Lore, a decentralized platform for Web3 collectives, has recently attracted a strategic funding round of $4 million, led by Multicoin Capital. This capital will be used to enable new use cases and expansion to additional blockchains beyond Ethereum. It is a platform that facilitates various NFT-based activities and provides the environment for creator communities and gaming projects to collaborate and own non-fungible tokens.

The idea behind Lore is to replicate the internet-brought communities that exist on shared interests and goals onto the crypto space. It allows collectives to pool resources, issue ownership stakes, and facilitate automated administrative services. It enables its users to readily access mints, stake utilities for performing certain tasks, and participate in NFT-based games. It also serves as a social platform for users to interact and connect with people that share the same interests and ambitions.

Lore, launched in public beta mode recently, is used by game-builder communities such as Proof, Friends with Benefits, Seed Club, Memeland, and Azuki. Along with Multicoin Capital, several other entities have also contributed to the strategic funding round. Among them include Seed Club Ventures, North Island Ventures, Balaji Srinivasan, Zeneca, etc. Lore has raised around $7.15 million till date, in several rounds of funding.

The current round of funding comes in a period where investment and partnership in crypto startups have generally slowed, on account of several messy public outbursts and the crypto bear market. However, the recent developments such as such as this funding round, give strong confidence of a healthy recovery and getting back to regular activity in the near future. Lore is expecting to continue to grow and expand, with the model of a platform for virtual worlds for collective action, encouraging further innovation and helping users realize their goals and interests.



Other News from Today