We might be in one of the darkest, coldest crypto winters on record, but if you look in the right direction, you will see plenty being built and cultivated. A new Web3 gaming publisher, Fenix Games, has just raised $150 million to be used in the furthering of the space.
The last month or two have felt like crypto has lurched from one catastrophe to the next, capping off a rather dreadful 2022. Nevertheless, blockchain gaming has taken strides forward more than most subsectors of Web3. We have seen unprecedented investment in blockchain games — estimated to top $10 billion by the end of the year — as well as wholesale movement into the area by some of the biggest names in the gaming industry.
A recent funding round has raised a few eyebrows as Fenix Games scope $150 million for use in blockchain gaming. So, what is Fenix Games?
What Is Fenix Games?
Fenix Games is a Web3 games publisher, but with a twist: they intend on using the funds to not only distribute and promote blockchain games, but to invest in projects and acquire them too. This feels as if Fenix Games has received funding to help the space move forward (and make money from it, of course) based on the founders’ expertise in 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.
— Chris Ko, Co-Founder and CEO, via VentureBeat
The next question is, therefore, who is Fenix Games?
The 4-man team has experience in influential roles at the likes of Activision Blizzard and EA, with Chris Ko previously VP and GM of EA Sports Mobile. Rudy Koch’s name may also be familiar to the eagle-eyed for his role as co-founder at Mythical Games — a favorite of ours.
What makes this funding round so interesting is it isn’t an investment in a project or product per se, but rather the logical conclusion of the Warren Buffet adage of investing in people. This funding round was an effort to build a war chest for this team to distribute in the newest gaming sector many believe will follow a similar trajectory to mobile.