Proof of Play Joins BasedVC Investment Platform, Adding Utility to PIRATE Token

US web3 game developer Proof of Play has announced it will join investment platform BasedVC, adding utility to the company's PIRATE token.

Web3 game developer Proof of Play has announced its latest partnership with investment platform BasedVC, which will see the company add utility to its PIRATE token.

Facilitating co-investments in early stage rounds from retail communities, BasedVC is backed by Sublime Ventures, and operates as a Canadian GP-LP licensed fund. As the official investment arm of Neo Tokyo, BasedVC claims it has over 20,000 daily active users on its platform. The company also claims to have deployed over $65 million in capital over the last year, including investments into games such as Nyan Heroes, Shrapnel, and Heroes of Mavia.

In terms of Proof of Play, it will officially partner with Neo Tokyo, Bored Ape Yacht Club, Cyberkongz and other blue-chip web3 and NFT projects to join the BasedVC ecosystem.

Proof of Play CEO Amitt Mahajan said that the partnership “will give us an active role in upcoming web3 initiatives, as well as be an added set of utility and a driving force for the PIRATE token holders. We’re excited to offer utility while rewarding our dedicated community, one of the most important principles for Pirate Nation.”

BasedVC offers its community members a gated NFT platform where they can stake either their own or their partner tokens and then find available investment opportunities. Members can then commit their funds directly to their selected projects, with BasedVC managing the execution and post-investment support, including delivering the vested tokens to the members’ wallets.

“We’re right at the nexus of everything in blockchain that’s changing the world we live in,” said BasedVC managing partner and head of strategy Rudy De La Cruz.

“BasedVC is giving average investors a way to invest in these opportunities, early, so that they can profit from the explosive, early growth, just like traditional VC firms do.”