Blockchain gaming has been one of the hottest topics in the industry for a while. And it was why there has been a tremendous influx of capital to the metaverse. Many metaverse companies sold land and other NFTs for gaming purposes. The hype has ended as some major names have joined the club. The latest in it is the former Tik-Tok gaming head, Jason Fung, who has quit his job to join the new venture.
He has taken this decision due to the huge influx of customers to this market. As there was a need to fill the gaps and bring improvements, Fung’s decision will help it. Reuters first disclosed the news as they conducted an interview session with him.
Here is a brief overview of Fung’s decision to quit Tik-Tok, co-found a new company, and how it will impact the market.
The increasing influx of investors to blockchain gaming
The increasing interest of customers in blockchain gaming is huge, but venture companies have preferred not to take big risks. Though some startups like Shiboshi and others went for the launch of opportunities for gamers, there has been no significant change. Also, the growth of this tech has resulted in the addition of considerable intellectual investment. While interoperable games between different blockchain systems are few which need improvement.
Jason Fung had all these factors in view while keeping an eye on the gaps in the market for a while. Interestingly, there was little effort from companies to take the initiative to fill this gap and make this industry more innovative. The heavyweights of the market have been reluctant to take decisive steps to transform this market.
Jason Fung has had about two years with Tik-Tok, but as it grew to a multi-billion-dollar company. Tik-Tok and its Chinese owner ByteDance have benefitted hugely and have a share of $300 billion in the global gaming market. As Fung has taken this decision, it will bring Meta0 expertise and capital to develop the industry.
Meta0: Launch of blockchain gaming startup
In an interview with Reuters, Jason Fung said he has co-founded Meta0, which will offer blockchain gaming services. It will be a startup that will offer gamers services like trading digital assets like NFTs between gamers. He said that the main reason behind him quitting Tik-Tok was the opportunity to fill gaps and offer solutions to the segregated gaming community. He also expressed hope for developing infrastructure for new-generation gaming.
He said that the main problem he sees with the development of blockchain games is the choice of a single blockchain that the developer has to make. He imagines making it more interoperable, providing various options to the developers and users. Fung said that quitting a comfy job at Tik-Tok was a big risk and instead opt for a new venture. Time will tell whether his decision to quit Tik-Tok and join Meta0 was right.
There are six members of Meta0, while there are two founding members. According to Fung, they have completed the first round of funding. He didn’t disclose details about the other founding member, but he said they would soon issue tokens to raise funds. They will also look for funding from venture capitalists and strategic investors.
Conclusion
The gaming head of Tik-Tok, Jason Fung, has quit the company while co-founding a new venture. It is a blockchain gaming company named Meta0, which will attempt to innovate blockchain gaming. According to the available updates from Fung’s interview with Reuters, they have completed the first round of fundraising. They will try to fill gaps in the market using the available opportunities.
