Published on: 06/07/2022
Former TikTok executive to launch blockchain game Meta0
According to a Reuters report on July 5, former TikTok game division executive Jason Fung is launching Meta0, a blockchain video game startup that will allow the transfer of non-fungible tokens (NFTs) between different blockchains.
After two years with TikTok, the 34-year-old decided to leave, and his departure comes as TikTok and its Chinese owner ByteDance struggle to compete with rival Tencent Holdings in the $300 billion global playing games market. So far, the outcomes have been unpredictable. According to Reuters, TikTok has been testing a feature that allows users to play games on the short video app.
Fung previously worked on TikTok’s gaming team, which was in charge of expanding the gaming environment across the TikTok and ByteDance product suites. Fung said he left TikTok’s “comfortable corporate life” to take a “huge risk” in order to address a solution to the current isolated environment of construction choices available to blockchain game developers. With his new venture, Meta0, which he is now attempting to make a reality.
The goal of Meta0, according to Fung, is to provide developers with more building options; he proposed that players be able to choose multiple blockchains that can interoperate and transfer between blockchains. As a result, developers are not limited to using just a few blockchains to complete their projects.
“Right now, if you look at any developer when they implement NFTs or blockchain in their games, they have to choose a single blockchain, be it Polygon or Solana or Binance Smart Chain. But imagine a more interoperable option,” he spoke to Reuters Hong Kong regarding popular operating blockchains.
According to a press release shared with Cryptopotato, Jason Fung will have complete control over expanding Meta0 for the benefit of the rest of the ecosystem of game developers, channel partners, and L1/L2 blockchains running on Meta0 as a Layer-0 protocol, similar to Polkadot. He will also oversee investment campaigns, collaborations, and other critical decisions.
Meta0’s pioneer team includes six people in addition to the two co-founders. The company has already completed its first round of funding. Fung would not talk about the other co-founder, the team, or the money invested.
Fung continued, saying that Meta0, like many other cryptocurrency startups, will begin by issuing tokens and bartering with investment firms and corporate strategic investors. They will also try to collaborate with Binance, Animoca Brands, a16z, Consensus Lab, and Kardia Ventures on Web3 developments.
Blockchain gaming remains popular investment trend
It’s easy to see why Fung and his colleagues want to create Meta0. Blockchain gaming has proven to be extremely resilient despite the recent crypto market downturn. While the traditional video game industry is estimated to be worth $300 billion, the crypto games space appears to be on track to increase the economic viability of the metaverse market to at least $8 trillion.
The amount of investment and funding the blockchain industry has received in recent years demonstrates the industry’s consistent exuberance. According to investment bank Drake Star Partners, 128 blockchain game companies raised a total of $1.2 billion in the first quarter of 2022. Sfermion is raising $100 million to invest in blockchain gaming NFTs and in-game items, while a16z launched a $600 million gaming fund last month with plans to invest in blockchain games.
Animoca Brands, a gaming investment firm, reported earnings that valued its portfolio of 340 investments at $1.5 billion. The corporation also reported earnings from token and NFT (non-fungible token) sales, which contributed to a $573 million net gain in the first quarter.