Metatheory scores $24M for blockchain-based gaming

Metatheory, a blockchain-based gaming and entertainment company led by Twitch co-founder Kevin Lin, announced a $24 million series A round Monday.

Why it matters: Metatheory's goal is to use blockchain and web3 to create new franchise IP. Just ask Hollywood and some of the other big gaming studios how valuable that can be.

Details: The round was led by Andreessen Horowitz, with cryptocurrency firms Pantera Capital and FTX Ventures also participating.

• Additional investors include Breyer Capital, Merit Circle, Recharge Thematic Ventures, Dragonfly Capital Partners, Daedalus, Sfermion, and Global Coin Research.

Catch up quick: Metatheory launched during the third quarter of last year and released its first gaming franchise in December called "DuskBreakers."

• It released a second title under the "DuskBreakers" banner called "Beast Battler" in January.

How it works: "DuskBreakers," described as a "sci-fi inspired metaverse and gaming experience," debuted with a free "Play-to-Mint" game that drove a sellout of 10,000 NFTs in six days.

• Each NFT holder — a "Breaker" — gets to explore a dormant alien spaceship, where they can find valuable materials and fight against alien creatures.
• What the "Breakers" do in the game impacts what comes next in the franchise across NFTs, comics, animations and follow-up video games.