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Fenix Games raises $150M to fuel next-generation blockchain gaming

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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 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 truly going to begin off with an enormous base of capital to put money into these (next-generation gaming) studios. We’re additionally wanting to make use of our stability sheet to amass a bunch of current video games within the Web2 house to construct a portfolio.”

Ko additionally highlighted that the marketplace for blockchain gaming doesn’t exist because it did for conventional video video games akin 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 consistently evolving mannequin might make “in the present day’s AAA recreation firms appear to be peanuts,” mentioned Jack O’Holleran, CEO of Skale, a multichain Ethereum-native community that powers Web3 video games.

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