Twitch Co-Founder Completes $24M Funding for Web3 Gaming and Entertainment Company Metatheory

UTC by Tolu Ajiboye · 3 min read
Twitch Co-Founder Completes $24M Funding for Web3 Gaming and Entertainment Company Metatheory
Photo: Collision Conf / Flickr

The Metatheory funding will go towards the expansion of its “DuskBreakers” gaming franchise, and help offer players more gaming options.

Twitch co-founder Kevin Lin recently raised $24 million in a Series A funding round for his Web3 gaming company Metatheory. Proceeds from the exercise will go towards the development of non-fungible tokens (NFTs), comics, and a play-to-earn game to release later this year.

More on Metatheory Funding & Company Objectives, Products

The Metatheory funding round was led by crypto capital venture firm Andreessen Horowitz, with participation from several venture firms. They include Pantera Capital, FTX crypto exchange venture arm FTX Ventures, Dragonfly Capital, Breyer Capital, Merit Circle, and Recharge Thematic Ventures. The list of participants also includes Daedalus, Sfermion, and Global Coin Research.

Launched in November 2021 by Lin, one year after leaving Twitch, Metatheory is currently developing its flagship project, DuskBreakers. This project aspires to be a wide-ranging sci-fi franchise that cuts across various blockchain-centric and traditional entertainment media. Commenting on what lay in store for users, Lin said:

“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.”

Released last December, DuskBreakers launched a free-to-play “Play-to-Mint” game that resulted in a sell-out of 10,000 NFTS in just under a week. Dubbed the Genesis DuskBreakers, each genesis NFT represents one of the first 10,000 recruited “Breakers” characters who interact with a large, in-game dormant alien spacecraft. Possession of the released digital assets grants ownership of the corresponding DuskBreakers characters.

Furthermore, in January 2022, Metatheory released DuskBreakers’ second free-to-play minigame, “Beast Battler”. The premise of this minigame sequel revolves around a slightly different gameplay variation. Regardless, it will use the same environment as the first minigame.

The DuskBreakers team intends to carry on the storyline while offering players non-fungible tokens, comics, animations, and an upcoming play-to-earn game. Additionally, Metatheory intends to launch a play-to-earn game that relies heavily on NFTs for content interaction. The new game would launch in the fourth quarter of 2022.

Ex-Twitch Staff to Lead Metatheory

Lin, who currently serves as Metatheory’s CEO, has also enlisted the expertise of a few former Twitch staffers to help build his new company. The group includes former Twitch developer relations executive and engineer JT Gleason, who now serves as Metatheory’s new CTO. In addition, ex-member of Twitch’s Influencer Marketing team, Jason Maestas, is now onboard Metatheory as vice president of Community and Marketing. Furthermore, Metatheory’s chief of content, Bernie Su, and narrative designer Jen Enfield-Kane were once part of Twitch’s Artificial Next. The latter is an exclusive interactive live-streamed show about artificial intelligence that ran for four seasons.

Metatheory founding members include Art Director Darren Geers, COO Adam Bao, and VP of Game Development Nick Fotheringham, to name a few.

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