Virtually Human Studio, the developer behind blockchain-based digital horse racing game Zed Run, raised $20 million in Series A funding.
The round was led by private equity firm The Chernin Group, and also included Andreessen Horowitz and Red Beard Ventures.
Launched in 2019, Zed Run is structured so consumers not only collect NFTs but also use them to compete. Users purchase, breed, auction, and race digital horses.
More than $30 million worth of racehorse NFTs have been sold to date.
- Prices of the digital racehorses range from $130 to $45,000.
- Free races are available, but users can pay up to $100 to enter races.
- The platform has more than 14,000 unique stable owners.
Between early May and July 20, monthly NFT sales declined 42% to $188 million, per The Wall Street Journal.
Despite the drop, NFTs are still a hot commodity.
Earlier this week, OpenSea, an NFT auction platform made famous by Beeple’s $69 million sale, raised $100 million at a $1.5 billion valuation. The round was led by Andreessen and included Kevin Durant, Ashton Kutcher, and Creative Artists Agency.
