NFT card game Parallel raises $50 million at $500 million valuation

NFT sci-fi card game Parallel based on the Ethereum blockchain has raised $50 million at a $500 million valuation in a funding round led by Paradigm.

YouTube co-founder Chad Hurley, Focus Labs, OSS Capital and Yunt Capital, who are former investors of the company, also participated in the funding round. 

Parallel, which has a similar working logic with other NFT-oriented games, allows the cards in the game to be traded as NFT. According to CryptoSlam data, the Parallel platform has a transaction volume of $105 million. 

One of the “Masterpiece” cards was sold for $1.1 million worth of Ethereum cryptocurrency. The game earns income by receiving 10% commission from NFT sales realized within the parallel platform.

“The best crypto games will be the ones that can go beyond first-party content and inspire a community of players and developers to build on the game itself. We were impressed by Parallel‘s unique approach and fervent early community, and excited to support them for their next stage of growth,” Paradigm co-founder Matt Huang said in an email.