Fenix Games raises $150 million to kickstart the blockchain gaming market
Fenix Games is venturing into a land where no one has gone before. The firm has raised $150 million in funding from investors including Phoenix Group and Cypher Capital. The use of funds will be to create a publishing company that exclusively deals with blockchain games.
Future-oriented firms exist, but they are struggling to thrive in a market that has not yet reached its full potential. Fenix Games will be responsible for ensuring that new and old games are bought, invested in and launched on the right platforms once the publishing company is founded.
Over the past few years, blockchain games have become a prominent player in society. This may indicate that the industry is heading towards consolidation, where large firms buy up or give seed money to younger firms in an attempt to create a more stable market.
Fenix Games is looking to be at the forefront with a huge range of games in its portfolio. Blockchain games have seen situations that are fleeting to them when they stand alone. With partners on the list, there is a greater chance that the offer for blockchain games will be stronger. Players will have a wide variety of games to choose from, making it easy for them to switch to another virtual world quickly.
A lot still remains, even as blockchain games move forward with the next generation. Chris Ko, CEO and co-founder of Fenix Games, believes that the industry has yet to find Clash of Clans. Meanwhile, Ko has committed that Fenix will continue to use its VC arm to fund the upcoming blockchain games.
When it comes to acquiring Web2 games, Fenix can be expected to move quickly with its capital investment.
The gaming segment is not something that has just appeared out of the blue. For example, consoles are dominated by Microsoft, Sony and Nintendo, while mobile devices are dominated by Apple and Google. It is now up to the blockchain games to create their own market, with no big names around to make it happen.
Chris Ko mentioned that there is a lack of support, tools and infrastructure for blockchain games. He then emphasized that publishing will play a major role in elevating the category in the gaming ecosystem.
Blockchain games can have features comparable to mobile games. It has been suggested that the way mobile devices have integrated analytics and product management capabilities to launch, scale and operate services could be reflected in blockchain games.
The rise of Fenix Games was predictable, given that infrastructure and middleware experiments are done without respect for how the content should be delivered. The initiative’s funding will help close this gap, allowing developers to continue with their projects and players to enjoy a new era of gaming.
