Web3 startup Xternity raises $4.5 million in pre-seed round

Israeli startup Xternity, which focuses on Web3 infrastructure for gaming, raised $4.5 million in a pre-seed round, The Block reports.

The round was led by venture firm NFX, which specialises in early-stage investments. Among other participants were Jibe Ventures, Flori Ventures, Secret Chord Ventures and vGames.

Israeli-based Xternity is designed to help game publishers implement Web3 components, including NFTs. To this end the firm has developed a no-code-platform that supports the blockchains Polygon, ImmutableX, Solana, BNB Chain, Celo and Ethereum.

As of now, Xternity employs ten people. The firm plans to hire five more developers.

According to a Leapfrog Crypto report, the number of active users in the Gaming category over the past year declined only slightly compared with most other sectors.

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Analysts at The Block noted that the number of mergers and acquisitions in the NFT/gaming segment has risen over the past three quarters.

Earlier, the New York-based investment firm CoinFund announced the launch of a $250 million fund to invest in Web3 projects.

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