May 17, 2022
By Murtuza Merchant
Web3 gaming and entertainment company Metatheory founded by Twitch co-founder Kevin Lin has raised $24 million in a Series A funding round on Monday.
The round was led by crypto capital venture firm Andreessen Horowitz (a16z), with participation from Pantera Capital, the venture arm of the FTX cryptocurrency exchange, FTX Ventures, and other venture firms, according to the announcement.
Metatheory was launched in November 2021 around one year after Lin left Twitch, where he wrote in a Medium article at the time that he was creating the gaming company and also a blockchain game called DuskBreakers.
DuskBreakers was released in December 2021 with the art designed by the former lead illustrator at Twitch. The Ethereum-based game implemented a “play-to-mint” model for its first 10,000 nonfungible tokens (NFTs). Those looking to grab an NFT have to play an arcade-type game to validate their entry onto a whitelist.
The DuskBreakers team plans to release comics and animations to continue its storyline, additional NFTs and content are in the works at Metatheory with a play-to-earn game set for launch in the fourth quarter of 2022.
Blockchain gaming is gaining interest from titans of the traditional gaming industry. Recently, Square Enix revealed in its earnings report that it will expand NFTs into more of its games in 2022.
About the author
Murtuza Merchant is a senior journalist specializing in blockchain and cryptos.