Fenix Video games raises $150M to gasoline next-generation blockchain gaming

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

Fenix Video games’ newest funding spherical noticed participation from buyers, 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 acknowledged:

“We’re really going to start out off with an enormous base of capital to put money into these (next-generation gaming) studios. We’re additionally trying to make use of our steadiness sheet to accumulate a bunch of present 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 equivalent to gaming consoles and cellular gaming. Fenix Video games’ technique going ahead is to develop the gaming ecosystem via publishing initiatives.

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GameFi’s always evolving mannequin might make “right now’s AAA recreation corporations appear like 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 business owing to excessive gasoline charges and technical complexity round shopping for, proudly owning and buying and selling nonfungible tokens (NFTs).