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

Metatheory, a Web3 gaming institution founded successful 2021, has announced it has raised $24 cardinal successful a Series A backing round. The concern round, which was led by large VC names successful the crypto abstraction similar a16z, besides had the information of Pantera Capital and FTX Ventures. Kevin Lin, CEO of the institution and co-founder of Twitch, stated the institution volition absorption connected making high-quality games with blockchain elements.

Metatheory Scores $24 Million successful Series A Round

Metatheory, a Web3 gaming institution that combines amusement experiences with blockchain elements, informed it has raised $24 cardinal successful its Series A backing round. The CEO of the company, who is besides co-founder of Twitch, Kevin Lin, stated that this is an accidental to physique high-quality games that besides see blockchain elements successful their design.

The Web3 gaming premise seems to beryllium enticing for VCs similar a16z, which led the backing circular and has been actively investing successful projects of this kind, including Mythical Games, Yield Guild Games, and Sky Mavis, makers of Axie infinity. Other participants see Pantera Capital and FTX Ventures, Breyer Capital, Merit Circle, Recharge Thematic Ventures, Dragonfly Capital Partners, Daedalus, Sfermion, and Global Coin Research.

Metatheory did not study a valuation for the institution aft this backing round.

Web3 Gaming Advantages

Metatheory is among a radical of companies trying to blend gaming elements with blockchain and play-to-earn mechanics successful bid to nutrient high-end amusement experiences. About this, Lin stated:

I genuinely judge blockchain volition unfastened the doorway to adjacent much possibilities and person a large interaction successful the gaming, storytelling and assemblage gathering space.

According to the company, a unit of seasoned devs volition differentiate its products erstwhile compared to other, little refined blockchain games, already having a squad of 42 employees devoted to these tasks. The institution has already produced its archetypal franchise, called Duskbreakers, releasing its archetypal driblet of 10K NFTs that was sold successful little than a week.

NFTs person had a polarizing effect successful accepted gaming circles, with antithetic companies taking assorted stances connected the subject. Lin supports NFTs owed to the ownership occupation they purpose to lick successful these games. On this, Lin explained:

I deliberation the thought of ownership successful the integer economy, successful the integer world, particularly arsenic we look into immoderate the metaverse mightiness be, is going to mean that blockchain is important technology.

However, helium clarified that the institution volition absorption connected producing “good, amusive games astatine the core.”

What bash you deliberation astir Metatheory’s Series A backing round? Tell america successful the comments conception below.

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