Autoverse Studios Raises $8 Million to Develop Auto Legends

Autoverse Studios has raised $8 million to develop Auto Legends, a new social drag racing Web3 game. The funding round was led by White Star Capital, with participation from RockawayX, Sfermion, Sidedoor Ventures, Ocular, Saison Capital, and others.

The free-to-play game will let players race for status and prize money, host tournaments, own teams, run car dealerships, perform maintenance, participate in high-stakes “pink slip” races, and more. It’s currently available on mobile and desktop in a closed alpha testing at the Auto Legends’ website.

Autoverse Studios is run by Justin Choi, the former founder of Cie Games (Racing Rivals, Car Town) as well as Peter Pham (CEO) and Dinko Tontchev (Head of Product and Tech) — a team that has decades of experience developing racing games. According to the report, the new funds will be used to complete the game and bring Web3 mechanics to the larger audience of traditional free-to-play games.

Pham said the aim of Autoverse is to transform the game industry with “new social gameplay mechanics, creator support, and enabling players to own and trade their in-game assets.” He added that players “love creating their own parts” and “hosting tournaments,” and that the Web3 tech in Auto Legends will enable them to do these things.

Unlike most racing games, players in Auto Legends are incentivized by more than just winning races or having the best record. As players progress, they can upgrade their cars and add new vehicles to their collections, as well as unlock better garages, performances shops, new environments, and other gameplay elements. The mission is to become ‘Legendary’ by earning a reputation and becoming popular within the game.