Virtually Human is a company that develops superior consumer-first entertainment experiences with emerging technologies like blockchain to drive widespread user adoption. Pulse 2.0 interviewed Virtually Human CEO Nir Efrat to learn more about the company.
Nir Efrat’s Background
What is Nir Efrat’s background? Efrat said:
“I’m the CEO and Director of Virtually Human Studio (VHS), the company behind ZED Champions. I bring over 25 years of experience in the gaming industry, having led product innovation and business growth across casual games, social casino platforms, and B2B/B2C ventures. I’ve held leadership roles at top gaming companies like Take-Two Interactive, King, Zynga, Dots, and 888, where I specialized in scaling and turning around cross-functional, globally distributed teams. My expertise in product, analytics, and technology delivery has enabled me to drive growth and innovation in highly competitive markets. At VHS, I’m leveraging this experience to reimagine Web3 gaming by building sustainable, skill-based digital ecosystems that prioritize player engagement and ownership.”
Idea For The Company
How did the idea for a company pivot come together? Efrat shared:
“The pivot to ZED Champions came after a period of reflection on the evolution of ZED Run and the broader Web3 gaming landscape. Virtually Human Studio built a game where digital ownership had real meaning—but we also saw firsthand the challenges of balancing player-driven economies and engagement without a sustainable business model. While ZED RUN captured the excitement of digital horse racing and asset ownership, it became clear that long-term success required a deeper focus on skill, strategy and creating an accessible, engaging experience for a broader audience.”
“As the market matured, it was evident that Web3 games needed to shift away from speculative models and focus on skill-based progression, accessibility and creating multiple ways for players to engage—beyond those who understand how to buy in. This realization led to ZED Champions, where we’ve reimagined the platform to deliver a more sustainable, skill-based ecosystem that empowers players through strategic decision-making, meaningful progression and an improved user experience that abstracts away the complexities of blockchain.”
Core Products
What are the company’s core products and features? Efrat explained:
“The ZED Suite introduces a new model for virtual sports that rewards skill, strategy, and competition through ZED Champions and ZED Picks.”
“ZED Champions is a reimagined digital horse racing league where players buy, breed, and race horses to compete in 24/7 automated events for high-stakes rewards. With only 4,320 active horses in the Racing Pool, scarcity drives value as the league grows. Players can strategically pair horses using the Dynamic Auction Breeding system, powered by $ZED Token, to create future champions. Augments provide another layer of strategy, allowing players to enhance their horse’s performance through Passive, Situational, and Progressive boosts. Leaderboard tracking ensures that performance impacts matchmaking, creating an environment where skill and management matter.”
“ZED Picks is a pick’em-style game that expands the ecosystem by allowing spectators to engage with races, selecting horses they believe will perform well. With a new race populating every 80 seconds and real-money gameplay targeting app stores in compliant regions, ZED Picks broadens the audience beyond Web3 enthusiasts and significantly boosts viewership and engagement.”
“ZED Champions is launching on BASE with co-marketing support, blending scarcity and scale to create a sustainable, high-growth virtual sports platform. As part of Virtually Human Studio (VHS), a pioneer in blockchain gaming and the creators of ZED RUN, ZED Champions builds on a proven legacy of innovation in Web3 entertainment.”
Challenges Faced
What challenges have Efrat and the team faced in building the company? Efrat acknowledged:
“The Web3 gaming industry has faced several challenges as it matures. Early blockchain games focused heavily on asset speculation, which led to inflated expectations and a decline in player trust when those models proved unsustainable. Many games prioritized tokenomics over gameplay, resulting in experiences that lacked depth and long-term engagement. Additionally, onboarding complexities and the need for crypto knowledge created barriers for mainstream adoption, limiting the potential player base.”
“At Virtually Human Studio (VHS), we recognized these challenges early and reimagined ZED Champions to address them. We’ve prioritized skill-based progression, strategic gameplay, and a seamless user experience that abstracts away blockchain complexity while maintaining the benefits of digital ownership. By focusing on long-term sustainability and accessibility, we’re creating an ecosystem where players are empowered by their decisions, not driven by speculation.”
Significant Milestones
What have been some of the company’s most significant milestones? Efrat cited:
“Virtually Human Studio (VHS) has achieved several major milestones that have redefined virtual sports and Web3 gaming. ZED RUN generated over $400 million in transactions, with players earning more than $88 million. One of the platform’s most notable successes was selling $20 million worth of racehorses in just 4 hours, highlighting the strong demand and excitement around digital horse racing.”
“With a 40-person team combining Web2 and Web3 expertise, VHS has streamlined onboarding and reimagined the user experience, positioning itself to lead the next phase of growth in virtual sports.”
Success Stories
When asking Efrat about customer success stories, he highlighted:
“One of the standout success stories from ZED RUN’s early days was the period where the platform was generating millions of dollars in fees every week, fueling real earnings for players around the world. At its peak, the game wasn’t just about racing—it was a thriving digital economy. Skilled players who mastered breeding and racing strategies were consistently cashing out, with total player earnings surpassing $88 million to date. This momentum proved that Web3 gaming could go beyond speculation and deliver real, repeatable value to its community. It wasn’t just a win for ZED—it was a win for the players who turned their digital horses into income.”
“Beyond financial success, VHS has proven that Web3 gaming can resonate with mainstream audiences. Our partnerships with Budweiser, Netflix, and NASCAR not only brought brand credibility but also introduced virtual sports to millions of users beyond the crypto-native community. These collaborations validated our vision that Web3 experiences, when built with the right balance of accessibility and competition, can captivate global audiences.”
“As we pivot to ZED Champions and ZED Picks, we’re building on that foundation by creating a more accessible, strategy-driven ecosystem where both players and spectators can engage, win, and thrive. This evolution reflects our commitment to continuous innovation and delivering value to our community.”
Funding
When asking Efrat about the company’s funding details, he revealed:
“VHS secured $20 million in funding from Andreessen Horowitz (a16z), The Chernin Group, and Greylock in 2021, providing the resources to pivot and refine the ZED Suite. The transition to Coinbase’s Base blockchain ensures future scalability, speed, and reduced transaction costs.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Efrat assessed:
“Virtually Human Studio (VHS) is pursuing a total addressable market (TAM) that spans the rapidly growing sectors of Web3 gaming, virtual sports, and digital wagering.”
“The Web3 gaming market alone is projected to exceed $65 billion by 2027, driven by increasing mainstream adoption, improved user experiences, and a shift toward skill-based gameplay. Within this space, VHS is targeting virtual sports and esports enthusiasts, a segment valued at $30 billion+ and expected to grow significantly as real-money gaming, prediction markets, and spectator engagement expand. (MarketsandMarkets)”
“The digital wagering and prediction market adds another substantial layer of opportunity, with the global online gambling market projected to surpass $150 billion by 2030. (Business Outstanders) As VHS integrates wagering and pick’em-style games through ZED Picks and expands its B2B offering with ZED Partners, it is positioned to capture a meaningful share of this fast-evolving landscape.”
“By blending skill-based competition, digital ownership, and real-money gameplay, VHS is addressing multiple high-growth verticals, creating a TAM that extends well beyond traditional gaming and blockchain audiences.”
Differentiation From The Competition
What differentiates the company from its competition? Efrat affirmed:
“We own the sport. We own the staking.”
“With ZED Champions, we’ve built a skill-based digital sport—complete with gameplay, league structure and a competitive meta.”
“With ZED Picks, we’ve added a staking layer that lets fans and players go deeper—by predicting outcomes, building tickets, and winning rewards.”
“This dual model isn’t just innovative—it’s sticky. It creates more ways to play, more reasons to come back, and more value circulating across the ecosystem.”
“We’ve already proven we can go mainstream. Our collaborations with Budweiser, Netflix, and NASCAR introduced millions to virtual racing. Backed by $20M+ from a16z, The Chernin Group, and Greylock, we’re scaling a new kind of Web3 entertainment—one where fun and financial upside go hand in hand.”
“We also know how to evolve. ZED Champions is the next generation of our platform—a more accessible, strategy-first experience that keeps the thrill of competition while stripping out the blockchain friction. It’s built for gamers, spectators, and sports fans alike.”
“This is what Web3 gaming looks like when it works:
Engaging. Strategic. Built to last.”
Future Company Goals
What are some of the future company goals? Efrat concluded:
“VHS is focused on scaling the ZED Suite and expanding its impact on virtual sports and Web3 gaming. Our key goals include:
— Global Launch of ZED Champions – successfully introducing the next evolution of digital horse racing, with 24/7 automated races, augmented breeding, and skill-based competition powered by $ZED Token.
— Expanding ZED Picks Beyond Horse Racing – leveraging the success of ZED Picks to introduce prediction-based, real-money gameplay to other virtual sports and skill-based games, broadening audience engagement.
— Strengthening B2B Market Access with ZED Partners – enhancing fixed-odds wagering and prediction markets by expanding partnerships and increasing market opportunities.
— Driving Long-Term Sustainability Through Tokenomics – refining the $ZED Token economy to create a self-sustaining ecosystem where player rewards, breeding fees, and marketplace activity continuously fuel growth.
— Lowering Barriers to Entry for Mainstream Adoption – continuing to streamline onboarding and improve the user experience, making Web3 gaming accessible to a wider audience.
Our long-term vision is to establish VHS and the ZED Suite as the leading platform for virtual sports and skill-based Web3 experiences, where players, spectators and partners thrive in a sustainable ecosystem.”
