Metatheory, the Web3 gaming and entertainment company established by the co-founder of Twitch Kevin Lin, has raised $24 million in a recent funding round. The round was led by venture capital firm Andreesen Horowitz (a16z), with participation from Pantera Capital, FTX Ventures, Merit Circle, Dragonfly Capital and others.
The funds will be used primarily for the company’s flagship product in development, ‘DuskBreakers’, a sci-fi franchise that currently hosts two mini-games. With the new injection of funds, Lin hopes to integrate NFTs into the franchise ecosystem, where users can own NFTs from DuskBreakers characters.
Commenting on his decision to leave your Twitch focused on Web2which has built up a near-monopoly position after fending off streaming competitors like Mixer, Lin had this to say about his Web3 ambitions: “After moving away from Twitch to explore what’s next in the industry, I truly believe that blockchain will open the door to even more possibilities and have a huge impact on the gaming, storytelling and community building space.”
Unsurprisingly, Lin’s journey to the blockchain sees him take some of his old contracting staff members with him, as JT Gleason, former Twitch developer relations executive, will serve as CTO of Metatheory, while Jason Maestas, former member of Twitch’s influencer marketing team, will serve as vice president of community and marketing.
Additionally, Lin has hired Bernie Su and Jen Enfield-Kane from Artificial Next, Twitch’s series of interactive AI-based live shows, who will serve as chief content officer and narrative designer, respectively.
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