Developers of Tetris Beat for Apple Arcade Raised $46M to Create a Blockchain Game

N3TWORK Studios, a blockchain video game developer, has closed $46 million in its Series A funding round to help develop its first two crypto-native games.

N3TWORK Studios Raises $46 Million Ahead of Game Launch

The $46 million raised by N3TWORK Studios comes just before its game launches. The video game disclosed that the fund will be used to continue building out its first web3 gaming titles, Legendary: Heroes Unchained and Triumph, Forte.

Specifically, the fund will be used to develop the platform for its games and build out its tokenomics. N3TWORK Studios believe in the future of free-to-play blockchain games.

Speaking on the funding round, Matt Ricchetti, president of N3twork Studios, said in a statement.

“We’re a group of passionate veteran game makers who see a generational opportunity to leverage our expertise building and operating free-to-play games to create authentic web3 experiences that can reach audiences of millions of players.”

Griffin Gaming Partners Leads the Round

The funding round was led by Griffin Gaming Partners, a venture firm focused on financing gaming startups.

Other participants include Kleiner Perkins, Galaxy Interactive, Floodgate, LLL Capital, N3TWORK Inc, and others.

On The Flipside

• As part of the financing, Peter Levin from Griffin Gaming will join the board of directors for the studio.

Why You Should Care

Web3 gaming is fast becoming an integral part of the crypto industry, with more than $3 billion flowing into Web3 gaming and the Metaverse this month.