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

Web3 video game publisher Fenix Games raised $150 million in moneying to get, invest and disperse blockchain video games. The fund will be utilized to produce a video game publishing business particularly for mainstreaming blockchain video games.

Fenix Games’ newest financing round saw involvement from financiers, consisting of Phoenix Group and Dubai-based equity capital company Cypher Capital, reported regional news media Jinse. Chris Ko, CEO and co-founder of Fenix Games, who formerly led Legendary Games, thinks about Fenix Games “like a VC fund” for sustaining the next generation of blockchain video games.

Sharing information into the post-funding gameplan, Ko mentioned:

“We’re in fact going to begin with a big base of capital to purchase those (next-generation video gaming) studios. We’re likewise wanting to utilize our balance sheet to get a lot of existing video games in the Web2 area to construct a portfolio.”

Ko likewise highlighted that the marketplace for blockchain video gaming does not exist as it provided for conventional computer game such as video gaming consoles and mobile video gaming. Fenix Games’ technique moving forward is to establish the video gaming environment through publishing efforts.

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GameFi’s continuously developing design might make “today’s AAA video game business appear like peanuts,” stated Jack O’Holleran, CEO of Skale, a multichain Ethereum-native network that powers Web3 video games.

Discovering a sustainable GameFi design, nevertheless, stays an obstacle. User experience ranks in the middle of the leading battles in the market owing to high gas costs and technical intricacy around purchasing, owning and trading nonfungible tokens (NFTs).