The Web3 startup Lysto, based in India, has raised $12 million in a pre-Series A funding round from venture capital firms such as Square Peg, Beenext, Hashed, Tiger Global, and Better Capital. Lysto issues digital credentials on-chain for gamers.

With the funds, Lysto will improve its platform, grow its business, and make tools for issuing on-chain credentials. The platform’s goal is to bring together the Web3 gamer’s identity across games, platforms, and chains.

Sadiq Ahamed started Lysto last year. It makes APIs, NFTs, and other tools, but its main focus is giving digital credentials on-chain to online gamers who win a tournament or game. The credentials can then be posted as NFTs on the gamers’ social media accounts.

The new company just released “Proof of Play Protocol” (PoPP), which makes it easier for everyone in the gaming industry to understand a gamer’s credentials and reputation. PoPP can be given out as trophies, game and social badges, and game-tester tokens by games, tournaments, or even by gamers themselves.

Through PoPP and Passport, the platform is enabling the gaming ecosystem to standardise gamer reputation. We envision a world where on-chain attestations across games and tournaments can form the basic building block of gamers’ profiles.

Sadiq Ahamed, founder and CEO of Lysto

Tak Lee, the managing partner at Hashed Emergent, stated that the venture capital firm’s investment in Lysto will help the startup scale across gaming and the Web3 ecosystem.

Side note: Agave Games garners $7 million in seed round.