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Web3 game publisher Fenix Games has successfully raised $150 million for development resources in blockchain gaming.
Chris Ko, CEO and co-founder of Fenix Games, sees Fenix Games as “like a venture capital fund” to power the next generation of blockchain games. This fund will be used to create a game publishing company dedicated to the development and publishing of blockchain games.
Fenix Games’ latest funding round involved investors, including Phoenix Group and Dubai-based venture capital firm Cypher Capital.
Sharing details of the post-funding game plan, Fenix Games CEO said:
“We’re really going to start with a huge amount of capital to invest in those[next-gen game]studios. We are also looking to use our balance sheet to purchase an existing range of games in the Web2 space to build a portfolio.”
Fenix Games’ upcoming strategy is to grow the game ecosystem through disruptive initiatives. The company’s direction is completely different from traditional games, blockchain games, nft games will have its own path.
Also positive about the new generation of games, Jack O’Holleran, CEO of Skale, a multi-chain Ethereum native network that powers Web3 games, said that GameFi’s ever-evolving model will soon beat. top AAA game companies today.
However, finding a sustainable GameFi model remains a challenge. User experience ranks among the top struggles in the industry due to high gas fees and technical complexity around buying, owning, and trading non-fungible tokens (NFTs).
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