Fenix Games Secures $150M Funding to Pursue Blockchain Gaming
Fenix Games chief executive Chris Ko likened the company to a venture capital fund tasked with powering future blockchain games. The co-founder of Web3 game publisher acknowledged the $150 million will facilitate the acquisition, investment expansion, and distribution of blockchain games.
The Fenix chief executive stated the fund is targeted at creating a game publishing entity that will mainstream blockchain games. The previous leader of Mythical Games admitted the latest funding round that drew active participation from famous investors. Besides acknowledging Phoenix Group, Chris Co appreciated the input of Cypher Capital, based in UAE. He considered the just concluded funding round transforming Fenix Games to a venture capital fund to catapult the rollout of future blockchain games.
Post-Funding Gameplan
Ko confessed that while raising funds amidst the latest contagious turmoil from FTX Group was challenging, the post-funding era posed extreme complexity. As such, Fenix Games will prioritize establishing a huge capital base to invest in the next-generation gaming studios. He clarified the duo-goal objective of leveraging the company’s balance sheet to build a portfolio by acquiring existing games created from the Web2 space.
Ko’s confession highlighted the non-existence of the blockchain gaming market. Unlike the ready market for conventional video games, including mobile and gaming consoles, the blockchain gaming segment remains underdeveloped. Consequently, Ko pointed out the need for Fenix Games to establish a closely-knit gaming ecosystem for blockchain games by launching and supporting publishing initiatives.
Challenges Facing Crypto Gaming
Beyond the celebrated success of the latest funding round, Fenix Games has a bigger role in triggering the acceptance of crypto games. The challenge lies in guaranteeing funds for crypto gaming success. While acknowledging money has little influence, Skale chief executive Jack O’Holleran considered the present AAA game companies miniatures given that GameFi faces an evolving model.
O’Helleran admits that the multichain Ethereum-native network is facing challenges securing a sustainable GameFi model. He attributed the struggles facing the young blockchain segment to high gas fees. Similarly, powering Web3 games yields presents technical complexity in purchase, ownership, and trading related nonfungible tokens.
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