The web3 gaming and entertainment company Metatheory, founded by Twitch co-founder Kevin Lin, has raised $24 million in a series A funding round on Monday..
The round was led by cryptocurrency venture capital firm Andreessen Horowitz (a16z), with participation from Pantera Capital, the venture arm of cryptocurrency exchange FTX, FTX Ventures, and other venture firms.According to the announcement.
Metatheory launched in November 2021 about a year after Lin left Twitch, where he wrote in a Medium article at the time that he was creating the gaming company and also a blockchain game called DuskBreakers.. Lin was quoted in this week’s announcement as saying:
“Building immersive digital experiences has always been a passion of mine, and after moving away from Twitch to explore what’s next in the industry, I truly believe that blockchain will open the door to even more possibilities and have a huge impact on the gaming space. , storytelling and community building.”
ICYMI: Today we’re excited to announce a $24M Series A Round in Metatheory, our parent company.
A big TY to: @a16z@PanteraCapital@FTX_Official
Breyer Capital @jimihendrixlive@MeritCircle_IO@Globalcoinrsrch@Sfermion_@daedalus_angels@dragonfly_cap@rechargecapital— DuskBreakers (@DuskBreakers) May 16, 2022
ICYMI: Today we are delighted to announce a $24 million Series A round in Metatheory, our parent company.
A big thanks to: @a16z@PanteraCapital@FTX_Official
Breyer Capital @jimihendrixlive@MeritCircle_IO@Globalcoinrsrch@Sfermion_@daedalus_angels@dragonfly_cap@rechargecapital
DuskBreakers launched in December 2021 with art designed by Twitch’s former lead illustrator. The Ethereum-based game implemented a “play-to-mint” model for its first 10,000 non-fungible tokens (NFTs).. Those who want to get their hands on an NFT have to play an arcade-style game to validate their entry on a whitelist.
The DuskBreakers team plans to release comics and animations to continue their story, and more NFTs and content are being prepared at Metatheory.. In the fourth quarter of 2022, a play-to-earn game will be released.
Lin isn’t the only Twitch co-founder with an interest in gaming NFTs. In December 2021 Justin Kan, another co-founder of Twitch, launched the Fractal NFT marketplace which focuses on blockchain gaming tokens saying “NFTs are the future of gaming”.
Blockchain gaming is gaining interest from titans of the traditional gaming industry. More recently, Square Enix revealed in its earnings report that it will expand NFTs on more of its games in 2022.
Microsoft CEO said metaverse platform development was a key reason for its $69 billion acquisition of gaming giant Activision Blizzardand Sega is looking to integrate cloud technology NFTs as part of its new Super Game project, which connects its different games with one another.
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