Fenix Games Raises $150M to Invest in Blockchain Games

source: unsplash

Web3 gaming firm Fenix Games raised $150M to power up next-gen blockchain gaming. The company intends to create a division specifically for acquiring, investing, and distributing blockchain games with the funds. 

According to local media outlet Jinse, the latest funding round saw participation from several investors, including Phoenix Group and Dubai venture capital firm Cypher Capital. 

VC fund for blockchain games

Chris Ko, CEO, and co-founder of Fenix Games, who has previously served as General Manager at Electronic Arts and Kabam, believes Fenix can operate like a VC fund for blockchain games. 

“The market is similar to earlier [mobile gaming at the rise of free-to-play games] but it hasn’t found its Clash of Clans for blockchain games yet. We’re using the VC arm to fund the next generation of games,” said Ko in an interview with GamesBeat

“We’re also looking to use our balance sheet to acquire a bunch of existing games in the Web2 space to build a portfolio. And that will be the right base for our portfolio.”

Ko also highlighted that the industry is heading toward a consolidation phase where big brands are going to acquire smaller brands, and Felix would use the opportunity to become a single company by building a strong portfolio. 

Thus far, industry players have struggled to build a sustainable GameFi model. Felix’s unique proposition would be to onboard gamers from web2 and free-to-play games instead of creating a completely new community around blockchain games. 

The market has lacked quality games because developers aren’t too focused on building games for the players. Felix wants to combine the skills of its people across various roles, which it calls “game market economies,” to maximize the potential of games. 

Moving forward, free-to-play games and the web3 gaming studio will be key growth levers for the company. 

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Himan Mohapatra
Himan Mohapatra
Himan Mohapatra is an industry expert within the crypto-sphere and the primary journalist for Coinmash. He is an expert in finance and disruptive tech, such as blockchain.