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Fenix ​​Games raises $150 million to power next-gen blockchain games

Published on

January 28, 2023
Read Time:1 Minute, 26 Second

Web3 video games writer Fenix ​​Video games raised $150 million in funding to amass, make investments and distribute blockchain video games. The fund will probably be used to start out a sport writer particularly for mainstreaming blockchain video games.

Fenix ​​Video games' current spherical of funding featured 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 ran Legendary Video games, considered Fenix ​​Video games "like a VC fund" to advertise next-generation blockchain video games.

Ko shared particulars of the sport schedule after funding, stating:

“We are going to really begin with an enormous capital base to put money into these next-gen (gaming) studios. We additionally wish to use our steadiness sheet to amass a lot of present video games within the web2 house to construct a portfolio.”

Ko additionally careworn that the marketplace for blockchain video games doesn't exist in the identical means as conventional video video games akin to sport consoles and cellular video games. Fenix ​​Video games' technique going ahead is to develop the gaming ecosystem via publishing initiatives.

Associated: Crypto video games must be enjoyable to achieve success - cash is just not a problem

GameFi's ever-evolving mannequin may "make right this moment's AAA sport firms seem like peanuts," stated Jack O'Holleran, CEO of Skale, a multichain Ethereum-native community that powers Web3 video games.

Nonetheless, discovering a sustainable GameFi mannequin stays a problem. Person expertise is among the many largest struggles within the business as a result of excessive gasoline charges and technical complexities concerned in shopping for, proudly owning and buying and selling non-fungible tokens (NFTs).

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 28, 2023
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