M10, a Web3 game developer and publisher creating competitive multiplayer games, has raised $3 million in funding.

Investors in the seed round include the Sui Foundation, GSR, Big Brain Holdings, Monoceros, Blockchain Founders Fund and Presto Labs, among others.

M10 was founded by a group of game industry veterans who want to go beyond free-to-play gaming. They include CEO Maitham Mohamed (Forbes 30 Under 30, Semi-Pro FIFA player), President Lars Buttler (cofounder of Trion Worlds), and chief creative officer Martin Capel (game director at Ubisoft on Assassin’s Creed).

Together, they have assembled a development team for the studio’s unannounced debut title. The team includes veterans of triple-A titles such as Assassin’s Creed, Ghost Recon, Rainbow Six, Watch Dogs, Red Dead Redemption 2, Star Wars Outlaws and GTA V.

A strategic partnership alongside the Sui Foundation will enable M10 to create a new gaming business model that goes beyond F2P.

“Our mission at M10 is to solve the core problems in F2P and scale the entire category further.” said Mohamed, in...