The blockchain video game developer will release two crypto-native games focused around Web3.
N3TWORK Studios raised $46 million in a Series A funding round that was led by Griffin Gaming Partners, with participation from Kleiner Perkins, Galaxy Interactive, Korean Investment Partners, Floodgate and LLL Capital, according to a press release.
The fresh capital will help the studio develop and produce its first two Web3 titles, Legendary: Heroes Unchained and Triumph, both of which will be focused around the use of cryptocurrency and Web3.
Use of blockchain-based games has increased by more than 2,000% in the past year, according to one report. The gaming industry in general raised $3.5 billion of disclosed investments in the first quarter, more than half of which has been attributed to the blockchain gaming sector, according to a report by DDM Data and Research Services.
“We believe in a future where game economies are more open and players own the assets they earn and purchase,” N3TWORK Studios President Matt Ricchetti said in the press release. “Reaching that future will require both expanding the core crypto gaming audience and demonstrating to the massive mobile free-to-play audience that Web 3 is a clear value-add to their gaming experience.”
N3TWORK Studios was formed in January and includes veterans of Electronic Arts (EA), Zynga (ZNGA), Warner Brothers and Disney (DIS).