Loot Labs raised $1.5 million in pre-seed funding to launch Boxed.gg, a platform for opening mystery boxes containing digital collectibles, including NFT art and avatars. Seattle-based Loot Labs announced the launch in May 2023; BITKRAFT Ventures led the round.
What did Loot Labs raise $1.5 million for?
The funding supported Boxed.gg, which Loot Labs introduced as an all-virtual mystery-box platform. Users would open boxes for a chance to receive digital collectibles. In its launch-era description, those items could include NFT art and avatars.
GeekWire reported that BITKRAFT Ventures led the $1.5 million pre-seed round. Polygon Ventures, Mechanism Capital and Lofty Ventures Syndicate also participated. Gaming content creator Hammoudi “Yassuo” Abdairhman was reported as an angel investor. The 2023 report identified Milan Harris as Loot Labs’ CEO and said he founded the company with Matthew Genova and Michael Ryan. GeekWire’s May 25, 2023 report covered the launch and financing.
How did Boxed.gg’s product change?
Boxed.gg’s launch-era pitch centered on digital collectibles. By October 2024, GeekWire described it as a gamified marketplace for collectible Pokémon, Yu-Gi-Oh! and Magic: The Gathering cards—a materially different emphasis, with physical items and fulfillment.
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- FNT Accessory Set (Collectible Loot Box) (Style E) S2
- Recreate your favorite emotes with the expressive, interchangeable faces and premium charging.
- Officially licensed product.
- More outfits will fall soon.
| Product phase | What users could receive | How users engaged | Fulfillment |
|---|---|---|---|
| 2023 launch description | Digital collectibles, potentially including NFT art and avatars | Open a mystery box | Digital |
| 2024 description | Collectible Pokémon, Yu-Gi-Oh! and Magic: The Gathering cards | Digitally purchase, draw and authenticate cards; trade unwanted cards back for site credit | Physical cards could be shipped from a U.S. fulfillment facility |
The later account also reported that Loot Labs raised a $6 million seed round led by BITKRAFT Ventures, with Sfermion, Fabric Ventures and Everyrealm participating. These are dated descriptions of the company’s direction, not evidence that every launch-era and later product feature was offered concurrently. See GeekWire’s October 7, 2024 report.
How do Boxed.gg boxes and fairness checks work?
Boxed.gg’s help documentation says a box displays its possible items and their chances before it is opened, and that completed results are final. Its provably-fair explanation describes a process using a client seed, server seed, nonce and salt so users can check outcomes. These are the company’s descriptions; they do not establish independent verification of the system’s operation or performance. The current explanations are in the Boxed.gg Help Center.
Rank #2
- Unlock the Loot: Bring Fortnite into your space with this Chest Light that mimics the iconic in-game loot chest. Open the lid to reveal a glowing light and trigger sound effects for the ultimate Battle Royale experience.
- In-Game Sounds: More than just a night light, this collectible plays real in-game looting sounds and lights up like a treasure chest. A fun, immerisve touch for any gamer's room or desk setup.
- Battery Powered: Simply pop in 3x AAA batteries (not included) to power up the lamp - no need for plugs and wires.
- Officially Licensed: Bring the gaming world into your home with official Fortnite merchandise, home décor, lighting, drinkware and accessories.
- Made by Paladone: Our officially licensed merchandise includes top-selling toys, decor, and unique items that bring joy to all nostalgic pop culture enthusiasts. Discover awesome gifts that make every fan's collection.
Why do odds and costs matter?
A loot box asks a user to pay for an uncertain result, so the stated chances and the real-money cost are important information when deciding whether to open one. FTC staff have advised that loot-box odds disclosures should be accurate and not misleading. In separate 2025 consumer guidance about a settlement involving Genshin Impact, the FTC said the company must disclose real-money costs and prize odds and may not sell loot boxes to children under 16 without parental consent. That settlement concerns Genshin Impact, not Loot Labs; the FTC materials cited here do not determine Boxed.gg’s legal status or resolve the legal treatment of NFTs.
Quick Recap
Best Value
- OFFICIAL SKIBIDI TOILET MERCH: This mega Mystery Loot Box is officially licensed merch from YouTube animation sensation Skibidi Toilet.
- BIGGEST SKIBIDI MERCH COLLECTION: The ultimate must-have loot pack for all Skibidi Toilet fans, with 20 epic mystery items!
- EPIC SURPRISE UNBOXING: Each Skibidi Toilet Giant Mystery loot Box comes with an exclusive ultra-detailed 10" Titan mystery figure, 3 mini figures, 2 weapon accessories, 1 Cameraman Vision Finder, 1 clip-on, 3 mini plungers, 1 dog tag, 5 stickers, and 3 trading cards!
Rank #4
- From the mind of CIRCLETOONSHD comes a fast-paced, comedically chaotic, sword crafting, monster slaying, loot grabbing, friendship ruining, backstabbing card game.
- HOW TO PLAY: In Fool’s Blade, players take turns embarking on their own heroic quests while scheming to sabotage their friends’ adventures. Become the best adventurer by any means necessary!
- WHO’S IT FOR? Perfect for 2-4 players, ages 13 and up, Fool’s Blade is ideal for dungeon brawling friends and adults looking for an immersive adventure. Game night never looked so fun. Grab your friends and family and set out on quests for glory – slay monsters, craft mighty weapons, collect treasures, plot, pick fights, steal and destroy your opponent.
- WHAT’S INCLUDED: Your Fool’s Blade game features 263 total cards including: 40 Anvil, 23 Cavern, 23 Forest, 22 Dungeon, 50 Quest, 50 Tavern, 30 Loot, 18 Class and 7 Boss Cards. It also comes with 6 Dice (D4, D6, D8, D10, D12, D20) with swirl design and custom Fool’s Blade logo. Gameplay manual also included and don’t forget the collectible sword box!
- OUR STORY: From the brilliantly playful mind of YouTuber CircleToonsHD, Fool’s Blade started as a Kickstarter success story. Through the support and love of the Fool’s Blade and CircleToonsHD communities it is rapidly growing into a global sensation.
Rank #3
- ICONIC GIFT BOX DESIGN: This cube makes any room or party feel like a fun event.
- SPACIOUS & LIGHTWEIGHT STORAGE: 14-inch cube holds stuffs without taking up too much space.
- PERFECT FOR PARTIES & BIRTHDAYS:Uuse as decor, storage, or a creative gift box at themed celebrations.
- EASY TO ASSEMBLE: Ships flat and folds quickly into shape—sturdy enough to fill, light enough to carry or move with ease.
- BOX ONLY, BALLOON NOT INCLUDED: This listing includes the 14” x 14” x 14” cardboard box only—balloon available separately.
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