Web3 social gaming platform Soulbound raised $4 million in its latest funding round, which concluded in the second quarter of 2024. 

The investment will support the company’s efforts to establish gaming partnerships, enhance social interactions, and expand streamer bounties and social questing features.

According to GamesBeat, the round’s investors include Blocklords CEO David Johansson, iAngels, Animoca Brands, Big Brain Holdings, NGC Ventures, Panony, and Delta Blockchain Fund. 

Since its inception, Soulbound has tripled its team, adding expertise in engineering, business development, and community-building.

Platform Features

The platform, launched in spring, integrates game streaming and bounty programs. 

Soulbound allows users to earn non-transferable DRIP tokens to engage with partnered games and showcase gaming accomplishments. The company reports continuous growth over the past few months.

Soulbound’s new user interface, set to launch this month, emphasizes game streaming as a central feature. 

The platform is a hybrid of Twitch and Steam, allowing users to showcase achievements and interact with the community through a “slapping” mechanism involving digital stickers.

Casey Grooms, co-founder of Soulbound, told GamesBeat that the platform is onboarding two new games per week. 

Recent streaming activations with games like Shrapnel and Echelon have attracted over 200 players in competitive tournaments, generating more than 50,000 minutes of streamed content.

New Features and Revenue Streams

The company is introducing an in-stream wager mechanism, enabling users to bet on streamer actions during gameplay. Soulbound also offers a sticker marketplace for artists and collectors, providing a new revenue stream for creators.

For game studios, Soulbound provides a platform to acquire and interact with users through streamer bounty pools, featured quests, and targeted promotions. The company reports that players have used over 25,000 stickers on posts.

“Gaming is no longer a solo experience,” Soulbound CEO A.I. Mansbridge said in a statement. “Game studios, gamers, and streamers want to reach new audiences. Soulbound is a bridge for traditional gamers, streamers, and game studios to the expansive blockchain gaming space.”

Soulbound’s token generation event (TGE) is expected to take place in the second half of 2024.