Tag: stan

Indian Blockchain Esports Firm Stan Raises Over $2 Million in Funding: Details

Stan, the Indian blockchain esports firm, has closed its Pre-Series A funding round as per an official announcement shared Tuesday, January 23. The company has bagged an investment of $2.7 million (roughly Rs. 22 crore) from several investors, including CoinDCX Ventures and Coinswitch Ventures. With the fresh inflow of capital, Stan says it aims to use Artificial Intelligence (AI) and create a fluid architecture for the blockchain gaming community.

Based in Bengaluru, Stan lets creators build, monetise communities, and engage users with their favourite gaming creators/celebrities through digital collectibles, chat/audio rooms, and exclusive celebrity communities, in addition to users engaging with one other.

Aptos Labs, Pix Capital, Maelstrom Fund, GFR Fund, General Catalyst, Climber Capital, and TDV Partners are among other investors who participated in this funding round for Stan.

“The Indian market today presents a lot of challenge for the creators to monetize from their followers and these creators need to move to multiple platforms to be able to learn and push for monetisation. We intend to tap into the creator supply and help them grow their fanbase and monetise on Stan from the first day,” said Parth Chadha, Co-founder, Stan.

Established in 2022, Stan claims to cater to a userbase of four million. In the next six months, the platform is aiming to clock 10 million users. In October that year, the platform announced the rollout of its official NFT and limited digital collectibles (LDC) series.

In February 2023, Stan had announced the launch of a community marketplace. The idea behind this launch was to create a one-stop destination for blockchain gaming fans to trade digital collectibles or NFTs – free of cost.

Stan estimates that the number of online gamers in India could grow by almost 50 percent from 481 million in 2022 to over 657 million by 2025.

In May 2023, the platform managed to secure equity funding of $2.5 million (roughly Rs. 20 crore) in a funding round that saw the participation from super angel investors such as Aadil Mamujee from OpenSea and Nakul Gupta from Coinbase.

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Blockchain Esports Fan Engagement Platform STAN Launches Web3 Community Marketplace in India: Details

STAN, the Bengaluru-based esports fan engagement platform, has announced the launch of a community marketplace on Thursday. The aim of this marketplace is to create a one-stop destination for blockchain gaming fans to trade digital collectibles. These non-fungible tokens, or NFTs, can be traded on the blockchain for free. The community marketplace will provide a liquidity solution to STAN asset holders, according to the platform. The blockchain-based fan engagement service will provide insights that will allow NFT traders to study and analyse what trades will be more profitable than others.

In order to drive the trend of trading digital collectibles, STAN says that it allows free trading of digital collectibles such as NFTs, even for on-chain transfers.

Free Fire creators in India such as PVS Gaming, Rocky and RDX, Madhu Pennem Gaming, Assassins Army, Black Flag Army, Gaming with Laila, TSG Legend, and Non-Stop Army have been roped-in by STAN as exclusive partners. They will introduce NFTs related to their games for the new marketplace.

The platform is looking to expand the growth avenues for the ‘Web3 x Influencer’ economy in India.

“We can’t wait to see the esports community in India thrive through our platform. At Community Marketplace, fans will be able to list their collectibles through fixed price sales or an auction effortlessly without paying any kind of trading fee to STAN. As far as the trade is concerned, it will be executed automatically once the price requirements or other conditions of trade are met,” STAN Co-Founder and Product Chief Shubham Gupta said in a prepared statement.

STAN estimates that the number of online gaming users in India could grow by almost 50 percent from 481 million in 2022 to over 657 million by 2025.

Back in October 2022, STAN announced the roll out of its official NFT and limited digital collectibles (LDC) series.

In May last year, the platform managed to secure equity funding of $2.5 million (roughly Rs. 20 crore) in a funding round. Super angel investors such as Aadil Mamujee from OpenSea and Nakul Gupta from Coinbase participated in this seed round at the time.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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