Nov 28, 2022 Frank Stewskid

Fenix Games secures $150 million in a funding round

Fenix Games, a Web3 games publishing platform aiming to democratize the gaming industry by inviting gamers to become stakeholders in games, has announced raising $150 million in its latest funding round, led by Phoenix Group and Cypher Capital. The assets will be used to acquire and invest in more games which will be released through a specially established game publishing company.

According to the platform’s co-founder and CEO Chris Ko, Fenix Games will act similarly to VC funds while fueling next-generation blockchain games. Besides investing in upcoming projects, the company aims to acquire already released Web2 games to “build a portfolio”. 

Although Chirs Ko states that there doesn’t exist a large market for blockchains games doesn't exist and GameFi is still in its infancy stages, he strongly believes its constantly evolving model could help it overshadow already existing AAA game companies. Nevertheless, finding a sustainable GameFi model balancing between gas fees, and the technical details surrounding building a whole economy with an integrated trading system, remains a challenge. 

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