Metatheory, a Web3 game business that integrates entertainment experiences with blockchain components, has announced that its Series A fundraising round has generated $24 million.
Kevin Lin, the startup’s CEO and a co-founder of Twitch claimed that this is a chance to build high-quality games that include blockchain technology.
VCs like a16z, which lead the funding round and actively invest in businesses like Mythical Games, Yield Guild Games, and Sky Mavis, the producers of Axie infinite, appear to find the Web3 game notion appealing.
Pantera Capital and FTX Ventures, Breyer Capital, Merit Circle, Recharge Thematic Ventures, Dragonfly Capital Partners, Daedalus, Sfermion, and Global Coin Research are the other investors.
After this fundraising round, Metatheory did not provide a valuation for the company. Metatheory is part of a group of startups that are attempting to combine gaming aspects with blockchain and play-to-earn mechanics to create high-end entertainment experiences.
Lin indicated that he believes blockchain will open up even more options and have a significant effect on gaming, storytelling, and community development.
According to the firm, its goods will be distinguished by a team of veteran developers when compared to other, less developed blockchain games, and it already has a team of 42 personnel dedicated to these duties. The company has already released its first franchise, Duskbreakers, with an initial drop of 10,000 NFTs that sold out in under a week.
In traditional gaming circles, NFTs have polarized opinions, with different corporations taking opposing positions. Lin favors NFTs because they try to solve the ownership problem in these games.
On this, Lin emphasized that he believes that the concept of ownership will be crucial in the digital economy and in the digital world, particularly as we move towards whatever the metaverse may be. He did clarify, though, that the company’s primary focus will be on creating terrific, engaging games.
Web3 gaming is a value-exchange gaming concept in which players may own and sell in-game artifacts and things in the manner of one-of-a-kind NFTs using cryptocurrencies. Web3 Gaming is an open-source gaming platform that provides self-sovereignty and decentralization.
Another amazing feature of Web3 gaming is its ability to integrate and upgrade existing game models into metaverse and blockchain networks, thus making them decentralized.
The gaming experience is incredibly personal, and each gamer has a favorite game. Also, Web3 proposes to improve old and prominent games by bringing them into the metaverse, where users may create avatars and trade in in-game assets and collectibles so you’re not just playing games, you are also making money in the process.
The idea behind play-to-earn web3 games is to provide gamers with a way to earn tokens while doing what they enjoy. These web3 game platforms, such as Metatheory, also assist in creating work prospects, particularly for young people.
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