Rise of Fearless launches USD 700,000 investment round to advance Web3 mobile gaming in Africa

Rise of Fearless, a UAE-based gaming platform, announced the launch of a $700,000 funding round with the aim of expanding its mobile game and transforming it into a blockchain-based and Web 3 ecosystem.

The company aims to use funding to develop the gaming experience, enable players to own digital assets in the game, and create new financial opportunities for players across Africa through decentralized technologies.

The game is based on African cultural heritage, promoting knowledge transfer and job creation, as well as achieving a broad positive social impact on the continent.

The move comes as the gaming market in Africa is growing rapidly, with more than 680 million mobile users and expectations that the value of the sector will reach $3.72 billion by 2029.

According to 2021 data, more than 80 million adults in sub-Saharan Africa are still not covered by banking services, and receive their payments in cash, especially in the agricultural sectors. Web games offer 3 alternative financial routes that do not rely on banks, making them suitable for areas with limited opportunities in employment and financial services.

Rise of Fearless seeks to integrate Web 3 technologies to give players ownership of their digital assets in the game, enabling them to earn rewards and participate in a secure digital economy, contributing to financial empowerment of players in environments that lack traditional banking services.