Metaverse

Twitch Co-Founder Raises $24M USD for Development of Web3 Gaming

Investors include Andreessen Horowitz, FTX Ventures, and Pantera Capital.

Metaverse

Twitch Co-Founder Raises $24M USD for Development of Web3 Gaming

Investors include Andreessen Horowitz, FTX Ventures, and Pantera Capital.

On Monday, May 16, Twitch co-founder Kevin Lin announced that his Web3 entertainment company Metatheory had raised $24 million USD in a recent funding round. Leading investments came from Andreessen Horowitz and cryptocurrency firms Pantera Capital and FTX Ventures.

Metatheory is currently focused on the further development of its NFT integrated game DuskBreakers. Set in a dystopian future, the game features a spaceship known as the Dusk, bringing with it technologically enhanced humans known as “DuskBreakers.”

The game franchise was released in December 2021 and was artistically designed in part by Geersart, the former lead illustrator at Twitch. DuskBreakers is by definition a metaverse game that is powered by blockchain technology. What sets it apart from Play-to-Earn games is its initial launch was free-to-play and “play-to-mint,” which meant users had to play the game in order to earn NFTs. In just six days after its launch, the blockchain game sold out a 10,000-piece genesis collection of NFTs.

“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,” said Kevin Lin, CEO of Metatheory.

As a company, Metatheory stated that its goals are to continue building Web3 games and virtual worlds that are imagined across innovative new story franchise IPs.

In other Web3 news, Coinbase announces a new decentralized app browser and wallet.

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