Fast take:
Fenix Video games has raised $150 million in a spherical backed by Phoenix Group and Cypher Capital.The web3 video games maker mentioned the plan is to construct a big blockchain gaming franchise.Fenix Video games expects consolidation to observe in blockchain video games with the business set to be dominated by a couple of mega gamers.
Fenix Video games has introduced a $150 million fundraising backed by Phoenix Group and Cypher Capital. The web3 video games’ developer needs to construct a large blockchain gaming franchise by buying and funding the perfect startups within the business.
The corporate believes that the following section within the blockchain gaming business would be the consolidation section with a couple of dominant gamers rising to take blockchain gaming to the following degree.
The corporate is concentrating on each present and new blockchain video games, because it shapes to spearhead the evolution of the business.
Chris Ko, CEO and co-founder of Fenix Video games, who describes his firm as being extra like a VC fund in an interview with GamesBeat commented: “The market is just like earlier [mobile gaming at the rise of free-to-play games] however it hasn’t discovered its Conflict of Clans for blockchain video games but. We’re utilizing the VC arm to fund the following era of video games.”
Ko mentioned Fenix Video games will begin with a base capital to put money into free-to-play gaming studios, because it assesses acquisition alternatives within the web2 gaming house. “that would be the proper base for our portfolio,” added Ko.
Citing the evolution of gaming from consoles to on-line and cellular gaming platforms, Ko mentioned that while the markets exist for these two segments of the business, there isn’t a marketplace for blockchain video games but.
This explains the corporate’s method to constructing its basis with free-to-play and web3 gaming studios. It will likely be a case of onboarding players from web2 and free-to-play cellular video games to web3, relatively than attempting to construct a group based mostly completely on blockchain players.
“We plan to amass, make investments, publish, and function in choose circumstances video games and studios,” mentioned Ko. “We could have a couple of hundred million to deploy to execute our technique.”
Blockchain sport makers have been accused of not specializing in creating high quality video games to construct the market and Ko agrees. He mentioned that though the blockchain is a superb platform for the following gaming cycle, “[developers] don’t seem like centered on constructing the marketplace for players.”
“We consider that that is non permanent as the first apps on chains are going to be gaming,” Ko mentioned. “The infrastructure, instruments and help simply don’t exist. We consider there is a chance for the position of Publishing to raise its position within the gaming ecosystem.”
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