On 9th June, Orange Cap Games secured $3.5 million in seed funding to strengthen its blockchain gaming portfolio and expand its reach.
The funding round was led by 1kx and Yuga Labs, with support from Bing Ventures and other backers. The announcement was made through an X(Twitter) post by the company.
The game studio, based on blockchain technology, is known for developing both digital and physical trading card games. It is behind the title “Vibes,” a game that incorporates well-known NFT characters like Pudgy Penguins.
The company stated that the fresh capital would be used to expand its existing products and enhance development within the Vibes and Moonbirds ecosystems.
Moonbirds IP Now Belongs to Orange Cap Games
Just days before this funding announcement, Orange Cap Games revealed that it had acquired the intellectual property rights to the Moonbirds NFT collection from Yuga Labs. This acquisition also includes the Mythics and Oddities collections.
While OCG did not disclose the financial terms of the deal, the move indicates a strong push toward owning and controlling popular Web3 IP as part of their broader strategy.
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Moonbirds is an Ethereum-based NFT collection that has built a loyal community over time. By acquiring it, OCG gains access to a recognisable and established brand that could be key to boosting interest in its upcoming games and platforms.
The studio describes itself as a “Game and Experience design” company that aims to bring beloved Web3 IP to life through interactive experiences. With the Moonbirds brand now under its control, the team plans to weave these characters and stories into new and existing game titles.
Crypto Gaming Faces Headwinds
While OCG continues to grow, the broader blockchain gaming space is experiencing some turbulence. According to the latest report from DappRadar, the sector has seen a noticeable decline in user engagement.
The number of daily unique active wallets dropped to 4.8 million, down 10% from the previous month. This decline suggests that interest in crypto gaming is cooling off, at least for the short term.
The drop in user activity may be linked to shifting trends, market saturation, or players awaiting more mature and polished experiences. Despite this, Orange Cap Games is pushing forward, using its new funding and strategic acquisitions to carve out a distinct place in the space.
The success of Orange Cap Games’ fundraising and its acquisition of Moonbirds may serve as a signal that while the overall market may be slowing, investors are still willing to back teams with strong ideas and IP strategies.
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