Web3 sport writer Fenix Video games raised $150 million in funding to amass, make investments and distribute blockchain video games. The fund will likely be used to create a sport publishing firm particularly for mainstreaming blockchain video games.
Fenix Video games’ newest funding spherical noticed participation from buyers, together with Phoenix Group and Dubai-based enterprise capital agency Cypher Capital, reported native information media Jinse. Chris Ko, CEO and co-founder of Fenix Video games, who beforehand led Legendary Video games, considers Fenix Video games “like a VC fund” for fueling the following era of blockchain video games.
Sharing particulars into the post-funding gameplan, Ko said:
“We’re truly going to begin off with an enormous base of capital to spend money on these (next-generation gaming) studios. We’re additionally trying to make use of our stability sheet to amass a bunch of present video games within the Web2 area to construct a portfolio.”
Ko additionally highlighted that the marketplace for blockchain gaming doesn’t exist because it did for conventional video video games reminiscent of gaming consoles and cellular gaming. Fenix Video games’ technique going ahead is to develop the gaming ecosystem by means of publishing initiatives.
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GameFi’s always evolving mannequin might make “right now’s AAA sport firms appear like peanuts,” stated Jack O’Holleran, CEO of Skale, a multichain Ethereum-native community that powers Web3 video games.
Discovering a sustainable GameFi mannequin, nonetheless, stays a problem. Person expertise ranks amid the highest struggles within the trade owing to excessive fuel charges and technical complexity round shopping for, proudly owning and buying and selling nonfungible tokens (NFTs).