Jungle, which develops a mobile shooter game that uses NFTs (non-fungible tokens), announced on the 14th that it has completed approximately 800 million yen ($6 million) in funding.
📰 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
— Joao (@0xJ010) March 13, 2023
Bitkraft Ventures and Framework Ventures were the lead investors in Jungle’s seed round. Prominent venture capital firms such as Delphi Digital, 32bit Ventures, and Karatage participated as investors.
Jungle is a startup based in Brazil. Purchasing existing game IP (intellectual property rights) and optimizing them for Web3 mobile games to improve development speed and marketing efficiency.
Web3 games refer to “P2E (Play-to-Earn)” games that allow players to earn rewards while playing, mainly using blockchain technology and NFT. Receive unique tokens and NFTs, which are in-game items, as rewards through gameplay, and sell them for cash.
Jungle is currently working on its first game, and the funds raised in the seed round will be used to expand the game’s development team. Although the title name is not disclosed, the items acquired by users through the game can be held as NFTs and are planned to be sold on a dedicated marketplace.
connection:Learning from the history of Web3 games, the importance of tokenomics and solutions (Part 2) | Contributed by LGG
convert web2 games
According to the Jungle team, mobile is the best platform for Web3 games as it has the potential to capture a large user base. It also has the advantage that development can be completed in a relatively short period of time compared to PC games and home game console titles.
Jungle co-founder and CEO Joao Beraldo told foreign cryptocurrency media Decrypt:
Our strategy is to choose good mobile games. We are looking for titles that have already been released or are about to be released and that can be successfully converted into Web3 titles and have the potential to become dominant titles in the blockchain game industry.
Carlos Pereira, a partner at Bitkraft Ventures, said that he decided to invest in Jungle while looking for an investment target for a Web3 game project, using his investment experience in the Web2 game field as the company.
According to ConsenSys, a major US blockchain developer, the gaming market, which boasts a user base of over 3 billion people worldwide, has grown by more than 100% since 2014 due to the spread of the free model. With the introduction of the new Web3 model, it is believed that the TAM (maximum feasible market size) of the game market may expand further.
According to the statistical site Metaverse Post, 348 companies and projects specializing in NFT, Metaverse, games, AI, VR, and AR will raise a total of about 950 billion yen ($7,164,997,888) in 2022. It increased by $4.8 billion year-on-year.
Of this, the Web3 games sector accounted for $4,487.3 million, while the Metaverse sector led by Yuga Labs, the company behind “Otherside,” raised a total of $1,828.9 million through 2022.
connection:ImmutableX-based Web3 shooting game “Undead Blocks” released