Parallel is getting big — really big. The NFT trading card project announced the results of its latest funding round on Thursday, Oct. 21. Led by the $50 million investment from Paradigm — a VC firm created in part by Coinbase co-founder Fred Ehrsam — Parallel is on the path to becoming one of the hottest games in NFTs.
The backing from Paradigm, Parallel told TechCrunch, brings the project’s valuation to $500 million.
This news comes as gaming has become an increasingly popular sector of the NFT ecosystem, contributing a large percentage towards NFT sales that skyrocketed to $10.7B in Q3.
Parallel is centered around the story of a global disaster referred to as “The Event.” In the aftermath of a scientific experiment executed in hopes of solving future Earth’s dwindling energy supplies, humanity abandoned the planet, progressing separately in five Parallel streams of evolution.
The sci-fi project encompasses collecting a set of cards to compose a playable deck associated with one of the five Parallels: Earthen, Marcolian, Augencore, Kathari and Shroud. Though the project launched in March 2021, Parallel has yet to release its immersive trading card game; cards are available to collect via the project’s OpenSea.
With legacy projects such as Plasma Bears paving the way for NFT gaming, Parallel follows close behind gamified NFT projects including rising superhero-focused project MetaHero Universe and Axie Infinity, the largest NFT game in existence. And although NFT gaming has come under fire recently, this latest news from Parallel alpha, in conjunction with an upcoming drop celebrating the Paradigm funding, shows promise for the longevity of Parallel’s endeavors.
For more information about Parallel, visit the project’s website.
Photos courtesy of Parallel.