establish new gaming collaborations, improve social connections, and broaden the range of options available to broadcasters through the use of bounties and social quests. The staff at Soulbound has increased by a factor of 300 percent since the company’s founding, with new members joining in the areas of engineering, business development, and community building. At the moment, the team’s primary focus is on enhancing the user experience and incorporating Twitch live-streaming for games that are partnered. The Token Generation Event (TGE) for Soulbound is expected to take place in the second half of 2024, while additional platform apps are scheduled to be released in the third quarter.

Through the process of bringing the next generation of gamers, streamers, and creators into the web3 gaming realm, Soulbound is strategically positioned to capitalise on the enormous expansion that the gaming industry is experiencing. DRIP tokens are non-transferable tokens that users can accumulate by engaging with the platform and the games with which it collaborates. These tokens give users the opportunity to display their gaming accomplishments that are connected to their individual gaming identities. Moreover, these tokens can be utilised to improve the quality of their streams.

Through features such as gameplay videos, Twitch clips, and community “vandalism,” in which users can place stickers on the posts of other users, the site reimagines the concept of social gaming. Through the use of streaming bounties and a sticker marketplace for artists and collectors, this interactive experience offers streamers and producers the opportunity to generate new money streams. Up to this point, users of Soulbound have applied more than 25,000 stickers created by more than 150 different artists.

Beyond individual gamers, Soulbound offers value to the B2B sector by enabling game studios to engage with users through streamer bounty pools, featured quests, and targeted promotions driven by data-rich profiles and user-generated content. The platform is currently onboarding five new games on a weekly basis and has hosted streaming activations with games such as Shrapnel, Parallel, and Nifty Island. These activations have attracted over 200 players and generated over 50,000 minutes of streamed content across the Soulbound network.

A.I. Mansbridge, co-founder of Soulbound mentioned that gaming is no longer a solo experience. Game studios, gamers, and streamers are eager to connect with new audiences, and Soulbound serves as a bridge between traditional gaming and the expansive blockchain gaming space.

Casey Grooms, co-founder of Soulbound also mentioned that gamers, streamers, artists, and developers are frustrated with the current gaming landscape. Soulbound is creating a social platform that disrupts traditional community interaction. 

Soulbound’s innovative approach to blending gaming and social interaction positions it at the forefront of the web3 gaming revolution, offering users, creators, and game studios a dynamic platform to connect, create, and thrive in the digital age.