February 01, 2023




Home Blockchain Fenix Video games raises $150M to gas next-generation blockchain gaming – Cointelegraph

Fenix Video games raises $150M to gas next-generation blockchain gaming – Cointelegraph

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Chris Ko, CEO and co-founder of Fenix Video games, considers Fenix Video games “like a VC fund” for powering the subsequent era of blockchain video games.

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Web3 recreation writer Fenix Video games raised $150 million in funding to amass, make investments and distribute blockchain video games. The fund can be used to create a recreation publishing firm particularly for mainstreaming blockchain video games.

Fenix Video games’ newest funding spherical noticed participation from traders, together with Phoenix Group and Dubai-based enterprise capital agency Cypher Capital, reported native information media Jinse. Chris Ko, CEO and co-founder of Fenix Video games, who beforehand led Legendary Video games, considers Fenix Video games “like a VC fund” for fueling the subsequent era of blockchain video games.

Sharing particulars into the post-funding gameplan, Ko said:

“We’re truly going to start out off with an enormous base of capital to spend money on these (next-generation gaming) studios. We’re additionally wanting to make use of our steadiness sheet to amass a bunch of current video games within the Web2 area to construct a portfolio.”

Ko additionally highlighted that the marketplace for blockchain gaming doesn’t exist because it did for conventional video video games resembling gaming consoles and cellular gaming. Fenix Video games’ technique going ahead is to develop the gaming ecosystem by publishing initiatives.

Associated: Crypto gaming needs to be fun to be successful — Money doesn’t matter

GameFi’s always evolving mannequin may make “as we speak’s AAA recreation firms appear to be peanuts,” stated Jack O’Holleran, CEO of Skale, a multichain Ethereum-native community that powers Web3 video games.

Discovering a sustainable GameFi mannequin, nonetheless, stays a problem. Consumer expertise ranks amid the highest struggles within the trade owing to excessive fuel charges and technical complexity round shopping for, proudly owning and buying and selling nonfungible tokens (NFTs).

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