Metatheory is a Web3 gaming startup that was founded in 2021. It has now announced that it raised $24 Million in Series A financing. Pantera Capital, FTX Ventures, and other prominent VCs in crypto were also part of the investment round. Kevin Lin (CEO of the company, and also co-founder Twitch) stated that they will be focusing on high-quality, blockchain-based games.
The Series A Round of Metatheory’s 24% Million Dollar Acquisition Makes it $24M More Than It Did Last Year
Metatheory, which is a Web3-based gaming company that offers entertainment and blockchain elements combined, announced that it had raised $24million in its Series A round of funding. Kevin Lin, the CEO, said that this funding round will allow them to develop high-quality games and include blockchain elements.
The Web3 gaming concept seems attractive to VCs such as a16z. They led the financing round and have been investing in similar projects, including Mythical Games and Yield Guild Games. Pantera Capital, FTX Ventures and Breyer Capital are other participants.
Metatheory failed to report the valuation of the company following this funding round.
The Web3 Gaming Advantage
Metatheory, which is one of a number of companies that combines gaming and blockchain with play-to earn mechanics to create high-end entertainment experiences, is part of a growing group. Lin said:
Blockchain will allow for even greater possibilities, and I believe it will have an important impact on the space of gaming, storytelling, and community-building.
A team of veterans developers, according to the company will help differentiate their products from those of other less sophisticated blockchain games. The company already has 42 dedicated employees to such tasks. Duskbreakers is the first franchise that Duskbreakers has produced. The first batch of 10K NFTs were released in less then a week.
NFTs can cause polarization within traditional gaming circles. Different companies take different positions on this subject. Lin is a supporter of NFTs because they solve the problem of ownership in these games. Lin elaborated on this point:
The idea that ownership is possible in the digital economy and digital world is what I believe is the most important aspect of blockchain technology.
However, he clarified that the company will focus on producing “good, fun games at the core.”
What do you think about Metatheory’s Series A funding round? Comment below.
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