dotmoovs Raises $840,000 to Fuel Growth of Blockchain eSports
dotmoovs, a startup dedicated to creating non-fungible tokens of athletes, has completed a private funding round of $840,000 led by several prominent figures in the blockchain industry.
The oversubscribed round was led by Moonrock Capital, Morningstar Ventures, Spark Digital Capital, Ascensive Assets, Rarestone, Building Blocks, AU21 and GBV Capital. The capital raised will be invested in product development, recruitment, acquiring new digital rights, as well as expanding the business subscribers.
“We are proud to have such notable investors joining us in building the first crypto mobile worldwide sports competitive environment. We know they can boost our growth and provide industry-specific insight and knowledge which will be a deciding factor for us. Our vision is a robust platform powered by blockchain and a state-of-the-art AI system that can analyze videos of players performing sports challenges in real-time,” said Ricardo Martins Costa, head of growth of dotmoovs.
dotmoovs is a blockchain-powered sports platform allowing athletes to enter into peer-to-peer competitions while earning digital assets. As such, the platform enables athletes to get further involved and integrated with their fans and sports community.
As the sports industry is warming to cryptocurrency in general, dotmoovs steps in to bridge the gap between physical and geographic limitations. The “play-to-earn” platform allows players to engage with each other and compete, assess their performances and monetize their time and skills.
With the NFT market getting increasingly competitive, dotmoovs worked to find a unique angle to separate itself from the rest. Through an innovative arbitration engine, athletes can bet on their own victory against an opponent that matches their skill level in peer-to-peer competitions.
Moonrock Capital and Morningstar Ventures assist in incubating dotmoovs
Dotmoovs’ platform uses a two-step algorithm to detect the human body and its various limb positions, followed by a scoring algorithm to measure the player’s skill. dotmoov’s AI-based video referee assesses performance in real-time and determines the winner, then the stake is transferred, and the ranking is updated.
Blockchain technology in the sports industry is thriving through top-tier endorsements, sponsorships, and fan incentive initiatives. The number of blockchain use cases in esports has skyrocketed over the last few months. This trend looks set to continue as mainstream crypto adoption grows exponentially sector-wide.
dotmoov is the latest incubation from blockchain advisory and investment firm Moonrock Capital, which comes in partnership with Morning Star Ventures. The two will work together on building a successful platform to launch. Moonrock Capital and Morningstar Ventures have a track record of serial successes incubating blockchain projects.
“We are very excited to see this ambitious and revolutionary project come to life – combining sports, blockchain, and NFTs with dotmoovs’ vision of growth. The level of their supporting technology is not something we see every day. For these reasons, we are thrilled to be a part of dotmoovs’ journey and helping them achieve their vision,” said Simon Dedic, Managing Partner Moonrock Capital, and Danilo Carlucci, CIO Morningstar Ventures.
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