The crypto industry is currently in a long, dark and cold winter, but there are also positive things to report among all the misery. Fenix Games has succeeded in raising 150 million dollars in capital to invest in blockchain games. The company plans to use the funds to set up a publishing company focused on mainstream blockchain games, Venture Beat reports:
Fenix Games raises $150M for blockchain game publishing https://t.co/mqQBoVptXQ through @GamesBeat
— Dean Takahashi (@deantak) November 24, 2022
Venture capital fund for blockchain games
If you ask Fenix Games CEO and co-founder Chris Ko, the company is primarily a kind of investment fund for venture capitalists with a focus on blockchain gaming. The company’s goal is to produce and market the next generation of blockchain games.
“We are going to start this project with a huge amount of capital to invest in studios. We also want to use our strong balance sheet to buy a bunch of existing games from the Web2 world to build a portfolio.”
Said an enthusiastic Ko. Speaking to Venture Beat, the CEO also underlined that the blockchain gaming market is currently not yet at the same level as the traditional video game market. Fenix Games’ strategy is to build an ecosystem for blockchain games through various initiatives.
Big crypto ambitions
If it’s up to people within the industry, blockchain gaming has the potential to outclass the traditional industry on all fronts. “Today’s AAA game companies may represent very little compared to the blockchain gaming industry in the future,” said Jack O’Holleran of Ethereum-based Skale.
Skale is a party that, like Fenix Games, focuses on the Web3 world and builds their games based on blockchain technology. However, finding a good business model for the industry remains a challenge.
In particular, the transaction costs, which can sometimes run up considerably, tend to get in the way of the user experience. Fortunately, there are currently enough initiatives in development that can scale up the largest blockchains of today. In any case, the ambitions of the influential figures within the world of blockchain games are great.