Web3 gaming continues to progress as new projects continue to receive investments and attract funds. Fenix Games has raised $150 million in funding to establish a new and distinct blockchain game publisher. The company plans to launch a publisher as well as a platform for blockchain games that will help these games hit the market. More simply, Fenix Games plans to invest, acquire, and publish existing and future blockchain games.
The investment was led by Cypher Capital and Phoenix Group. Web3-based gaming continues to attract big investment companies. Several big investment companies are eyeing the opportunity to acquire or invest in blockchain gaming startups. However, there are many developers and investors tinkering with the game infrastructure, middleware, and more. There is far too little effort being made to fill the enormous gap of missing publishers. Publishers will aid in the commercialization of games.
Fenix Games highlights Blockchain Gaps and Provides a Solution
Fenix Games plans to take blockchain gaming to the next phase of consolidation. They will act as a VC fund arm to fund blockchain gaming. Moreover, the firm feels that there exists a structural gap in blockchain game development that they aim to fill. According to Fenix Games, blockchain gaming lacks the blending function that mobile free-to-play had. For a game to launch, scale, and provide live services, it must combine analytics and product management functions. Fenix Games aims to create a similar blend and fill in the gaps the blockchain gaming industry has.
Just like the after-sale live operations and services of traditional games, blockchain games will need game market economies to operate. So, the key here for Fenix Games is to capitalize on the combination of market economies and live operations to help publish all sorts of games like premium, free-to-play, and blockchain gaming across all platforms.
Fenix Games also plans to facilitate the transition of gamers from Web2-based traditional games to Web3. Web3 games, on the other hand, lack the necessary tools, infrastructure, and support to achieve widespread adoption. The example is evident in Web2-style traditional gaming, where it has mature distribution platforms that help rope in billions of gamers.
Chris Ko, CEO of Fenix Games
Chris Ko, the CEO of Fenix Games, has rich professional experience spanning more than 20 years. Previously, Ko worked as Senior Vice President of Corporate Development for Mythical Games. He also held important positions at Electronic Arts and Kabam. He also served at JP Morgan as an equity research analyst and a portfolio manager for Blackrock.
Ko said, “I see a huge gap right now with various developers experimenting with game infrastructure, middleware, and more. “There isn’t anyone really filling the publisher role and trying to figure out how you go to market successfully.” He further added, “By taking a publishing approach, we abstract ourselves from the technologies.” “We play Switzerland when it comes to technology, and we mitigate risks.”
Ko further added, “The infrastructure, tools, and support just do not exist.” “We believe there is an opportunity for the role of publishing to elevate its role in the gaming ecosystem.”
Check out our previous weekly news roundup, which included Star Atlas and its sales; Splinterlands laying off 45% of its workforce; according to a Deloitte study, the metaverse is a trillion-dollar market; The Sandbox launches land sales featuring Snoop Dogg, Playboy, and more; Last Expedition, a AAA blockchain FPS game, has received updates; and more.
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