Fenix ​​Games raises $150 million to fund the next generation of blockchain games

Web3 gaming studio Fenix ​​Games has raised $150 million in funding to acquire, invest in and distribute blockchain games. The fund will be used to create a game publisher specifically for mainstream blockchain games.

The latest round of financing for Fenix ​​Games was attended by several investors, including the Phoenix Group and Dubai-based venture capital firm Cypher Capital, local media reported. Chris Ko, CEO and co-founder of Fenix ​​Games, who previously led Mythical Games, considers Fenix ​​Games “as a venture capital fund” for developing the next generation of blockchain games.

Sharing details about the company’s plans after securing funding, Ko stated:

“In fact, we’re going to start with a huge capital base to invest in (state-of-the-art game) studios. We are also looking to use our resources to acquire several existing games in the Web2 space to build our portfolio.”

Ko also pointed out that the blockchain gaming market does not exist like that of traditional video games, which use consoles and mobile devices. Fenix ​​Games’ strategy going forward is to develop the gaming ecosystem through publishing initiatives.

Crypto gaming needs to be fun to be successful — Money doesn’t matter

The ever-evolving model of the GameFi industry can make “today’s AAA game companies look like peanuts,” said Jack O’Holleran, CEO of Skale, an Ethereum-native multichain network dedicated to Web3 gaming.

Finding a sustainable GameFi model, however, remains a challenge for the industry. User experience is among the industry’s top struggles due to high gas fees and technical complexity regarding buying, owning, and trading non-fungible tokens (NFTs).


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