Paradigm-backed NFT card game Parallel has secured a significant investment of $35 million from a consortium of investors to further its expansion onto new platforms.

Parallel, a sci-fi NFT card game operating on both the Ethereum blockchain and the Base layer-2 chain, has successfully concluded another funding round, raising $35 million from various investors. In a post shared on Mar. 28, developers of the game announced that the investment came from a group including Distributed Global, The Operating Group, VanEck, Solana Ventures, Base Ecosystem Fund, and Amber, among others.

Although the project's exact valuation following this funding round was not disclosed, developers stated that the funds will be utilized to "expand the Parallel universe across new mediums and platforms." At the time of reporting, further details regarding the investment were not made public.

Since its launch in 2021, Parallel has maintained an open beta, allowing players to collect, trade, and interact with unique in-game assets represented as non-fungible tokens (NFTs). The game's storyline revolves around a fantastical narrative portraying humanity's quest to flee into space amid a global energy crisis.

Upon its initial launch, the game secured $50 million at a valuation of $500 million, backed by crypto venture firm Paradigm and other investors, as reported by TechCrunch. However, the impact of the 2023 crypto winter on the project's valuation remains uncertain, with many blockchain ventures experiencing declines in valuation during that period.