Former TikTok Gaming Head To Launch Blockchain Games Startup Meta0

Newsroom Jul 11, 2022
Picture Courtesy: Forbes India

Overview:

  • How former TikTok Gaming head launched startup as Blockchain games.
  • The 34-year-old employee of TikTok stayed for two years and left TikTok last month.
  • Jason Fung, a blockchain gaming business owner, had raised a record $1.2 billion in the first quarter of this year.

Jason Fung, the former CEO of TikTok's gaming segment, is one of two co-founding partners in a new blockchain gaming company. ByteDance, their Chinese parent company, has been growing aggressively into the $300 billion global gaming industry to compete with Tencent Holdings, a strategy that has had mixed results. The 34-year-old employee of TikTok stayed here for two years and left the company last month.

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In addition, it reflects the increasing interest of entrepreneurs and investors in blockchain games. A new generation of online games based on blockchains that enable players to trade non-fungible tokens (NFTs). Fung, the former CEO of TikTok, selected Meta0 when he decided to leave the firm because he identified a need for a superior infrastructure option for blockchain game developers. He refused to say the name of the second co-founder, the other members of the team, and also the amount of investment capital. In addition to soliciting funds from venture capitalists and strategic investors, he said that the company was contemplating selling tokens.

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Big Companies came up with ByteDance

Advocates of blockchain games claim that cryptocurrencies would revolutionize the gaming business by making virtual goods more tradable and even distributing the ownership of the games to the players. The virtual economies of several games have collapsed after players invest, and this is especially true with blockchain games, which are occasionally linked to frauds. Most well-known gaming corporations, such as Tencent, Sony, and Microsoft, have yet to invest significantly in blockchain games. Tasked with increasing gaming content and testing new features, including hosting mini-games on the app, Fung was TikTok's worldwide director of strategy and operations for gaming.

TikTok and ByteDance stepped up their gaming efforts under Fung's leadership, with the latter purchasing the $4 billion gaming studio Moonton and the former experimenting with mini-games inside its app. The mobile gaming portfolio of ByteDance, according to data monitoring company Sensor Tower, produced more than $1 billion in sales globally in the preceding year, as recently as last month.

It's also worth noting that the company recently dismantled its Shanghai-based 101 Studio, laying off half of the company's 300 or so employees. 101 Studio, a result of ByteDance's 2019 purchase of Mokun Technology, was the first development unit to close due to underperformance. When asked who may succeed him at TikTok, Fung, who oversaw the Esports business at Alibaba Group Holding and Electronic Arts in Asia before joining, refused to answer. TikTok could not be reached for comment right away.

Although some in the business are wary, blockchain games have become one of the most talked-about investment ideas across Silicon Valley to Dubai. A study by Drake Star Partners in April said the blockchain gaming business had raised a record $1.2 billion in the first quarter of this year. They raised a total of 3.6 billion dollars for the industry last year.

A flexible, blockchain-independent method is what we've designed for game creators," stated Fung when addressing the future of blockchain gaming. Users can move their NFTs between chains thanks to a protocol we're working on, said Fung.

TikTok to Meta0

Picture Courtesy: Forcast News

Jason Phan, the former CEO of TikTok's gaming business, is creating a new gaming company focusing on the blockchain. Reuters cites Phan as the source for this information. As a result of ByteDance's inability to break into the global gaming industry, Phan has reportedly departed TikTok. Although Phan's workplace is experiencing difficulties, he is confident in his company's ability to innovate in the market.

There are six members and two co-founders in the Meta0 startup team. The firm has already secured its first round of financing, although the amount of money invested is unclear. Furthermore, it is not known who the Meta0 creators and founders are. The fan did point out, though, that the business was considering issuing tokens to raise money. The fan didn't say on what network the permit was issued. Startups are developing a protocol that will enable developers to "expand their gaming advantage across multiple blockchains and provide the user freedom to move their NFTs across networks," according to the company.

Phan's decision comes at a time when the Web3 industry is facing a great deal of uncertainty. A builder like me enjoys not worrying about market speculation and instability.

A new Web3 & NFT Gaming Console will be out very soon!
With the metaverse, and the gaming world gradually integrating into each other, it seems that even the crypto world is gradually establishing its prominent place in the world of gaming. There are already tons of games where NFTs and other cryptos play quite an important role. There is a specific

You can also download the Tournafest app from Google Play or App Store to play Esports Tournaments & Scrims of various games like BGMI, Free Fire MAX, Call of Duty, CS:, Valorant, Pokemon Unite & win exciting rewards! You may also organize Tournaments & fetch unmatched perks.

Until next time,

#liveitforgaming

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