brazilian startup, Jungle, has secured $6 million in seed funding to develop its first title, a mobile shooter that will be transformed into a Web3 mobile game. Funded by venture capital firms Bitkraft Ventures and Framework Ventures, part of the funds will go towards growing the company’s developer team. Other companies participating in the funding round include Delphi Digital, 32bit Ventures, Karatage and Stateless Ventures.
📰PSA 📰
we have started @jungle_xyz to accelerate the frontier of gaming and define a new standard by delivering the best web3 gaming experience available on mobile devices
Today, we are announcing our $6M Seed Round led by @BitkraftVC and @hiFramework 🎊🎉🎊 pic.twitter.com/mZArM5xRNa
— Joao 🔜 GDC (@0xJ010) March 13, 2023
Mobile games can be released much faster than console games, which can take years to develop. To avoid direct competition, Jungle plans to acquire the intellectual property (IP) of existing game studios and integrate it into its Web3 mobile games. This strategy will help Jungle establish a foothold in the genres in which they can be most successful.
Jungle CEO Joao Beraldo said that the company aims to identify mobile games that already exist or are being released and turn them into the first Web3 titles that can become leading games in the chain game industry. of blocks. “We are looking for the blue spots in a soon-to-be red ocean,” Beraldo added. “We want to avoid the current competitive pools and position ourselves in the genres where we can win.”
Jungle Developments Signals Improvements in Web3 Mobile Gaming Industry
The name of the first Jungle title has yet to be released, but it will allow players to sell items they find in the game as NFTs. The game will feature an “open subscription market economy by default,” according to a statement. The growing popularity of NFTs and the potential for blockchain technology to revolutionize the gaming industry have led to an increase in investment in Web3 gaming startups.
As more and more investors continue to invest in the Web3 gaming industry, it will be interesting to see which new companies emerge as leaders. Jungle’s unique strategy of incorporating existing IP into Web3 mobile games could give them an advantage over their competitors. Jungle’s $6 million seed funding round is an encouraging sign for the Web3 gaming industry, and its future mobile game developments are highly anticipated.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
NFT and Web3 Ambassador. Bullish on everything related to Blockchain.
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