TechFlow reported, according to mobidictum, Loot Labs, a Web3 loot box development company, has raised $1.5 million in pre-seed funding led by BITKRAFT Ventures, with participation from Polygon Ventures, Mechanism Capital, Lofty Ventures Syndicate, and video game streamer Hammoudi Yassuo Abdalrhman. The new capital will be used for product development and marketing of the Web3 loot box platform Boxed.gg, as well as building partnerships to enhance community engagement with existing assets.
Loot Labs' founder and CEO Milan Harris previously served as an executive at the NFT project Cool Cats. Loot boxes are similar to virtual crates commonly found in video games. By publicly disclosing drop rates and dynamically adjusting pricing based on real-time market data, NFT buyers can obtain digital collectibles fairly and transparently.
