Loot Labs raised $1.5 million in pre-seed funding in 2023 to launch Boxed.gg, an online mystery-box platform for digital collectibles that could include NFT art and avatars. BITKRAFT Ventures led the round. Boxed.gg later shifted toward physical trading cards: GeekWire reported a $6 million seed round and a gamified marketplace for Pokémon, Yu-Gi-Oh!, and Magic: The Gathering cards in October 2024.
What Loot Labs raised $1.5 million to build
Seattle-based Loot Labs launched Boxed.gg in May 2023 as an all-virtual mystery-box platform. Users paid to open boxes containing digital collectibles, potentially including NFT art and avatars. The company’s stated ambition was to apply the loot-box model to acquiring digital collectibles. GeekWire’s May 25, 2023 report identifies Milan Harris as Loot Labs’ CEO and says he founded the company with Matthew Genova and Michael Ryan.
The $1.5 million was a pre-seed financing round led by BITKRAFT Ventures. Polygon Ventures, Mechanism Capital, and Lofty Ventures Syndicate also participated. GeekWire reported gaming content creator Hammoudi “Yassuo” Abdairhman as an angel investor. The round was funding for Loot Labs and its Boxed.gg product, not a consumer payout or a grant to players.
How Boxed.gg’s product direction changed
The 2023 launch description and the later marketplace description refer to different stages of the business. GeekWire reported in October 2024 that Boxed.gg had become a gamified marketplace for collectible trading cards, alongside news of a $6 million seed round led by BITKRAFT Ventures, with Sfermion, Fabric Ventures, and Everyrealm participating.
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#1 Best Overall
- DC UNLOCK THE MULTIVERSE: Our hybrid collection of action-packed physical trading cards (complete with digital NFT twins) has returned! Now, you can collect an all-new set of iconic art from DC's comic book history featuring fan favorites like Batman, Superman, Wonder Woman, and so many more
- HYBRID NFT TRADING CARDS: Each physical trading card is uniquely minted and connected to a 1:1 digital NFT. Simply open up the Hro mobile app and scan the QR code on the back of the physical card to unlock this feature, resulting in a digital NFT twin complete with Proof of Authenticity and Ownership validated by the trust/security of the Ethereum blockchain.
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- BUY / SELL / TRADE: To rise to the top of the leaderboards, you'll need to power up your trading skills, either directly in the Hro marketplace or outside of it if preferred. Negotiate with buyers, sellers, and other traders to curate your dream lineup of cards. All activity in the Hro platform is heroically backed by Blockchain technology that offers Proof of Authenticity and Ownership over each asset so you can trade with confidence no matter how much
| Product phase | What users engaged with | What users could receive | Fulfillment |
|---|---|---|---|
| 2023 launch, as reported by GeekWire | Opened virtual mystery boxes | Digital collectibles, potentially including NFT art and avatars | Digital |
| Marketplace direction reported in October 2024 by GeekWire | Digitally purchased, drew, or authenticated collectible cards; could trade unwanted cards for site credit | Pokémon, Yu-Gi-Oh!, and Magic: The Gathering cards | Physical cards could be shipped from a U.S. fulfillment facility |
The 2024 coverage described users as able to receive physical cards or trade unwanted ones back for site credit. It does not establish that every card or transaction followed the same path, nor should the later card-marketplace model be treated as proof that the original NFT box experience continued unchanged. GeekWire’s October 7, 2024 report describes that later direction.
What Boxed.gg says about box odds and verification
Boxed.gg’s current Help Center says that each box displays its possible items and chances before opening, and that completed results are final. Its explanation of “provably fair” outcomes describes a process involving a client seed, server seed, nonce, and salt, which users can use to check outcomes. These are the platform’s descriptions of its mechanics; they do not independently establish that the system operates as described or verify its performance. Boxed.gg Help Center.
For a consumer deciding whether to pay for a chance-based purchase, the practical questions are the actual price, the odds for each outcome, and what can be done with an unwanted result. A displayed probability does not by itself make a purchase a good value, and a digital collectible or card should not be treated as guaranteed to retain or gain value.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why loot-box disclosures matter to consumers
Loot boxes combine a payment with an uncertain result, so clear odds and cost information matter. The FTC staff has advised that loot-box odds disclosures should be accurate and not misleading. In separate 2025 consumer guidance tied to a settlement involving Genshin Impact, the FTC said that company must disclose real-money costs and prize odds and may not sell loot boxes to children under 16 without parental consent. Those materials concern that separate matter; they do not determine Boxed.gg’s legal status or resolve legal questions about NFTs. FTC consumer guidance and settlement announcement.
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- DC UNLOCK THE MULTIVERSE: Our hybrid collection of action-packed physical trading cards (complete with digital NFT twins) has returned! Now, you can collect an all-new set of iconic art from DC's comic book history featuring fan favorites like Batman, Superman, Wonder Woman, and so many more
- HYBRID NFT TRADING CARDS: Each physical trading card is uniquely minted and connected to a 1:1 digital NFT. Simply open up the Hro mobile app and scan the QR code on the back of the physical card to unlock this feature, resulting in a digital NFT twin complete with Proof of Authenticity and Ownership validated by the trust/security of the Ethereum blockchain.
- 24 GUARANTEED HOLOGRAPHIC TRADING CARDS: Holographic cards are guaranteed in every flowpack you buy! Each individual flowpack contains seven or eight cards with at least one holo per pack.
- LIMITED-EDITION “SHAZAM! FURY OF THE GODS" MOVIE CARDS: Suit up with the superfam from Philly and celebrate the release of Warner Bros. and DC's "Shazam! Fury of the Gods," in cinemas everywhere on March 17, 2023. These special cards will make you feel like a champion as you meet each member of the Shazamily and venture into the mythical realm of the gods. After all, when these magical forces collide, it promises a showdown unlike any other!
- BUY / SELL / TRADE: To rise to the top of the leaderboards, you'll need to power up your trading skills, either directly in the Hro marketplace or outside of it if preferred. Negotiate with buyers, sellers, and other traders to curate your dream lineup of cards. All activity in the Hro platform is heroically backed by Blockchain technology that offers Proof of Authenticity and Ownership over each asset so you can trade with confidence no matter how much
A separate figure sometimes associated with the story requires care: GeekWire reported that Loot Labs cited a 2020 Statista study estimating $15.3 billion spent on loot boxes during 2020. The underlying study was not verified in the cited reporting, so the figure should be read as a company-cited statistic reported by GeekWire, not an independently confirmed measure. GeekWire, May 25, 2023.
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Rank #4
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