Published on: 31/08/2022
Xterio raises $40m to develop future Web3 titles, ecosystem
Cross-platform publisher and mobile game developer Xterio has successfully raised $40 million in a funding round to develop its blockchain platform and fund the development of multiple Web3 game titles. The funding round was led by FunPlus, FTX Ventures and XPLA.
Xterio is looking to combine play-to-earn and GameFi-as-a-service products for developers partnered with the platform. Mobile strategy game developer FunPlus has partnered with Xterio and given the platform its technology stack. This means that only Xterio can mind, deploy and manage NFTs for FunPlus’ current and future games.
Xterio co-founder and chief operating officer Jeremy Horn expressed his disappointment with the current landscape of Web3 gaming and explained how the company would set itself apart from its competitors.
“Today, there’s no mass-market, fun, high-quality, high-fidelity game that incorporates Web3 and digital ownership in a meaningful way. When you look at our executive team, we’re very proven hitmakers … who have worked on games that have generated billions of dollars in revenue. We know how to make games and we’re going to put fun at the center of our releases,” said Horn, as per Yahoo Sports.
Xterio is staffed by multiple veterans of the gaming industry. Horn was the previous vice president of strategy for Jam City, known for creating mobile game titles such as Frozen Freefall, Harry Potter: Hogwarts Mystery, and Champions Ascension. Chief executive officer Michael Tong is also the chief strategy officer at FunPlus, while marketing head Darion Lowenstein has previously served in producer roles at AAA game companies such as Electronic Arts and Activision Blizzard.
About the Xterio platform
Xterio aims to serve users’ Web3 needs with an integrated marketplace, community hub and crypto wallet. On the developer’s end, Xterio offers technology to help developers transition Web2 games to the Web3 ecosystem. It will provide assistance in matters such as minting NFTs, in-game trading, and regulatory compliance.
“Xterio delivers developer-friendly tools and comprehensive resources to game developers working on the Xterio platform… Whether a traditional developer wishes to start from scratch or redesign a game into a blockchain-based GameFi project, Xterio can help them with the transition to becoming Web3 developers,” the company’s white paper said.
The company has three games in development — Project Jupiter, Project Mercury, and Project Venus. The only information known about Project Jupiter is that it is an anime-styled Web3 RPG slated for release on Windows, Android, and iOS, and the games are expected to be multi-platform and have a mix of premium and free-to-play titles with a heavy emphasis on social interaction. Further details about the projects are expected to be announced fall this year.
“Xterio is designed to promote community building both inside of individual games and at the Xterio platform level… Xterio will also encourage social behavior through its economy, using token incentives to acknowledge and reward individual player contributions to the social life of the ecosystem,” the company wrote.
“This creates a concept of SocialFi alongside GameFi, setting up players to autonomously carry out governance duties and encourage the development of healthy communities for all users.”