Seattle-based company Loot Labs has recently secured $1.5+ million in funding to launch Boxed.gg, an innovative platform that combines the popular "loot box" mechanic from video games with the world of non-fungible tokens (NFTs). Boxed.gg introduces all-virtual mystery boxes filled with various digital collectibles, ranging from rare NFT artworks to avatars usable on platforms like Reddit.
Loot Labs aims to translate this beloved gaming experience into the digital collectibles market. "Digital collectibles are the number one monetization method in online video games," stated Milan Harris, CEO of Loot Labs. "People love collecting things to express themselves. We are expanding the loot box model, with the ultimate goal of providing the most fun and equitable experiences in acquiring digital collectibles."