On Monday, Metatheory, a Web3 gaming and entertainment startup founded by Twitch co-founder Kevin Lin, raised $24 million in a Series A fundraising round. According to the statement, the round was headed by crypto capital venture company Andreessen Horowitz (a16z), with participation from Pantera Capital, the FTX cryptocurrency exchange's venture arm, FTX Ventures, and other venture companies.

Metatheory was founded in November 2021, a year after Lin quit Twitch and announced in a Medium piece that he was working on a gaming firm and a blockchain game named DuskBreakers. Lin was cited as stating in this week's announcement:
<blockquote>"Building immersive digital experiences has always been a passion of mine, and after stepping away from Twitch to explore what's next in the industry, I truly believe blockchain will open the door to even more possibilities and have a major impact in the gaming, storytelling and community building space."</blockquote>
https://twitter.com/DuskBreakers/status/1526279878252765440

The image for DuskBreakers was designed by Twitch's previous lead illustrator and was revealed in December 2021. For its first 10,000 nonfungible tokens, the Ethereum-based game used a "play-to-mint" mechanism (NFTs). Those seeking an NFT must first complete an arcade-style game to be added to a whitelist. The DuskBreakers team aims to produce comics and animations to continue the plot, while Metatheory is working on new NFTs and content, including a play-to-earn game slated to premiere in the fourth quarter of 2022. Lin isn't the only co-founder of Twitch interested in gaming NFTs.

Twitch Co-Founder Raises $24 Million For Metatheory, a Web3 Game Company

Metatheory, a Web3 gaming and entertainment startup founded by Twitch co-founder Kevin Lin, raised $24 million in a Series A fundraising round.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Twitch Co-Founder Raises $24 Million For Metatheory, a Web3 Game Company

Top Picks