Metatheory Web3, the project of Twitch co-founder Kevin Lin, has just raised $24 million in Series A funding.
Metatheory was established in November 2021, roughly a year after he resigned from Twitch. He revealed on Medium that he was developing both a gaming business and a blockchain game called DuskBreakers at the time.
High-Profile Project by High-Profile Investors
The funding was led by crypto capital investment firm Andreessen Horowitz (a16z). Also involved are venture arm Pantera Capital of FTX, and other venture firms, according to the news.
DuskBreakers’ artwork was created by Twitch’s former lead artist and revealed in December 2021. The Ethereum game’s first 10,000 nonfungible tokens were handled using a “play-to-mint” method. To be added to a whitelist, players must finish an arcade-style game. More game modes are yet to be released soon later.
The DuskBreakers crew aims to generate comics and animations as it progresses. Their work on the Metatheory Web3 project will focus on constantly new NFTs and content, including a play-to-earn game that will debut in the fourth quarter of 2022.
Is the Gaming Community Ready for NFTs?
The gaming fandom has never been open-minded when it comes to NFTs. From the headlines that you read from gaming news outlets to popular forums and social media, gamers look the other way whenever someone mentions “blockchain” or NFTs.
Despite the negative feedback of players, the higher-ups of popular gaming companies see NFTs on a more positive note. For example, Square Enix CEO Yosuke Matsuda plans on moving the company forward with NFT-focused game titles (hence the $300M sellout of Tomb Raider, Deus Ex, Thief and others). Ubisoft has also been openly supportive of NFTs and are planning to create new Intellectual Properties with blockchain using their NFT platform Ubisoft Quartz.