Bitkraft Ventures, Framework Ventures, and Delphi Digital are just a few of the well-known VC companies that have invested in Jungle.
Investors continue to be interested in the Web3 gaming business. Jungle, a company based in Brazil, said today that it has raised $6 million in seed funding from Bitkraft Ventures and Framework Ventures. The money will be used to make a Web3 mobile shooter.
Additionally, Delphi Digital, 32bit Ventures, Karatage, and Stateless Ventures participated in the round. The funding will be used to develop and expand the development team for Jungle’s forthcoming first game.
In contrast to more robust desktop and console games, which can take years to refine and publish, the mobile game development pipeline is relatively rapid. And instead of creating its own lore and characters, Jungle intends to acquire intellectual property (IP) from other existing game studios and convert them into Web3 mobile games.
“Our strategy is to identify mobile games, either already live or in the process of being launched, which have the potential to be successfully converted to Web3-first titles and become dominant titles within their genre in the blockchain gaming space,” Jungle co-founder and CEO Joao Beraldo told Decrypt.
“We’re looking for the blue spots in a soon-to-be red ocean,” Beraldo added. “We want to avoid the current clusters of competition and forward position ourselves in the genres where we can win.”
The name of Jungle’s first game has not yet been disclosed, but the mobile shooter will enable players to trade in-game items for NFTs. According to a statement, the game will also feature a “opt-in by default open market economy.”
The Jungle team believes that mobile is the greatest platform for Web3 games because it has the most users overall, making it “the only one with the potential to onboard a mass audience to Web3,” according to Beraldo.
“We’re ‘inch wide, mile deep’ focused in the interactive entertainment segment,” Pereira said, adding that Bitkraft’s prior experience investing in the Web2 gaming world also informs its decisions. “We think ultimately that experience gives us an edge in what we’re focused on with Web3.”
Content Source: decrypt.com
