Quick take:
- NCSoft has invested $15 million in Mysten Labs.
- The investment is part of Mysten Labs’ $300 million fundraising at a $2 billion valuation.
- The two companies will also collaborate on future projects to create digital entertainment experiences.
NCSoft has revealed a $15 million strategic investment in Mysten Labs. The Korean video game developer was one of the several backers of the web3 infrastructure company’s $300 million funding round announced in September.
Mysten Labs was launched in 2021 by former Meta executives to onboard creators and developers looking to build on web3. The company’s inaugural product is a Sui, a layer 1 blockchain that is designed to scale with demand and incentivise growth.
NCSoft and Mysten Labs plan to extend the partnership beyond fundraising by collaborating to create user-centric digital entertainment experiences on Sui.
NCSoft is one of the leading digital and mobile game developers in South Korea. The company was founded in 1997 and has since become renowned for creating critically acclaimed game franchises including Lineage, Aion, Guild Wars, and Blade &Soul.
Commenting on his company’s strategic investment in a web3 infrastructure platform, Dr Songyee Yoon, President and Chief Strategy Officer of NCSOFT, said, “Blockchain technology has the potential to create novel and innovative player experiences. We are excited to partner with Mysten, who shares our vision for the technology as a platform for a truly distributed player-centric economy, passion for community building, and trustworthy technology which is crucial for those who desire to build a platform of the desired scale and reach.”
Mysten Labs’ $300 million fundraising was led by FTX Ventures, the venture arm of FTX, with participation from a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, and Lightspeed Venture Partners, among others.
The company has already announced multiple partnerships with gaming and media companies as part of its strategy of collaborating with consumer-facing platforms.
Evan Cheng, Co-Founder and Chief Executive Officer of Mysten commented: “NCSOFT is a storied name in gaming with a rich legacy of building fun, innovative experiences that have attracted millions of loyal players worldwide. We are grateful for NCSOFT’s financial support and partnership, which is a strong testament to the power of Sui as the definitive blockchain for gaming applications.”
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