Applications and Use Cases

Blockchain-based Gaming Company Metatheory Receives Series A Funding

May 26, 2022

Blockchain and Web3-based entertainment company Metatheory has announced a new $24 million Series A funding round. Founded by Twitch co-founder Kevin Lin, Metatheory is focused on building Web3 games and virtual worlds across new story franchise IPs.

The funding round was led by Andreessen Horowitz along with cryptocurrency financiers Pantera Capital and FTX Ventures. Launched in the third quarter last year, Metatheory is focused on the Web3 gaming space and building innovative worlds that expand beyond their actual games.

Metatheory released its first game franchise, DuskBreakers, in December. The offering is powered by blockchain and is a sci-fi based metaverse and gaming experience. The game initially launched with a free-to-play "Play-to-Mint" minigame that went on to sellout 10,000 NFTs, known as the Genesis DuskBreakers, in six days. The NFTs each represent a recruited "Breaker" character in the game. The Breakers can explore the virtual world on their own and also make important community decisions that will impact the future of the game.

“Building immersive digital experiences has always been a passion of mine, and after stepping away from Twitch to explore what’s next in the industry, I truly believe blockchain will open the door to even more possibilities and have a major impact in the gaming, storytelling and community building space,” said Kevin Lin, CEO of Metatheory. “At Metatheory, we’ve built a team of industry vets who are focused on embracing blockchain across multiple media categories with a focus on elevating standards of customer experience and shared ownership.”

In January, the company released the Beast Battler mini-game on a free-to-play basis. Metatheory plans to release additional NFTs, games and content throughout this year along with a full free-to-play game that utilizes Play-and-Earn mechanics.

“Metatheory is redefining how games and stories are told from the bottom up using Web3 primitives, and we couldn’t be more excited to partner with CEO Kevin Lin, a proven leader and company builder,” said Jonathan Lai, Andreessen Horowitz.

Want to learn more about how blockchain technology is changing – and improving – business operations and processes? Join the conversation at The Blockchain Event 2022, taking place in Ft. Lauderdale, Florida, June 21-24, 2022. The Blockchain Event is part of the #TECHSUPERSHOW experience, a business technology event taking place annually in South Florida since 1999.

Edited by Erik Linask

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