The web3 gaming and entertainment platform Metatheory founded by Twitch co-founder Kevin Lin announced the raise of $24 million in a Series A funding round.
The Series A funding round was led by Andreessen Horowitz, with Pantera Capital and FTX Ventures, Breyer Capital, Merit Circle, Recharge Thematic Ventures, Dragonfly Capital Partners, Daedalus, Sfermion, and Global Coin Research participating.
The newly raised funds will be utilized for more hirings, research & development, marketing, and other initiatives.
DuskBreakers, a sci-fi franchise containing two minigames, is Metatheory’s current major project. DuskBreakers debuted with an unique free-to-play ‘Play-to-Mint’ game, which culminated in a six-day sellout of 10,000 NFTS (Genesis DuskBreakers).
More NFT drops, games, and content are planned for the rest of the year including a full free-to-play game featuring Play-and-Earn mechanics in Q4.
Metatheory’s approach to blockchain development relies heavily on its storytelling element. The company wants to transform its games and interactive tales into successful brands in the metaverse era.
Kevin Lin stated “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.”
VC firm a16z who led the funding round for Metatheory has been actively investing in crypto and web3 related firms. Last month a16z even announced ‘a16z Crypto Research,’ a new research unit that aims to shape crypto and Web3 as formal fields of study while also addressing key issues in the field.