Loot Labs Secures $6 Million to Expand Digital Collectibles Empire
Loot Labs, owner of the collectibles platform Boxed.gg, has secured $6 million in seed funding to expand its digital collectibles business. BITKRAFT Ventures led the investment round, following their previous contribution of $1.5 million last year.
Boxed.gg operates as a gamified marketplace for collectible cards, catering to enthusiasts of Pokémon, Yu-Gi-Oh!, and Magic: The Gathering. Users can digitally purchase, draw, and authenticate cards, and receive physical merchandise delivered from a U.S.-based facility.
With the recent funding, Loot Labs aims to expand Boxed.gg’s offerings to include digital collectibles. A beta test will commence on October 28, allowing users to trade for weapon skins in Valve Software’s Counter-Strike 2.
“We’re establishing a crucial role in safeguarding and expanding the collectibles market,” said Loot Labs CEO Milan Harris. “The current illicit digital trade deprives video game developers of revenue and exposes consumers to substantial security risks.”
Harris envisions a future where game studios can capitalize on the digital collectibles market, benefiting from secondary transactions while providing players a secure trading environment.
Initially presented as a platform for virtual mystery boxes yielding NFTs and digital collectibles, Boxed.gg has since shifted its focus to physical merchandise acquisition and trading.
“Our mission for Boxed.gg has always been to deliver the ultimate collectibles experience,” Harris explained. “We saw NFTs as the future of transacting collectible assets digitally, but that space is still developing. We remain optimistic about the technology’s potential to support future collectible IPs.”
Boxed.gg’s current strategy involves bridging the gap between physical and digital collectibles, with further developments planned following the CS2 venture.
