Blockchain Gaming Startup N3twork Studios Raises $46M In Funding

N3twork Studios Inc., a blockchain gaming business, has raised $46 million in funding. The funding infusion comes as the startup prepares to launch two new games and as controversy lingers over the use of cryptocurrencies in gaming, reported Bloomberg.
Venture capital firm Griffin Gaming Partners led the Series A funding round, with participation from Kleiner Perkins, Galaxy Interactive, and other investors.
Legendary: Heroes Unchained, a new game involving creating armies and conquering countries, will be released in a soft launch later this year by the startup. Triumph, a fantasy environment where players can go on quests and combat monsters, is also being developed by the company.
N3twork Studios President Matt Ricchetti stated that, the new games are part of a growing trend in blockchain gaming where products are free-to-play or do not make earning money the primary goal of the game. Players in these games may have the possibility to win money as a fun bonus.
“That mindset has gotten more popular just over the last few months and this year,” Ricchetti said in an interview.
The use of blockchain technology in gaming has drawn backlash, with critics arguing that the addition of NFTs or crypto tokens doesn’t actually improve players’ experiences. But Ricchetti stated that these digital assets allow people to actually own the items they play with since characters, weapons and virtual land can be represented by NFTs.
Photo by Gerd Altmann from Pixabay