Twitch Co-Founder Raises $24M for Web3 Gaming Company Metatheory

Metatheory, the Web3 gaming and entertainment company founded by Twitch co-founder Kevin Lin, raised $24 million in Series A funding on Monday.

According to the announcement, this round of financing was led by encryption capital venture firm Andreessen Horowitz (a16z), with participation from Pantera capital, FTX Ventures, the venture capital arm of the FTX cryptocurrency exchange, and other venture capital firms.

About a year after leaving Twitch, Lin founded Metatheory in November 2021. At that time, he wrote an article on Medium, saying that he was creating a game company and developing a blockchain game "DuskBreakers". Lin said in this week’s announcement:

"Creating immersive digital experiences has always been a passion of mine, and after leaving Twitch to explore what's next in the industry, I truly believe blockchain will open the door to many more possibilities in gaming, storytelling and significant impact in the field of community building.”

DuskBreakers launches in December 2021, with game art created by Twitch's former lead illustrator. The ethereum-based game applied a "play-to-mint" model for its first batch of 10,000 non-fungible tokens (NFTs). People who want to get an NFT have to play an arcade-type game to verify that they are whitelisted.

The "DuskBreakers" team plans to release comics and animations to continue the storyline. Metatheory's additional NFTs and content are also being produced, and a play-to-earn game will be launched in the fourth quarter of 2022.

Lin isn't the only Twitch co-founder interested in gaming NFTs. In December 2021, Justin Kan, another co-founder of Twitch, launched the Fractal NFT market, focusing on blockchain game tokens, saying that "NFT is the future of games."

Traditional game industry giants have also become interested in blockchain games. Recently, Square Enix revealed in its earnings report that it will expand NFTs to more games in 2022.

The development of the Metaverse platform was one of the key reasons behind its $69 billion acquisition of gaming giant Activision Blizzard, Microsoft's chief executive said. Sega is looking to integrate cloud technology NFT into its new super game project, connecting different games.

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