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

Web3

Metatheory, a Web3 gaming company founded in 2021, has announced it has raised $24 million in a Series A funding round. The investment round, which was led by big VC names in the crypto space like a16z, also had the participation of Pantera Capital and FTX Ventures. Kevin Lin, CEO of the company and co-founder of Twitch, stated the company will focus on making high-quality games with blockchain elements.

Metatheory earns $24 million in Series A

Metatheory, a web3 game company that combines entertainment experiences with blockchain elements, announced that it raised $24 million in its Series A funding round. The company’s CEO, who is also co -Twitch founder Kevin Lin said this is an opportunity to create high-quality games that also include blockchain elements in their design.

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

Metatheory did not report a rating for the company after this funding round.

Advantages of Web3 game

Metatheory is part of a group of companies attempting to blend gaming elements with blockchain and game-to-win mechanics to produce premium entertainment experiences. Regarding this, Lin said:

I truly believe blockchain will open the door to even more possibilities and have a major impact in the gaming, storytelling and community building space.

According to the company, a team of veteran developers will differentiate its products from other less polished blockchain games, already having a staff of 42 dedicated to these tasks. The company has already produced its first franchise, called Duskbreakers, releasing its first 10K NFT drop which sold out in less than a week.

NFTs have had a polarizing effect in traditional gaming circles, with different companies taking various stances on the subject. Lin supports NFTs due to the ownership problem they aim to solve in these games. On this, Lin explained:

I think the idea of ​​ownership in the digital economy, in the digital world, especially as we emerge into any metaverse, is going to mean that blockchain is an important technology.

However, he clarified that the company will focus on producing “good, fun games at the core.”

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