– Metatheory, a gaming and entertainment company founded by Twitch co-founder Kevin Lin, has raised $24 million in a Series A funding round.
– The round was led by crypto capital venture firm Andreessen Horowitz (a16z), with participation from Pantera Capital, the venture arm of the FTX cryptocurrency exchange, FTX Ventures, and other venture firms.
– Metatheory was launched in November 2021 around one year after Lin left Twitch.
– DuskBreakers, an Ethereum-based game implemented a “play-to-mint” model for its first 10,000 nonfungible tokens (NFTs).
– The DuskBreakers team plans to release comics and animations to continue its storyline, and additional NFTs and content are in the works at Metatheory with a play-to-earn game set for launch in the fourth quarter of 2022.
– Lin is not the only Twitch co-founder with an interest in gaming NFTs. In December 2021 Justin Kan, another co-founder of Twitch, launched the Fractal NFT marketplace which focuses on blockchain gaming tokens.
– Blockchain gaming is gaining interest from titans of the traditional gaming industry. Most recently, Square Enix revealed in its earnings report that it will expand NFTs into more of its games in 2022.
– Microsoft’s CEO said the development of metaverse platforms was a key reason for the $69 billion acquisition of gaming giant Activision Blizzard and Sega is looking to integrate cloud technology NFTs as part of its new Super Game project, which connects its different games to each other.