Fung, who worked as TikTok’s head of gaming unit until two months ago, noted that his venture dubbed Meta0 seeks to solve some of the gaps in the blockchain games space, especially around infrastructure segregation, Reuters reported on July 5. Fung claimed that the company, with six members, has closed the first round of funding so far.
Increased interest in blockchain games
Interestingly, Fung’s new gaming blockchain company comes as TikTok increases its inroads into the gaming sector in a bid to catch up with competitors like Tencent. The interest in blockchain games is driven by the industry’s nature, where gamers can play online while trading items like non-fungible tokens (NFTs), which tech giants such as Tencent have pledged to ban.
Fung is experienced in building gaming content
During Fung’s tenure at TikTok, the company owned by China-based ByteDance expanded its gaming content alongside conducting new trials like hosting mini-games on the app. Furthermore, the company acquired a $4 billion purchase of gaming studio, Moonton. The inroads by ByteDance saw the firm’s mobile games segment generate over $1 billion in revenue within 12 months. Blockchain games are generally considered revolutionary through the distribution of game ownership backed by cryptocurrencies. However, the games have been called out for risks such as increased scams. Despite the game’s potential, leading players in the space, including Tencent, Sony and Microsoft, have not incorporated blockchain into their programmes.
