Metatheory, a Web3-gaming company that was founded in 2021 has announced that it has raised $24 Million in a Series B funding round. Pantera Capital and FTX Ventures participated in the investment round. Kevin Lin, the CEO of the company, and co-founder at Twitch, stated that the company will be focusing on high-quality games using blockchain elements.
Metatheory Wins Series A Round of $24 Million
has received $24 million from Metatheory, a Web3-based gaming company that combines entertainment with blockchain elements. Kevin Lin, the CEO of the company and co-founder of Twitch said that this funding round is an opportunity to create high-quality games with blockchain elements.
The Web3 gaming concept seems to be attractive for VCs such as a16z. They led the funding round, and have been actively investing in projects like Mythical Games, Yield Games, Sky Mavis and Axie Infinity. Pantera Capital, FTX Ventures and Merit Circle, Recharge Thematic Ventures and Dragonfly Capital Partners are other participants.
After this round of funding, Metatheory didn’t report on a valuation.
Web3 Gaming Advantages
Metatheory is one of a number of companies that combines gaming elements with blockchain, play-to-earn and other mechanics to create high-end entertainment experiences. Lin said:
Blockchain will allow for even more possibilities, and it will have a significant impact on the gaming, storytelling, and community building spaces.
The company claims that a team made up of veterans developers will make its products stand out from other blockchain games. It already has a team of 42 dedicated to this task. Duskbreakers was the company’s first franchise. It released its first 10K NFTs drop in less than one week.
NFTs have caused polarization in traditional gaming circles with different companies adopting different stances. Lin supports NFTs because of the ownership problem that these games aim to solve. Lin explained.
The idea of ownership in digital economies, in the virtual world, particularly as we enter into the metaverse, I believe, will mean that blockchain technology is important.
He clarified however that the company would be focusing on creating “good, enjoyable games at its core.”
