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Jul 14, 2022
Jason Fung, former CEO of TikTok’s gaming unit, announced on July 5 that he had quit TikTok to launch Meta0, a blockchain video game startup. Fung left TikTok to offer video game producers new solutions as an IT executive with experience in the gaming industry.
The MetaO Project: A More Interoperability for the Blockchain Gaming Industry
The Meta0 project startup team comprises six people and two co-founders. Much like most tech companies turn to crowdfunding for capital, the startup has already completed the first round of funding, but the amount of investments remains unknown.
The Meta0 project aims to increase interoperability between existing blockchain networks so that programmers are not restricted to using just a few blockchains to implement their ideas. According to Fung, the lack of fully accessible blockchain infrastructure for developers is one of the most pervasive problems in the NFT gaming industry. Fung claims he left TikTok to address this issue.
See: What Does The Financialization of Games Mean? GameFi
Fung stated that the firm was hoping to generate money by issuing tokens and negotiating with venture capitalists and strategic investors like many other cryptocurrency firms. He did not specify the network on which the token was issued. The business is now developing a protocol enabling programmers “to transfer their NFTs between networks and expand their gaming edge across several blockchains.” When discussing Web3 advances, some companies come to mind: Kardia Ventures, Animoca Brands, a16z, Binance, and Animoca Brands.
What are Blockchain Games?
A blockchain game is a video game that uses elements of blockchain technologies based on cryptography. It is also referred to as an NFT (non-fungible token) game or a crypto game. Most frequently, the blockchain components in these games involve using cryptocurrencies or NFTs, which players can buy, sell, or trade with other players. The game publisher takes a fee from each transaction as a monetization method.
Due to the technologies that let players earn bitcoin through gaming, a subset of these games is called “play-to-earn” games. While blockchain games have been around since 2017, the video game industry only started paying attention to them in 2021. This is due to the desire to explore their potential on the part of major AAA publishers and opposition from players, developers, and businesses in the gaming sector.
Blockchain Games Have a Growth Potential
Even though the collapse of the cryptocurrency market has significantly reduced interest in blockchain games, the sector still has a highly active community that is eager to find a new project or a discovery in cryptocurrency prices to invest in their preferred video games again.
However, NFT and blockchain games exploded in 2021, and this year the crypto gaming industry had already registered over $2.5 billion by the first quarter of 2022. It should be noted that the larger gaming industry is a behemoth in comparison to the more specialized crypto gaming industry. Additionally, play-to-earn games like Axie Infinity, CryptoBlades, Plant vs. Undead, and Mir4 quickly gained enormous popularity, even developing into many families’ main source of income in places like the Philippines, Argentina, and Venezuela.
In other words, crypto games helped increase their adoption by retail users worldwide, in addition to attracting funding from large institutional players. The explosion of cryptocurrency games and decentralized applications caused even Metamask, one of the ecosystem’s most well-known wallets, to experience large surges in the number of new accounts. Fung intends to move forward with establishing a Blockchain infrastructure business that can link several metaverses.
Unfortunately, the industry has had its fair share of scams, making investors and players wary of spending money on new projects. A recent study by Bonusfinder Canada found that over a third of sports bettors believe that the trend is not going to last.
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