Web3 Game Publishers Jungle Raises $6M In Funding Round Led By BITKRAFT Ventures
Jungle, the Web3 game publishers, has raised $6 million in a funding round led by BITKRAFT Ventures and Framework Ventures.
It has been reported that the seed round also sees participation from Delphi Digital, Karatage, Fourth Revolution Capital, Monoceros, 32bit Ventures, Stateless Ventures, Snackclub, and Norte Ventures. This marks Jungle’s entry to expand and innovate web3 gaming in many aspects.
However, the seed round funds allows Jungle to expand the company’s team of game developers, designers, artists, and engineers, and to bring its first game to market later this year. Jungle leads the blockchain gaming revolution by developing and publishing games that introduce next generation players to web3.
The report said that the company takes a unique approach to game publishing by acquiring underutilized IPs from established game companies. This allows them to develop their product vision and go-to-market strategy. The Jungle team focuses on launching their titles with a focus on web3 distribution, growth, and monetization. This approach enables Jungle to bring games to market faster while delivering high-quality and enjoyable experiences to players.
Joao Beraldo, the CEO of Jungle, said:
“We are committed to creating fun-first hybrid games that are mobile-first and blockchain-enabled. For web3 gaming to reach its full potential, developers must create games where players come for the product experience and stay for the open economy. The inverse model – the current state of the industry – will not get us to mass adoption. To reach new audiences and expand the market, we’ll need to do better as an industry.”
Likewise, Jungle’s first title is set to launch in 2023. The game is a genre-defining web3 mobile shooter with a gameplay-first focus. Designed for a casual mainstream audience, the game utilizes an opt-in by default open market economy. This also allows players to own and trade assets collected from gameplay. This innovation brings the power of digital ownership and free market economies to mobile gaming. The game is also positioned to introduce web3 gaming to new and exciting audiences worldwide.
Brandon Potts, the Principal of Framework Ventures, said:
“The open secret in the gaming industry is that there is no shortage of captivating content. Plenty of well funded games and experienced teams have launched into empty rooms due to tough timing, mistuned marketing, or unrealistically ambitious release schedules. We find Jungle’s approach towards acquiring and optimizing preexisting games really refreshing. By taking advantage of underutilized IP, we think Jungle could avoid the need to reinvent the wheel when it comes to web3 game development, allowing them to deploy and adapt quickly across this new, rapidly growing ecosystem. It’s a really innovative approach, and we’re excited to work with the team on implementing this strategy in the wild.”
Thus, Jungle’s successful funding round and innovative approach to game publishing demonstrate the company’s commitment to leading the way in the blockchain gaming revolution. Onboarding the next generation of players to web3 promises a brighter future for both the industries as well as players. Their first title has the potential to revolutionize mobile gaming by introducing the power of digital ownership and free market economies.
Source: NFT Evening