KlayCity
P2E virtual world where district NFT owners can govern, explore and earn while enjoying the gaming experience.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
* | $3.8m | Seed | |
| Total Funding | 000k | ||
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KlayCity operates as a decentralized, play-to-earn (P2E) virtual world set in the year 2080 on a post-pollution, replicated Earth. The project, which is built on the Klaytn blockchain, combines elements of LandFi (Land Finance), decentralized finance (DeFi), and non-fungible tokens (NFTs) into a singular gaming ecosystem. The company was founded by Jake Choi.
The core of the platform revolves around Land NFTs, which are digital assets representing districts based on real-world population centers. Players, who are clients in this virtual economy, acquire these Land NFTs to govern, explore, and earn within the game. The primary objective for players is to "reinhabit" the virtual Earth by gathering resources, rebuilding populations, and expanding their territories. A significant milestone was achieved in March 2022, when the company raised $3.75 million in a seed funding round led by Krust and Animoca Brands, with participation from notable investors like Naver Z and FriendsGames. This capital was intended to further develop the virtual world and enhance the user experience. In January 2023, KlayCity underwent a rebranding to become OrbCity, which included a 1:1 migration of its $ORB token on the Klaytn network to a new contract.
The business model is centered on the in-game economy, driven by two primary tokens: $LAY and $ORB. Players can stake their Land NFTs to generate $LAY tokens, with the amount earned corresponding to the tier of their land. These $LAY tokens, in conjunction with $ORB tokens, are then used for various in-game activities such as leveling up land NFTs and minting new ones. This creates a cycle of activity and value within the platform. The company's revenue is intrinsically linked to the activity and transactions within its virtual world, including the initial sale and secondary market trading of its Land NFTs, which have seen significant interest on platforms like OpenSea.
Keywords: OrbCity, LandFi, metaverse, play-to-earn, P2E, Klaytn blockchain, NFT game, virtual world, Jake Choi, Animoca Brands, Krust, decentralized finance, crypto gaming, land NFT, virtual real estate, $ORB token, $LAY token, blockchain gaming, digital assets, virtual economy