Atmos Labs raised $11 million in order to create a “play-and-earn” metaverse. ExoGP will be its first game. ExoGP is where Formula 1 meets flight. Atmos Labs raised $11 Million in seed funding to help develop its “play-and-earn” metaverse.
According to Monday’s announcement, Sfermion was the lead investor in the round. Among others, the round included the participation of Alan Howard, Animoca Brands and Collab+Currency.
Atmos claims it will offer metaverse-native games, where players can also own their gear, identities, moments, and teams. Atmos Labs founder and CEO Kevin Beauregard told The Block that Atmos will offer AAA-quality competitive gaming and rich narratives that aren’t often found in metaverse gaming.
Atmos will bring the promise of play and earn, rather than play-to-earn. He said that the game always wins, and web3 technologies will power players and enable economic layers.
Beauregard stated that the round was closed in March. He refused to comment on Atmos’ valuation or whether it was equity or a simple agreement with future tokens (SAFT round).
The first game
ExoGP will be Atmos’s first video game. Beauregard describes it as “Formula 1 meets Flight”.
To be the first to cross that finish line, players will race against each other. Beauregard stated that there will be three main player activities: mining, fabricating (crafting), and competing (initially flying racing).
To compete, every player will require “exoskeleton suit,” also known as “exos”, to be able to wear them. NFTs will be used as exos.
Beauregard stated that Exos can be staked in order to mine land with different mineral distributions. This will generate resources that can be used by players to modify or upgrade their composition.
Beauregard stated that Atmos will be generating revenue by selling NFTs, and it would also “receive an amount of racing purses or secondary market sales.”
Atmos will launch its games in phases with beta, alpha and production releases. Beauregard stated that Atmos’ early adopters will be the first to have access to its games in the fall of 2012.
Beauregard says Atmos is currently working on Ethereum. However, Beauregard said that the firm is currently evaluating various Ethereum Virtual Machines (EVMs) compatible Layer 2s as well as competitive Layer 1s to play games.
Beauregard answered a question about how Atmos was capable of onboarding high-profile investors. He said that the team at Atmos is well-versed in crypto, design and video games. Dylan Bushnell, the vice president of Atmos’s game design is the son of Nolan Bushnell, founder of Atari. Todd Moffett, VP of product, has a background working in streetwear and skater culture.