Metatheory, a web3 gaming company founded in 2021, announced it has raised $24 million in a Series A funding round. a16z-like crypto space big The investment round, led by VC names, also included participation from Pantera Capital and FTX Ventures. Kevin Lin, the company’s CEO and co-founder of Twitch, said the company will focus on creating high-quality games with blockchain elements.
Metatheory raises $24 million in Series A round
Metatheory, a Web3 gaming company that combines entertainment experiences with blockchain elements, has notifiedthat it has raised $24 million in a Series A funding round.The company’s CEO, Kevin Lin, who is also a co-founder of Twitch said that the company will use this as an opportunity to build a high-quality game that also incorporates blockchain elements into its design.
The premise of Web3 Games led this funding round, with Mythical Games, Yield Guild Games, and Sky Mavis, makers of Axie infinity, all actively investing in this type of project, such as a16z. They appear to be attractive to VCs. Other investors include Pantera Capital, FTX Ventures, Breyer Capital, Merit Circle, Recharge Thematic Ventures, Dragonfly Capital Partners, Daedalus, Sfermion, and Global Coin Research are participating.
Metatheory did not report a valuation for the company following this funding round.
Advantages of Web3 Gaming
Metatheory is a company that seeks to integrate gaming elements with blockchain and play-to-earn mechanisms to create high-end entertainment experiences group. In this regard, Lin states.
I truly believe that blockchain opens the door to many more possibilities and will have a huge impact on the fields of gaming, storytelling, and community building.
According to the company, a staff of veteran developers differentiates its product when compared to other less sophisticated blockchain games, and it already has a team of 42 employees dedicated to these tasks. The company has already produced its first franchise called Duskbreakers and released the first drop of 10K NFT which was sold within a week.
NFTs have had a polarizing effect in the traditional gaming world, with companies taking different stances on the subject, and Lin supports NFTs because they aim to resolve ownership issues in these games. In this regard, Lin explains that:
I think the idea of ownership in the digital economy, in the digital world, especially as we emerge, whatever the metaverse, is going to mean that blockchain is an important technology.
But he made it clear that the company would focus on producing “core, good, fun games.”
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