Metatheory, a Web3 gaming and entertainment company, has raised $24 million in a funding round led by Andreesen Horowitz, with Pantera Capital, FTX Ventures, Dragonfly Capital, and others participating.
Founded by Twitch Co-Founder Kevin Lin, Metatheory is currently developing its flagship project, DuskBreakers, a sci-fi franchise with two minigames. The project makes use of NFTs, unique blockchain-based tokens that demonstrate ownership over digital assets. In this case, the NFTs grant ownership over DuskBreakers characters.
“After stepping away from Twitch to explore what’s next in the industry, 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,” Lin said in a statement.
ICYMI: Today we're excited to announce a $24M Series A Round in Metatheory, our parent company. 🎉
Lin serves as Metatheory’s CEO, and he’s brought on a few former Twitch staffers to help him build his Web3 company. Former Twitch developer relations executive and engineer JT Gleason is Metatheory’s CTO, and VP of Community and Marketing Jason Maestas comes from Twitch’s Influencer Marketing team.
And Metatheory’s Content Chief Bernie Su and Narrative Designer Jen Enfield-Kane come from the Twitch exclusive Artificial Next, an interactive livestreamed show about artificial intelligence that ran for four seasons.
Unlike most blockchain games, which are only playable through a web browser, Metatheory has its own game launcher, giving players the choice to either experience DuskBreakers through a browser or natively through the game launcher on their computers instead.
DuskBreakers is currently developing its main play-and-earn blockchain game, set to release sometime in Q3 of this year.
Image: DuskBreakers NFTs on OpenSea.
Out of the 10,000 DuskBreakers Ethereum NFTs, which currently have a floor price—or minimum purchase price—of 0.22 ETH ($440), only nine NFTs are considered “canon” to the DuskBreakers game lore so far, meaning that no others are currently a part of the game’s main lore and storyline. Back in December, the NFTs sold out within a week after Metatheory launched a “play-to-mint” DuskBreakers minigame called “The Recruit Simulator,” where users could play to earn a DuskBreakers genesis NFT.
The DuskBreakers minigame that's currently playable on the site is an RPG dungeon crawler-style game. Image: duskbreakers.gg
But DuskBreakers’ lore is likely to expand very soon beyond its NFT collection and two minigames, as Metatheory is currently hiring a comic artist to adapt the game and its IP into an online graphic novel. The DuskBreakers team is also planning a second NFT collection, 3D profile picture avatars, merch, and events in addition to its upcoming play-and-earn game.
GG Newsletter
Get the latest web3 gaming news, hear directly from gaming studios and influencers covering the space, and receive power-ups from our partners.
NFT Revolution
NFTs are provably unique crypto tokens that are quickly becoming increasingly popular among digital artists, gaming companies, and investors. Track the NFT revolution here.
Blockchain-powered mobile soccer game FIFA Rivals will release on June 12 on both iOS and Android, Mythical Games announced Friday, revealing a multi-year licensing agreement with sportswear giant Adidas in the process.
The team-up will integrate Adidas products throughout FIFA Rivals, including digital kits, jerseys, and shoe releases that draw from the brand's soccer heritage. Players will have access to exclusive in-game items and experiences designed around Adidas branding.
"FIFA Rivals is a...
While crypto gaming has long been seen as a key use for blockchain, letting gamers really own and freely trade their unique items and perhaps profit from a game's success, developers are struggling to sustain their games and digital economies.
Some games, like Gunzilla Games’ Off the Grid, have punched through to a broader audience, gaining adoption from top streamers and gamers alike—albeit ahead of full blockchain integration. But many other games and studios building with tokens are strugglin...
Yuga Labs is serious about refocusing on the Bored Ape Yacht Club, the Otherside metaverse game, and related projects.
On Friday, the crypto startup said that it had sold off yet another previously acquired NFT project IP, dumping the Moonbirds property that it purchased just over a year ago.
The buyer is Orange Cap Games, a young gaming startup that builds digital and physical trading card games. The firm's first game, the Pudgy Penguins-themed Vibes TCG, launched on Ethereum layer-2 network Ab...