WAGMI, a wholly-owned subsidiary of Fragbite Group, announced on Wednesday (August 3) that it has agreed to sell its soon-to-be-released in-game tokens for $3.35M (approximately €3.2M) to various leading blockchain investors.
The investor list includes Solana Ventures, Magic Eden, COM2US, CRIT, Mysten Labs, Zeeprime Capital, Hustle Fund, SOLBigBrain, Devmons GG, and Sebastien Borget, co-founder of The Sandbox.
According to WAGMI, the token sale will strengthen the capital base and will be used to build a portfolio of Web3 games that utilises the in-game token as a premium in-game currency.
The company plans the public sale of the in-game token for later this year.
“I’m happy to see the interest and the support these reputable investors have shown. Fragbite Group is, to my knowledge, one of the first listed entities globally that is also regulated within blockchain and Web3 with our Virtual Assets Service Provider registration in Gibraltar in place. As a result, we now have a strong operational platform for Fragbite Group’s future investments and growth within Web3 gaming. We have high ambitions for the coming public sale, and we also have a strong pipeline of exciting events planned for our Web3 games,” says Marcus Teilman, President & CEO of Fragbite Group.
Fragbite Group: What you need to know
The Group has three internal game development studios – Lucky Kat, FunRock/Prey Studios, and WAGMI – that develop, publish, distribute, and market games for the global gaming market for desktop, console, and mobile devices.
Currently, the group consists of companies with about 80 employees with a shared passion for gaming. The Swedish company debuted in Web3 games with the Lucky Kat acquisition in 2021.
Post the success of Panzerdogs, one of its gaming projects on Solana blockchain technology, Fragbite onboarded many partners to start building its metaverse.
“On the back of the success of Panzerdogs, we are excited to join this round to support the development of WAGMI and Lucky Kat Studios. The team has a strong track record of building playable, high-concept games, and we look forward to partnering even more deeply to further the growth of Web3 games,” says Zhuoxun Yin, Co-Founder & CEO of Magic Eden.
WAGMI and Lucky Kat are building a second Web3 game, to be revealed soon. Users can utilise the in-game token and previously released Non-Fungible-Tokens (“NFTs”) from Panzerdogs in this new experience.
“We are excited to support WAGMI and Lucky Kat Studios in their quest to build one of the first cross-platform games on Solana with Panzerdogs. WAGMI and Lucky Kat combine their experience in F2P games with thoughtfulness in their incorporation of Web3 in the Panzerdogs universe. We look forward to seeing their games and community grow,” says Justin Barlow, Senior Associate from Solana Ventures.
WAGMI has also completed an internal round, where Fragbite and certain employees of Lucky Kat have bought the in-game token for a total amount of approximately $80K (approximately €78K).
“WAGMI and Lucky Kat are two of the very few game studios that have made a seamless transition to Web3. They have demonstrated abilities to ship Web3 games that are innovative and fun to play. Mysten Labs is excited to partner with WAGMI and Lucky Kat to showcase what the future of Web3 gaming is about,” says Evan Cheng, Co-Founder & CEO of Mysten Labs.
Headquartered in Stockholm, Sweden, Fragbite Group has physical offices in Alexandria in Egypt, Montpellier, Nancy and Paris in France, and The Hague in the Netherlands, as well as Gibraltar.