Web3 game publishers Jungle secured $6 million in a funding round spearheaded by BITKRAFT Ventures and Framework Ventures. This seed round also sees participation from Delphi Digital, Monoceros, 32bit Ventures, Karatage, Fourth Revolution Capital, Snackclub, Norte Ventures, and Stateless Ventures. This marks Jungle’s entry to expand and innovate web3 gaming in various aspects.
What Is Jungle’s Long-Term Vision For Web3 Gaming?
The seed round funds let Jungle expand the firm’s team of designers, game developers, engineers, and artists, and bring its first game to market later in 2023. Jungle leads the blockchain gaming revolution by developing and publishing games that introduce the next generation of gamers to web3.
Notably, the firm takes a distinct approach to game publishing by purchasing any underutilized IPs from established game firms. This enables them to develop their product vision and go-to-market strategy. Furthermore, the Jungle team focuses mainly on launching their titles with a primary focus on web3 growth, distribution, and monetization.
This strategy enables Jungle to bring games to the market quicker while delivering top-quality and enjoyable experiences to gamers. Joao Beraldo, Jungle CEO, said:
“We are committed to creating fun-first hybrid games that are mobile-first and blockchain-enabled. For web3 gaming to reach its full potential, developers must create games where players come for the product experience and stay for the open economy. The inverse model – the current state of the industry – will not get us to mass adoption. To reach new audiences and expand the market, we’ll need to do better as an industry.”
Jungle’s First Web3 Game
Moreover, Jungle’s first title is expected to launch in 2023. The game is a genre-defining web3 mobile shooter with a gameplay-first focus. Designed primarily for a casual mainstream audience, the game uses an opt-in by default open market economy.
This also enables gamers to own and trade assets collected from gameplay. The innovation brings the power of digital ownership and free market economies to mobile gaming. Notably, the game is also ideally positioned to introduce web3 gaming to new and exciting audiences globally.
Framework Ventures Principal Brandon Potts said:
“The open secret in the gaming industry is that there is no shortage of captivating content. Plenty of well-funded games and experienced teams have launched into empty rooms due to tough timing, mistuned marketing, or unrealistically ambitious release schedules.”
“We find Jungle’s approach towards acquiring and optimizing preexisting games really refreshing. By taking advantage of underutilized IP, we think Jungle could avoid the need to reinvent the wheel when it comes to web3 game development, allowing them to deploy and adapt quickly across this new, rapidly growing ecosystem. It’s a really innovative approach, and we’re excited to work with the team on implementing this strategy in the wild”.
Jungle’s successful funding round and innovative strategic approach to game publishing show the firm’s commitment to leading the way in the blockchain gaming revolution. Furthermore, onboarding the next generation of gamers to web3 promises a brighter future for the industries and the players.
Their first title has the huge potential of revolutionizing mobile gaming by introducing the power of digital ownership and free market economies.