Welcome back to Avarta's weekly gaming news round-up.
This week shows that the blockchain gaming space has continued to prosper despite the recent digital asset crash.
The top story is the former head of TikTok gaming launching a blockchain agnostic gaming company. Konvoy, Cauldron, and Planetarium Labs have all raised funding to help improve their platforms and develop new blockchain-based games. Finally, Wemade launches its WEMIX PLAY hub with 16 blockchain games already available.
This week's blockchain gaming news update will cover all this and more.
The former head of gaming at TikTok, Jason Fung, has recently announced that he will launch a blockchain-based gaming startup. The startup, called Meta0, will provide blockchain-agnostic solutions that will enable Web3 game developers to expand their reach and not be limited to a single chain and ecosystem tied to one token.
Fung elaborated on the issue his new company aims to help: "Right now, if you look at any developer when they implement NFTs or blockchain in their games, they have to choose a single blockchain, be it Polygon or Solana or Binance Smart Chain. But imagine a more interoperable option."
Meta0 focuses on offering a framework for other companies to build blockchain-based games, making developers' lives easier and allowing them to focus on the content while dropping the complexities of integrating these mechanisms.
The solution Meta0 will implement will also increase interoperability and avoid the segregation many new projects encounter when launching and implementing their games in one chain tied to a token ecosystem.
Konvoy, a gaming venture capital firm, launches a $150 million fund, with a portion set to be invested in digital asset and blockchain-based games. It is reported that up to 30% or $45 million of the fund will be invested in various games.
The fund, labelled the Konvoy Fund III, will invest in various other platforms and technologies in the global gaming sector.
This isn't Konvoy's first dip into the blockchain gaming space. The firm's portfolio features numerous gaming companies and funded projects, including Axie Infinity, Ready Player Me, and Genopets.
London-based gaming firm Cauldron just closed a $6.6 million seed round. The company now plans to launch its first Web3 gaming world, Project Nightshade, which is set to release this fall.
Mark Warrick, founder and CEO of the company, told of the project's plans to become the "Pixar of Web3" through immersive storytelling.
Warrick went further into detail: "A big bit missing from web3 gaming is storytelling - people aren't really coming back because there isn't a reason to come back. If you close your eyes and are listening to a Pixar film, you can't see the art or technology, but the story is still gripping you. Storytelling is what matters."
The funds will be used to build a blockchain-based gaming ecosystem that will allow players to participate in the game network while also providing community members with a seat at the table. The gaming ecosystem Planetarium is building will be based on Libplanet blockchain technology.
This ecosystem will empower gamers by allowing them to join the game network and give them a voice in open-source content development.
The WEMIX PLAY platform enables access to play and earn games, places to trade, earn resources, and engage in cross-game reinvestment.
WEMIX Play lets players that have established ownership in its games reinvest some of their collected assets into other titles available on the platform to potentially increase their returns.
That's all for this edition of Avarta's weekly gaming news update.