- Jason is the co-founder in this firm
- He resigned last month after spending two years with TikTok.
- Investor interest in blockchain games is on the rise
ByteDance, the Chinese firm that runs TikTok, is expanding its presence in the nearly $300 billion global gaming market.
Jason is the co-founder in this firm
Jason Fung, the former head of the gaming unit of short video app TikTok, is launching a blockchain gaming startup. He resigned last month after spending two years with TikTok. ByteDance, the Chinese firm that runs TikTok, is expanding its presence in the nearly $300 billion global gaming market. In this market, ByteDance competes with Tencent Holdings.
blockchain or NFT
In an interview with Reuters, Jason told that he sees potential in providing solutions to developers interested in creating blockchain games, and that is why he left TikTok. “Developers have to choose a blockchain when they need a blockchain or NFT in their games. That’s why we decided to start this firm, which would give developers more options,” he said. Jason is the co-founder of this firm. Entrepreneurs and investors are seeing potential in blockchain games. These are online games built on blockchains that allow players to trade items in the form of non-fungible tokens (NFTs).
NFT, and Web3 segments are coming up
Crypto investors are always in search of virtual assets that are priced low and have the potential to generate good returns. Game makers in the Metaverse, NFT, and Web3 segments are coming up with such projects for investors. These firms also try to attract investors and create some buzz around the projects with Initial Game Offerings (IGOs).
IGOs provide an opportunity to invest early in gaming projects
IGOs provide an opportunity to invest early in gaming projects that have the potential to generate higher returns after launch. Game developers often raise funds for their projects by presenting game-related crypto tokens and digital collectibles as IGOs. In this, buyers also get a chance to get first-hand access to the game’s accessories like mystery boxes and weapons. Investing in IGO may require the purchase of Launchpad Tokens. This guarantees the allocation in the IGO. Seedify, Game starter, and EnjinStarter are some of such popular launchpads. Evermore Knights and STEPN have launched IGOs in recent months.
Despite the sceptical nature of traditional game producers over the uses of blockchain in the tech stack, Fung’s previous employers are highly bullish on the sector. TikTok has been aggressively expanding into the blockchain and overall $300 billion gaming market, although it has only seen mixed results so far.
Under Fung’s stewardship, TikTok purchased gaming studio Moonton for $4 billion and launched pilots of mini games on their social media app in select locations.
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