'Tamagotchi on Crack': Irreverent Labs has raised $40 million for its NFT Cockfighting Game.

Irreverent Labs, a company that makes games on the blockchain, raised $40 million in a recent funding round, according to SEC filings.

Rahul Sood, an esports veteran, is in charge of the crypto gaming studio. It's been funded by Andreessen Horowitz and Chainsmokers' venture fund in the past. Its first game, "MechaFightClub," is a play-to-win game in which people who own non-fungible tokens (NFTs) fight for glory and money with robotic chickens.

This is a fighting game set in the future where every character is an NFT (Non-Player Character). "It's basically a fighting game set in the future where every character is an NFT (Non-Player Character)."

The big funding round comes as MechaFightClub gets ready to show the public its robot chickens from outer space.

In the game's website road map, the "Genesis" drop event will give out 6,969 "pre-fertilized, highly potent EGGs" to people who want to train them for the "COCKTAGON," which is a "professional arena to which our characters fight in professional fights."

As in the popular game Axie Infinity, new NFTs can be made from the eggs of old ones. This project's "breeding" mechanics are very similar to that. It is said that the eggs come from an alien species that will be around in the near future. As they win, they can level up and get crypto rewards that they can spend on their birds or take out of the game.

"Our goal is to build an emotional connection between the characters and their birds, kind of like a Tamagotchi on crack."

It looks like 11 investors took part in the $40,000,044 sale of stocks and options. It has already raised $5 million in a funding round in November.

Sood, an avid gamer and the founder of gaming platform Unikrn, said in the podcast that there's a huge market for crypto-games, even though some gamers are "allergic" to NFTs.

"At the same time, there are a lot of new Web 3 gamers who see where things could go." "That's why we're building on the blockchain."

Sood didn't answer right away when asked for comment.