- Carv has employed blockchain-based technology to let users store and transport their usernames and data between applications.
- Unstoppable Domains that raised USD 65 million on a USD 1 billion valuation this July, and Spruce are two other companies making self-sovereign identity products.
Carv, a startup based in Los Angeles, recently said it has raised USD 4 million in seed funding to develop decentralized identification solutions for gaming applications that enable users to switch between applications and games freely.
Veterex, a venture capital firm based in Singapore, led the funding round, including contributions from Snackclub, EVOS (ATTN Group), Infinity Ventures Crypto, Lyrik Ventures, YGG SEA, Lintentry Foundation, PAKADAO, 7UpDao, UpHonest Capital, and others. Many investors have forged gaming network and infrastructure ties with Carv, particularly in the U.S., European, Latin American and Southeast Asian markets.
Carv has employed blockchain-based technology to let users store and transport their usernames and data between applications. This may contain data like game achievements, the reputation built up by users, connections to friends they’ve made along the road and more. The decentralized identity is a single sign-in where users create their unique identity.
As the most consumer-facing market and the one with the greatest potential for decentralized identity, Web3 gaming was the company’s primary focal area. The term “Web3” refers to the decentralized web, which is the prospective successor to the current web and in which apps operate peer-to-peer without a central authority and are supported by crypto token currencies.
Victor Yu, the Co-founder and Chief Operating Officer of Carv, said, “Gamer activities span across devices, platforms and into real life. However, their time, effort, and money spent remain data points scattered across isolated ecosystems, with limited value to gamers. By creating the infrastructure to piece these breadcrumbs together, we are unlocking tremendous opportunities in how gamers interact in the gaming universe.”
Yu informed a well-renowned digital newspaper that this paradigm has been successful for Carv and that it is challenging to convert typical gamers to Web3 because it requires players to get accustomed to bitcoin wallets, comprehend private keys and memorize long strings of numbers. With Carv, they get a distinctive ID that is easy to maintain and accompanies them from application to application when using decentralized identification.
Unstoppable Domains raised USD 65 million on a USD 1 billion valuation this July, and Spruce are two other companies making self-sovereign identity products. These products let users own their usernames and data using blockchain technology. These companies offer products with a broader range of single sign-on credentials.
Carv has collaborated with over 90 games and attracted 300,000 users six months after the beta launch of the app, with 160,000 of those users engaging with it actively on a monthly basis.
The funding for Carv comes as the cryptocurrency market collapse continues to worsen. It connects to cryptocurrency businesses and economies as a Web3 enterprise. However, investors are still hoping to profit from Web3 and gaming growth.
Li Wei, the partner at Vertex, said, “With the belief that gaming will be the most important segment track for linking traditional users and enthusiasts in the Web3 world, we are very optimistic about the future market of Web3 gaming.”
With the additional capital, Carv hopes to increase the size of its talent pool and carry on developing its credential infrastructure solutions in collaboration with ecosystem partners.
The business also stated that as technology advances, it plans to branch out from the gaming industry to include new sectors and applications. Among the use cases for decentralized identity include social networking, banking and productivity.
Carv is also developing data-driven analytics and infrastructure that will aid gaming firms in better understanding their consumers by recording player activity through insights. This will give them a clearer picture of what users are doing and facilitate more effortless audience engagements.
“There is a paradigm shift in how games think about user acquisition, business model and in-game economy design,” said Yu. “With the shift comes challenges to games’ sustainability. Carv is uniquely positioned to work with game partners to address these challenges.”
The company recently collaborated with over 30 games to draw attention to its product. It teamed up with BNBChain to launch a campaign of gaming tournaments and game nights supported by talks, in-game quests and rewards.