HQ Trivia NFT Reincarnation Receives $7 Million Seed Round After Going Bankrupt

One of the investors that contributed $7 million to a similar project is the creator of the once-popular HQ Trivia game that failed.

Co-founder of HQ Trivia Rus Yusupov, ParaFi Capital, Dragonfly Capital, Dephi Digital, Uniswap Ventures, Collab+Currency, Gmoney, Milk Road, Ready Player DAO, and Magic Eden co-founder Zedd are among the investors in the seed round.

HQ Trivia, which rose to prominence in 2018, met a sticky end less than two years later, declaring bankruptcy as presenters drank and swore during the last live broadcast.

The product didn’t succeed since it had bugs and cost money. It also lost a bid to be acquired that would have kept it going. In the midst of the controversy, co-founder Colin Kroll, who had been accused of acting inappropriately with women, passed away in 2019 from a drug overdose that was unintentional. Kroll and Yusupov had both previously worked for Vine and Twitter, respectively.

It cost nothing to download or play the game. Anyone who properly answered all 12 multiple-choice questions posed by a live presenter would receive a portion of the game’s prize pool. $6 million in cash rewards were awarded over its run.

HQ Trivia into an online game using a cryptographic variation on the original design

Now, Yusupov is supporting a project that transforms HQ Trivia into an online game using a cryptographic variation on the original design.

The first season launched in March with 8,000 players minting $2.2 million worth of NFTs to gain access to the game.

With those funds, the company bought more than $1 million worth of NFT prizes chosen by the players, such as Bored Apes, Mutant Apes, Doodles, Azukis, and CloneXs.

In what the company referred to as a “Squid Game-like” competition, each staked “Game Token” NFT permitted participation in five games spread over five days. After five rounds, those still alive received a “Metaverse Access Card NFT,” which granted owners free entry to all upcoming project events and special minigames. Each of the top 100 scorers received a blue-chip NFT from the prize fund.

A player’s rank and score may be sold to another player through the NFT.

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