Twitch Co-Founder Raises $24 Million For Web3 Gaming Company Metatheory

Bishal Kumar Chanda
24.05.2022

Metatheory, a Web3 gaming and entertainment company, recently announced raising $24 million in a Series A funding round. Furthermore, the round was led by Andreessen Horowitz (a16z), with participation from cryptocurrency firms Pantera Capital and FTX Ventures. 

DuskBreakers - Play-To-Earn Experience From Metatheory

Founded by Twitch co-founder Kevin Lin, Metatheory was launched in November 2021 after he left Twitch. At that time, he wrote in a Medium article about creating a gaming company and blockchain game, DuskBreakers

DuskBreaker announces $24 million funding round in Metatheory. Credit: DuskBreaker on Twitter.

Meanwhile, Metatheory’s flagship project, DuskBreakers, is a sci-fi franchise with two minigames. Also, the project will make use of NFTs as a way to grant players ownership over DuskBreakers characters. 

“Building immersive digital experiences has always been a passion of mine, and after stepping away from Twitch to explore what’s next in the industry, I truly believe blockchain will open the door to even more possibilities and have a major impact in the gaming, storytelling and community building space,” Lin said in a recent announcement. 

Unlike most web browser blockchain games, Metatheory has its own game launcher. Thus, players can either play DuskBreakers through a browser or natively through their computer. Moreover, DuskBreakers is currently developing its main play-to-earn game, which will be released sometime in Q3 of 2022. 

DuskBreaker was released in December 2021, with art designed by Twitch’s former lead illustrator. For its first 10,000 non-fungible tokens, it implemented a “play-to-mint” DuskBreakers minigame called “The Recruit Simulator,” Thus, players could play-to-earn a DuskBreaker Genesis NFT, which was sold out within a week of launch.

DuskBreakers on OpenSea NFT marketplace.

Moreover, the DuskBreaker lore will soon expand beyond its NFT collection and two minigames. Currently, Metatheory is hiring a comic artist with plans to adapt the game and its IP into an online graphic novel. In addition to its upcoming play-to-earn game, DuskBreaker is also planning a second NFT collection, pfp avatars, merch, and events.

NFTs Are The Future of Blockchain Gaming

Meanwhile, Kevin Lin is not the only Twitch co-founder with an active interest in gaming NFTs. In December last year, another Twitch co-founder Justin Kan launched the Fractal NFT marketplace. The marketplace focuses on blockchain gaming NFTs, saying, “NFTs are the future of gaming.”

In fact, blockchain gaming has been gaining interest from several traditional gaming giants. For instance, Square Enix revealed in its earnings reports that it will integrate NFTs into more of its games. Also, Ubisoft has shown a keen interest in bringing NFTs to its mainstream video games.  

Microsoft CEO has credited the $69 billion acquisition of gaming giant Activision Blizzard towards developing metaverse platforms. Also, Sega is trying to integrate NFTs into its Super Game Project, which connects different games to each other.

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