Limit Break Raises $200M To Build Web3 Games

Limit Break, the company behind the DigiDaigaku NFT collection, has raised $200M over two funding rounds, it announced Monday.

The funding, led by crypto venture capital firm Paradigm, will be used to build massive multiplayer online (MMO) web 3 videogames.

‘Free to Own’ Model

“After a decade of pushing ‘Free to Play’ games to their limits, our founders have spent the past year building Limit Break to replace F2P using Web 3. We call this new model ‘Free to Own,’” the company said in a series of tweets announcing the funding.

“Free to Own (F2O) is built around free mints for Genesis NFTs. These Genesis NFTs lead to other NFTs through airdrops and more, none of which involve gimmicky fundraising tactics.”

NFTs Up 70%

The floor price of DigiDaigaku NFTs is up almost 70% since the announcement at 9:30 a.m. New York time. The cheapest token in the collection was listed at about 13 Ether, or almost $20,000, at 11 a.m. New York time.

Released three weeks ago as a free stealth mint, the collection of 2,022 anime-themed characters sold out in minutes and has seen 3,900 ETH ($6M) of secondary trading volume on OpenSea.

DigiDaigaku #379

The highest recorded sale so far is DigiDaigaku #379, a 1/1 that changed hands for 59 ETH ($89,000) on Aug. 25.

Limit Break CEO Gabriel Leydon tweeted that an airdrop for holders would be forthcoming. He did not immediately respond to an interview request from The Defiant.

Other investors include Josh Buckley, Standard Crypto, FTX, Coinbase and Positive Sum.