Seattle startup, Loot Labs, has successfully raised $6 million in funding from investors to further expand its digital collectibles platform, Boxed.gg. The company plans to use the investment to grow its ongoing venture into digital collectibles, allowing users to purchase, draw, and authenticate collectible cards from popular franchises such as Pokémon, Yu-Gi-Oh!, and Magic: The Gathering. Users can also trade their unwanted cards back to Boxed.gg for site credit to purchase more cards from the platform’s marketplace. Additionally, Boxed.gg is planning to introduce tradable digital collectibles starting with a beta test that will allow users to trade for weapon skins in Valve Software’s Counter-Strike 2.
BITKRAFT Ventures, a global venture capital firm, led the $6 million seed round investment for Boxed.gg. The firm had previously invested in a $1.5 million round last year, showing confidence in the platform’s potential for growth. Loot Labs’ CEO Milan Harris expressed the company’s mission to create a secure and trusted platform for the collectibles market. By providing a safe environment for users to collect and trade items in their favorite games, Loot Labs aims to fill a valuable role in the expanding digital collectibles market. Harris envisions a future where video game developers can tap into the digital collectibles market, benefiting from secondary transactions while ensuring their fans have a safe and secure platform to engage in trading.
Initially, Boxed.gg was introduced as a platform for all-virtual “mystery boxes” containing digital collectibles like NFTs or unique avatars. However, the site’s current focus is on securing and trading physical merchandise, leaving out the NFTs and other Web3 goods. Despite this, Harris remains hopeful that digital technology, such as NFTs, will play a role in the future of collectibles. The current mission statement for Boxed.gg is to bridge the physical and digital collectible markets effectively, with plans for more developments after the venture into tradable digital collectibles in games like Counter-Strike 2. The company is dedicated to providing a seamless and rewarding experience for collectors and gamers alike, combining the best of both physical and digital collectibles.
17 year old startup, Boxed.gg, has carved out a niche as a gamified online marketplace for collectible cards, attracting fans of popular trading card games like Pokémon, Yu-Gi-Oh!, and Magic: The Gathering. With a fulfillment facility located in the U.S., Boxed.gg allows users to purchase, draw, and authenticate cards digitally, with physical merchandise shipped to their doorstep. The ability to trade unwanted cards for site credit further enhances the platform’s appeal, creating a sustainable marketplace for collectible enthusiasts. The company’s expansion into tradable digital collectibles, starting with Counter-Strike 2 weapon skins, aims to bring a new dimension to the platform and cater to a broader audience of gamers and collectors.
By securing a $6 million seed round investment from venture capital firm BITKRAFT Ventures, Boxed.gg is poised for significant growth in the digital collectibles market. The company’s focus on providing a trusted platform for collecting and trading items in favorite games sets it apart from black market transactions and ensures a secure environment for users. With a vision to bridge the physical and digital collectible markets, Loot Labs, the parent company of Boxed.gg, is committed to creating innovative and rewarding experiences for collectors and gamers. The introduction of tradable digital collectibles marks a new chapter for Boxed.gg and highlights the company’s dedication to staying at the forefront of the evolving collectibles industry, offering users new and exciting opportunities to engage with their favorite franchises.
