Metatheory, the Web3 gaming and entertainment company established by Twitch co-founder Kevin Lin, has raised $24 million in a recent funding round. The round was led by venture capital firm Andreesen Horowitz (a16z), with Pantera Capital, FTX Ventures, Merit Circle, Dragonfly Capital, and others, also participating.
The funds will primarily be used for the company’s in-development flagship product ‘DuskBreakers,’ a Sci-Fi franchise which currently hosts two mini games. With the new injection of funds, Lin hopes to integrate NFTs into the franchise’s ecosystem, where users can own DuskBreakers character NFTs.
In commenting on his decision to leave his Web2-centric Twitch, which has accrued an almost monopoly-like position after warding off streaming competitors such as Mixer, Lin had this to say about his Web3 ambitions: “After stepping away from Twitch to explore what’s next in the industry, I truly believe blockchain will open the door to even more possibilities and have a major impact in the gaming, storytelling and community building space”.
As you may’ve expected, Lin’s voyage into the blockchain sees him take a few of his former Twitch staff members with him, as JT Gleason, the former Developer Relations Executive at Twitch, will serve as Metatheory’s CTO, whilst Jason Maestas, a former member of Twitch’s Influencer Marketing team, will serve as VP of Community and Marketing.
In addition, Lin has recruited Bernie Su and Jen Enfield-Kane from Artificial Next, Twitch’s AI-based interactive live show series, who will respectively serve as a Content Chief and Narrative Designer.