- Matr1x will use the funds to accelerate the development of its mobile shooter game, Matr1x Fire.
- The latest fundraising brings the total raised to $20 million.
- Matrix has allayed fears that what happened to NetEase’s mobile title Hyper Front could happen to Matr1x Fire.
Matr1x has announced a $10 million funding round co-led by Folius Ventures and SevenX Fund. ABCDE Capital, Jambo, Initiate Capital, and Find Satoshi Lab. The latest fundraising brings the total raised to $20 million, Matr1x said in a press statement.
The company said it will use the funds to accelerate the development of its NFT mobile shooter game, Matr1x Fire. The company also boasts backing from HashKey Capital, Amber Group and 7up DAO.
Matr1x Fire is a first-person shooter game where players participate in teams of five to eliminate enemies.
Matr1x has already released two NFT collections and is on course to release a third that will be used to gain access to the community and allow players to raise evolving battle pets.
Although some players have compared Matr1x Fire to NetEase’s mobile title Hyper Front, the studio maintains that its NFT game is unlikely to face the same consequences that befell the Tactical team-based shooter.
“Valorant allows heroes to play skills. However, Matr1x Fire is a CS:GO style game which does not allow heroes to wield special powers or skills. The only way you defeat your opponent is to handle your guns well and control your shooting feedback and recoils. Hyperfront is another category, [which] seemingly did copy and paste Valorant, while our game is much more in the category of CS:GO,” Matr1x told Decrypt.
This fundraising comes at a time when Web3 funding is in decline. According to TechCrunch, funding for Web3 startups fell for the seventh consecutive quarter in Q3 2023.
Commenting on his company’s leading role in Matr1x’s latest fundraising, Folius Ventures founder Jason Kam highlighted Matr1x’s potential for exploring uncharted territory in the industry as one of the reasons for investing in the Web3 studio.
“It strikes an elegant balance that may—in the best case—help it achieve critical scale, appeal to the mass market, [and] become sustainably lucrative while side-stepping the Web3 death spiral altogether,” said Kam.
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