MPL in talks to raise $10-$15 million, plans to enter the web3 gaming sector

Indian esports and skill gaming platform, Mobile Premier League(MPL) is launching a new web3 gaming company named GGX as the unicorn plans to enter the play-to-earn(P2E) gaming sector. GGX is expected to be an NFT marketplace that will offer a platform for owning and trading in-game assets like an exchange.

MPL is in advanced talks to raise $10-$15m from Spartan Capital which is a digital asset management firm, Polygon and SAFTs. They are valuing the company at $200-$250m. It is likely that MPL will hold at least 20% of the native token supply.

In a P2E gaming, players are rewarded in cryptos which they can exchange for fiat money.

“The aim of GGX is to have multiple games and game developers on its platform. Players who acquire assets across any game on the GGX platform could freely trade them with other users on GGX,” one of the sources said according to Economic Times.

Sources revealed that any game developer will be allowed to monetise games using this GGX software tool kit.

MPL, Polygon and Spartan Capital declined to comment on any of this when asked till press time.

The company MPL was founded by Sai Srinivas and Shubham Malhotra back in 2018. It offers around 70 games across categories like daily fantasy sports, quizzes, esports etc on both Android and iOS. The company recently entered the unicorn club last September at a valuation of about $2.3 billion.

Back in May this year it laid off close to 100 employees and exited the Indonesian market.

MPL recently launched a subsidiary company by the name of Mayhem Studios. The Studio launched its first title Underworld Gang Wars (UGW), a battle royale game which will have synergies with GGX.

“Underworld will have these tradable assets and this trading will happen using the GGX infrastructure. So, basically, underworld gang wars will be a proof of concept of what GGX can do,” said one of the sources as reported by Economic Times.