Web3 Game Publisher Fenix Games Raises $150 Million

• Fenix Games is “like a VC fund” for supporting the next generation of blockchain games.
• The future plan for Fenix Games is to expand the game industry through publishing efforts.

Fenix Games, a Web3 game developer, has secured $150 million in capital to purchase, invest, and deliver blockchain games. A publishing business dedicated to bringing blockchain games to a wider audience will be established with the funds.

According to Jinse, a local news outlet, investors such as Phoenix Group and Cypher Capital, a Dubai-based venture capital company, participated in Fenix Games’ most recent investment round. Fenix Games is “like a VC fund” for supporting the next generation of blockchain games, according to CEO and co-founder Chris Ko, a former leader of Mythical Games.

Ko stated:

“We’re actually going to start off with a huge base of capital to invest in those (next-generation gaming) studios. We’re also looking to use our balance sheet to acquire a bunch of existing games in the Web2 space to build a portfolio.”

Scalable GameFi Model

Additionally, Ko emphasized that unlike the market for PC, console, and mobile video games, the blockchain gaming industry currently does not exist. The future plan for Fenix Games is to expand the game industry through publishing efforts.

Jack O’Holleran, CEO of Skale, a multichain Ethereum-native network that supports Web3 games, said that GameFi’s continually developing model might make “today’s AAA game companies look like peanuts.”

However, it is still difficult to develop a scalable GameFi model. The technical complexities of purchasing, holding, and exchanging non-fungible tokens (NFTs), as well as the high gas prices, make for a poor user experience.

With 912,000 daily Unique Active Wallets engaging with games’ smart contracts in September alone, Web3 games accounted for over half of blockchain activity across 50 networks in the previous quarter, despite usability issues, as reported by DappRadar.

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