Key Takeaways
- Gritti, an upstart competitor within the move-to-earn gaming area, has closed its $1.7 million seed spherical.
- Earlier makes an attempt at such gaming fashions have loved fleeting success however in the end succumbed to poor token mechanics.
- Gritti is joyful to boast its credentials, however whether or not or not it may possibly ship stays to be seen.
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An upcoming move-to-earn recreation is hoping to get the method proper as soon as and for all.
Stepping Up
Gritti, an upcoming Web3 social health app for runners, has introduced the closing of its $1.7 million seed funding spherical. The spherical was led by Lingfeng Innovation Fund in coordination with Youbi Capital, Bixin Ventures, Orderly Community, Stratified Capital, and CDI. Advisors embrace Former EA Sports activities China GM Jared Johnson, Former Vice China CEO Bryant Chou, and Managing Accomplice at Atmos Ventures Sami Moughrabie.
The scrappy upstart is the most recent entrant into the move-to-earn craze, which reached latest heights in April and Might with the preliminary success of STEPN, an archetypal move-to-earn health recreation on Solana. From this attitude, Gritti has large sneakers to fill, so to talk.
Nevertheless, STEPN’s success rapidly pale attributable to a number of elements, not least of which being issues in regards to the sustainability of the venture’s token mechanics. Like different play-to-earn video games earlier than it, STEPN’s GMT and GST tokens misplaced most of their worth virtually as rapidly as they’d gained it, a drop solely exacerbated by the general market meltdown in Might.
Gritt kinds itself as “a Web3-empowered social health app that actively assists customers to attain train objectives and preserve a wholesome life-style” that “will outline the gold normal of operating in web3 by bridging the hole between the bodily and digital worlds.” The venture additionally boasts “unparalleled entry to the skilled sports activities world—from marathon organizers to operating influencers and athleticwear producers.”
Gritti’s semi-anonymous team claims to have “deep expertise fueling person development in Web2,” and claims to be “already identified for its revolutionary designs in 3D and AR.” Its upcoming “Genesis Sneakers” will launch 2,000 pairs of NFT sneakers in a first-round drop; subsequent drops are stated to incorporate “varied ranges of utilities, privileges, and rewards.”
Gritti is at the moment in closed beta testing with a full open beta scheduled for later this yr. For extra, try the blog and litepaper.
