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 be allocated toward growing the company’s team of developers. Other companies participating in the funding round include Delphi Digital, 32bit Ventures, Karatage, and Stateless Ventures.
📰 PSA 📰
We’ve started @jungle_xyz to accelerate the frontier of gaming and define a new standard by delivering the best web3 gaming experience available on mobile
Today, we’re announcing our $6M Seed Round led by @BitkraftVC and @hiFramework 🎊🎉🎊 pic.twitter.com/mZArM5xRNa
— Joao 🔜 GDC (@0xJ010) March 13, 2023
Mobile games can be launched much more quickly than console games, which can take years to develop. To avoid direct competition, Jungle plans to acquire intellectual property (IP) from existing game studios and integrate it into their Web3 mobile games. This strategy will help Jungle establish a foothold in genres where they can succeed better.
Jungle’s CEO, Joao Beraldo, said the company aims to identify mobile games already in existence or being launched and convert them into Web3-first titles that can become leading games in the blockchain gaming industry. “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.”
Jungle Developments Signals Improvements in Web3 Mobile Gaming Industry
The name of Jungle’s first title has yet to be released, but it will allow players to sell the items they find in the game as NFTs. The game will feature an “opt-in by default open market economy,” according to a statement. The growing popularity of NFTs and the potential of blockchain technology to revolutionize the gaming industry have led to a surge 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 startups 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 games developments are highly anticipated.