Game publisher Fenix Games has raised $150 million in funding to acquire, invest and distribute blockchain games. The fund will be used to establish a company dedicated to mainstreaming blockchain games.
As reported by local news media Jinse, Phoenix Group and Dubai-based venture capital firm Cypher Capital participated in Fenix Games’ latest funding round. For fueling the next generation of blockchain games, CEO and co-founder Chris Ko, who led Mythical Games, views Fenix Games as a venture capital fund.
Moreover, Fenix Games’ strategy going forward is to develop the gaming ecosystem through publishing initiatives, just as it did for traditional video games like gaming consoles and mobile games.
To succeed in crypto gaming, you need to have fun – money doesn’t matter
“GameFi’s constantly evolving model could make today’s AAA game companies look like peanuts,” said Jack O’Holleran, CEO of Skale, a multichain Ethereum-based Web3 gaming network.
However, finding a sustainable GameFi model remains a challenge due to high gas fees and the technical complexity of buying, owning, and trading nonfungible tokens.