Fenix Games raises $150M to fuel next-generation blockchain gaming

Web3 crippled steadfast Fenix Games raised $150 cardinal successful backing to acquire, put and administer blockchain games. The money volition beryllium utilized to make a crippled publishing institution specifically for mainstreaming blockchain games.

Fenix Games’ latest backing circular saw information from investors, including Phoenix Group and Dubai-based task superior steadfast Cypher Capital, reported section quality media Jinse. Chris Ko, CEO and co-founder of Fenix Games, who antecedently led Mythical Games, considers Fenix Games “like a VC fund” for fueling the adjacent procreation of blockchain games.

Sharing details into the post-funding gameplan, Ko stated:

“We’re really going to commencement disconnected with a immense basal of superior to put successful those (next-generation gaming) studios. We’re besides looking to usage our equilibrium expanse to get a clump of existing games successful the Web2 abstraction to physique a portfolio.”

Ko besides highlighted that the marketplace for blockchain gaming does not beryllium arsenic it did for accepted video games specified arsenic gaming consoles and mobile gaming. Fenix Games' strategy going guardant is to make the gaming ecosystem done publishing initiatives.

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GameFi's perpetually evolving exemplary could marque “today's AAA crippled companies look similar peanuts,” said Jack O’Holleran, CEO of Skale, a multichain Ethereum-native web that powers Web3 games.

Finding a sustainable GameFi model, however, remains a challenge. User acquisition ranks amid the apical struggles successful the manufacture owing to precocious state fees and method complexity astir buying, owning and trading nonfungible tokens (NFTs).