Twitch co-founder Kevin Lin's Web3 gaming and entertainment firm, Metatheory, has raised $24 million in a recent investment round. Andreesen Horowitz (a16z) led the investment, with Pantera Capital, FTX Ventures, Merit Circle, Dragonfly Capital, and others also investing.
The cash will be used mostly for the company's in-development flagship product, 'DuskBreakers,' a Sci-Fi series with two mini-games. Lin aims to integrate NFTs into the franchise's ecosystem with the new funding, allowing players to purchase DuskBreakers character NFTs.
Lin had this to say about his Web3 ambitions after leaving his Web2-centric Twitch, which has amassed an almost monopoly-like position after fending off streaming competitors such as Mixer: "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."
Lin's foray into blockchain brings with him a couple of former Twitch employees, as JT Gleason, the former Developer Relations Executive at Twitch, will work as Metatheory's CTO, while Jason Maestas, a former member of Twitch's Influencer Marketing team, will serve as VP of Community.
Lin has also hired Bernie Su and Jen Enfield-Kane from Twitch's AI-based interactive live event series Artificial Next as Content Chief and Narrative Designer, respectively.
Play-and-Earn Gaming Mechanics
With the introduction of the new gaming mechanics, players will be rewarded with the native $DFL token as well as new in-game money called $GOLDY. These currencies can be used to upgrade in-game NFTs or to personalize, craft, repair, and socialize with other players.
The community embraced the NFT collection, which sold out in 16 seconds on launch day, raising a total of $1.75 million. The floor price of NFTs has just increased by 2.5x on the OpenSea and Magic Eden marketplaces.
Players must own one DeFi Land Gen-0 NFT in order to access the new play-and-earn capabilities. The good news is that players do not require any initial cash to access DeFi Land, thanks to the game's free-to-play model. Using the free mode, players can gain XP and climb the leaderboard to compete for monthly rewards such as DFL, GOLDY, and in-game NFTs.
Major Success and Future Integrations
This new type of play-and-earn game debuted on May 18th and is now open to all users. Without delivering monetary prizes, the game has already attracted tremendous support and interest, so this step will undoubtedly increase its appeal in the blockchain gaming ecosystem. DeFi Land is already the third most valuable game in terms of market capitalization, and it was the first gamification business based on Solana.
Along with the launch of play-and-earn mechanisms, DeFi Land recently cooperated with STEPN and wants to explore a multichain future in the coming months, with additional announcements about chain integrations to come in June. The game's alpha mobile version is currently in development and is scheduled to be published in Q3 2022.