N3TWORK Studios has raised $46 million in a Series A funding round led by Griffin Gaming Partners and with participation from Kleiner Perkins, Galaxy Interactive, KIP, Floodgate and LLL Capital, according to a press release.
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- The raise will support the development and production of the studio's first two Web 3 titles, Legendary: Heroes Unchained and Triumph, both of which revolve around the use of cryptocurrency and Web 3.
- Interest in blockchain-based games has increased by more than 2,000% in the last year. The gaming industry in general raised $3.5 billion in disclosed investments in the first quarter, more than half of which was attributed to the blockchain gaming sector, according to a report from DDM Data and Research Services.
- "We believe in a future where the gaming economy is more open and players own the assets they earn and buy," said Matt Ricchetti, president of N3TWORK Studios. "To achieve that future, we need to both expand the core audience of crypto gamers and show the massive mobile free-to-play audience that web3 clearly adds value to their gaming experience."
- N3TWORK Studios was founded in January 2022 and includes veterans from EA, Zynga, Warner Brothers and Disney.