a16z-backed gaming studio's 'Pirate Nation' token nabs Coinbase listing shortly after launch

A16z-backed Proof of Play’s crypto game "Pirate Nation" secured a token listing on Coinbase shortly after its launch on Thursday.

"PIRATE is an ERC-20 token on Ethereum Mainnet and serves as a utility token for 'Pirate Nation,'" according to a statement. The token launched Thursday at 12 a.m. EST and had risen over 90% to $0.28 as of 3:33 p.m. EST, according to CoinGecko.

Coinbase announced  midday Thursday it would list in the token. "Pirate Nation" is a free-to-play pirate-themed roleplaying game, according to Proof of Play.

The crypto gaming studio Proof of Play is run by FarmVille co-creator Amitt Mahajan, a former Zynga executive. Last September, a16z crypto, Anchorage Digital and Naval Ravikant participated in a $33 million seed round for Proof of Play.

"The single most important design principle of the PIRATE token is ensuring ‘Pirate Nation’ is made better, and more engaging, through its existence, and we are excited to offer utility while rewarding our dedicated community," Mahajan said in a statement. "We believe that Proof of Play points are a way to recognize reward players for their participation in the Proof of Play ecosystem."

The web3 gaming space may be finally heating up with both big budget releases like "Shrapnel" and "Illuvium" competing for attention while simple 2D, Telegram-based titles like " Hamster Kombat" claim to be wooing millions of players.