Web3 Gaming Company Metatheory Raises $24 Million With Backing From A16z, Pantera, and FTX

Web3 Gaming Company Metatheory Raises $24 Million With Backing From A16z, Pantera, and FTX

metatheory

Metatheory, a Web3 gaming firm based in 2021, has introduced it has raised $24 million in a Series A funding spherical. The funding spherical, which was led by massive VC names within the crypto house like a16z, additionally had the participation of Pantera Capital and FTX Ventures. Kevin Lin, CEO of the corporate and co-founder of Twitch, said the corporate will concentrate on making high-quality video games with blockchain parts.

Metatheory Scores $24 Million in Series A Round

Metatheory, a Web3 gaming firm that mixes leisure experiences with blockchain parts, informed it has raised $24 million in its Series A funding spherical. The CEO of the corporate, who can also be co-founder of Twitch, Kevin Lin, said that this is a chance to construct high-quality video games that additionally embrace blockchain parts of their design.

The Web3 gaming premise appears to be attractive for VCs like a16z, which led the funding spherical and has been actively investing in initiatives of this sort, together with Mythical Games, Yield Guild Games, and Sky Mavis, makers of Axie infinity. Other contributors embrace Pantera Capital and FTX Ventures, Breyer Capital, Merit Circle, Recharge Thematic Ventures, Dragonfly Capital Partners, Daedalus, Sfermion, and Global Coin Research.

Metatheory didn’t report a valuation for the corporate after this funding spherical.


Web3 Gaming Advantages

Metatheory is amongst a bunch of corporations attempting to mix gaming parts with blockchain and play-to-earn mechanics with a purpose to produce high-end leisure experiences. About this, Lin said:

I actually consider blockchain will open the door to much more prospects and have a serious impression within the gaming, storytelling and neighborhood constructing house.

According to the corporate, a workers of veteran devs will differentiate its merchandise when in comparison with different, much less refined blockchain video games, already having a crew of 42 workers devoted to those duties. The firm has already produced its first franchise, known as Duskbreakers, releasing its first drop of 10K NFTs that was bought in lower than every week.

NFTs have had a polarizing impact in conventional gaming circles, with totally different corporations taking varied stances on the topic. Lin helps NFTs because of the possession drawback they purpose to unravel in these video games. On this, Lin explained:

I feel the concept of possession within the digital financial system, within the digital world, particularly as we emerge into regardless of the metaverse could be, goes to imply that blockchain is essential expertise.

However, he clarified that the corporate will concentrate on producing “good, enjoyable video games on the core.”

What do you consider Metatheory’s Series A funding spherical? Tell us within the feedback part under.

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