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Web3 Game Publisher Fenix Games Secures $150M in Fresh Funding

UTC by Bhushan Akolkar · 3 min read
Web3 Game Publisher Fenix Games Secures $150M in Fresh Funding
Photo: Unsplash

Fenix Games will use these funds to build the right infrastructure for blockchain games as the company seeks to become a giant blockchain gaming franchise with some mainstream blockchain games under its belt.

Over the last weekend, Web3 game publisher Fenix Games announced that it has secured $150 million in fresh funding. Phoenix Group and Dubai-based venture capital firm Cypher Capital backed the recent funding.

Web3 Game Publisher Fenix Games’ Plans for the Future

Fenix said that it will use these funds to acquire, invest, and distribute different blockchain games. The goal is to become a giant blockchain gaming franchise with some mainstream blockchain games under its belt.

As per Fenix, the next phase in the blockchain gaming industry will be the consolidation phase. Fenix believes that only a few dominant players will take blockchain gaming to the next level. As part of its strategy of increasing its footprint, the company is targeting both existing as well as new blockchain games. Chris Ko, CEO and co-founder of Fenix Games describes his company more like a VC fund. During his interview with GamesBeat, Chris Ko said:

“We believe there is a substantial opportunity to leverage our collective experiences from Web 2.0 gaming, coupled with asset management to bring a new publishing platform for blockchain gaming by acquiring, investing in and partnering with game makers globally to launch and scale. The market is similar to earlier [mobile gaming at the rise of free-to-play games] but it hasn’t found its Clash of Clans for blockchain games yet. We’re using the VC arm to fund the next generation of games.”

He further added that Fenix Games will have a base capital to invest in free-to-play gaming studios.

The Underpentrated Blockchain Games Market

Citing the evolution of mobile gaming platforms and other gaming consoles, Ko said that there isn’t a similar market for blockchain games. As a result, the company is keen on building its foundation with free-to-play and web3 gaming studios.

Ko said that it would be a gradual transition of onboarding gamers from web2 and free-to-play mobile games to web3. “We plan to acquire, invest, publish, and operate in select cases games and studios. We will have a few hundred million to deploy to execute our strategy,” Ko added.

Ko also took the blame that blockchain game developers have not been doing enough to create quality games and build the market. “We believe that this is temporary as the primary apps on chains are going to be gaming. The infrastructure, tools and support just do not exist. We believe there is an opportunity for the role of Publishing to elevate its role in the gaming ecosystem,” he added.

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