Chris Ko, CEO, and co-founder of FenixGames views FenixGames “as a venture capital fund” to power the next generation of blockchain games. Web3 games publisher Fenix Games has raised $150 million in funding to acquire, invest, and distribute blockchain. Games. The fund will be used to launch a game publisher specifically for blockchain game integration. Investors, including Phoenix Group and a Dubai-based venture capital firm, attended the latest round of funding for Fenix Games.
Cypher Capital, local news outlet Jinse reported. Chris Ko, CEO, and co-founder of Fenix Games, who previously ran Mythical Games, see Fenix Games “as a venture capital fund” to power the next generation of blockchain games.
Ko shared the following information about the post-funding strategy:
“We will start with a large capital base to invest in these studios (next-gen games).” We also intend to use our balance sheet to acquire several existing Web2 games to shape a portfolio.
Ko also emphasized that the market for blockchain games exists differently than traditional video games, such as gaming consoles and mobile games. Fenix Games’ future strategy is to develop the gaming ecosystem through publishing initiatives.
According to Jack O’Holleran, CEO of Skale, an Ethereum-native multi-chain network that powers Web3 games, GameFi’s ever-changing model could “make today’s AAA gaming companies look like peanuts.” On the other hand, finding a viable GameFi model remains a challenge. Due to high gas fees and technical complexities, significant industries need help to buy, hold and trade non-fungible tokens (NFTs).