Quick take:
- N3TWORK Studios team is made up of industry veterans from companies including EA, Kabam, Zynga, Machine Zone, Warner Brothers and Disney.
- The studio is partnering with blockchain technology solutions company, Forte, to power its games.
- The studio will be developing fully crypto native games and a hybrid of free-to-play and Web3.
Blockchain game developer and publisher, N3TWORK Studios, today announced that it has closed a $46 million Series A funding round, led by Griffin Gaming Partners.
Kleiner Perkins, Galaxy Interactive, KIP, Floodgate, LLL Capital, and N3TWORK, Inc. participated in the round, while LionTree served as exclusive financial advisor to N3TWORK Studios on its funding round.
As part of the financing, Griffin Gaming Partners’ Peter Levin will join N3TWORK Studios’ Board of Directors. The fresh capital will accelerate the development and launch of the studio’s first two web3 titles, Legendary: Heroes Unchained and Triumph.
N3TWORK Studios was formed in January 2022 from the games team of N3TWORK Inc. after blockchain technology solutions company, Forte, acquired the N3TWORK platform. The studio’s team is made up of more than 60 industry veterans from companies including EA, Kabam, Zynga, Glu, GREE, Scopely, Machine Zone, Warner Brothers and Disney.
The gaming studio will leverage the team’s experience in free to play games to create Web3 gaming experiences not just for blockchain gamers, but also for players of all types.
“We’re a group of passionate veteran game makers who see a generational opportunity to leverage our expertise building and operating free-to-play games to create authentic web3 experiences that can reach audiences of millions of players,” Matt Ricchetti, President of N3TWORK Studios. “We believe in a future where game economies are more open and players own the assets they earn and purchase. Reaching that future will require both expanding the core crypto gaming audience and demonstrating to the massive mobile free-to-play audience that web3 is a clear value-add to their gaming experience.”
Forte’s blockchain technology will power the studio’s games and economies. The blockchain solutions platform enables in-game features such as seamless, embeddable token wallets, non-fungible token (NFT) minting and selling, payment rails and other services.
N3TWORK Studios is taking a two-pronged approach to the blockchain gaming space. It will be developing fully crypto native games and a hybrid of free-to-play and web3.
Legendary Heroes Unchained is a crypto native title, a play-and-earn RPG based on the popular Legendary: Game of Heroes IP, that will be built from the ground up in partnership with its community. Triumph is a deep, yet accessible real-time multiplayer RPG that offers a hybrid of free-to-play and web3 economy, designed to appeal to the mobile mass market.
“Web3 is a paradigm shift and will be a massive games market expander,” said Peter Levin, Managing Director of Griffin Gaming Partners. “Mobile games and free-to-play reshaped the gaming landscape years ago, and the imaginative minds who led that shift are best positioned to apply the innovative thinking necessary to change the way we play again. N3TWORK Studios has the proven track record and knowledge base to fully realize this potential.”
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