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 Scores $24 Million in Series A Round
Metatheory, a Web3 gaming company that combines entertainment experiences with blockchain elements, informed it has raised $24 million in its Series A funding round. The CEO of the company, who is also co-founder of Twitch, Kevin Lin, stated that this is an opportunity to build 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 valuation for the company after this funding round.
Web3 Gaming Advantages
Metatheory is among a group of companies trying to blend gaming elements with blockchain and play-to-earn mechanics in order to produce high-end entertainment experiences. About this, Lin stated:
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 staff of veteran devs will differentiate its products when compared to other, less refined blockchain games, already having a team of 42 employees devoted to these tasks. The company has already produced its first franchise, called Duskbreakers, releasing its first drop of 10K NFTs that was sold 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 whatever the metaverse might be, is going to mean that blockchain is important technology.
However, he clarified that the company will focus on producing “good, fun games at the core.”