Twitch co-founder Kevin Lin has raised $24 million for a web 3 media startup Metatheory. The San Francisco-based Metatheory will focus on making high-quality games and virtual worlds that leverage blockchain technologies such as non-fungible tokens (NFTs).
The company officially opened its doors in August 2021 leveraging the gaming space as its first creative canvas into the web 3 world, with a heavy focus on building franchises with strong IP that live beyond the games themselves.
Andreessen Horowitz led the round, with cryptocurrency firms Pantera Capital and FTX Ventures participating as investors. Metatheory is focused on building web 3 games and virtual worlds imagined across innovative new story franchise intellectual properties. and team on a journey to build the next-generation Disney,” said Jonathan Lai, Andreessen Horowitz’s partner, in a statement.
“I think the idea of ownership in the digital economy, in the digital world, especially as we emerge into whatever the metaverse might be, is going to mean that blockchain is an important technology. Ownership is fundamental technology and so, to me, it is inevitable,” Lin said. “What I saw around me since I started tracking it in January last year, I invested in Axie Infinity in January 2021. And I realised the ecosystem is so confusing from an end-user perspective. But given the inevitability of gaming and blockchain, I wanted to build something there.”
Metatheory is leveraging the gaming space as its first creative canvas into the web 3 world, focusing heavily on building franchises with strong IP that live beyond the games themselves.
“Metatheory is redefining how games and stories are told from the bottom up using web 3 primitives, and we couldn’t be more excited to partner with cofounder Kevin Lin and team on a journey to build the next-generation Disney,” said Jonathan Lai, Andreessen Horowitz partner, in a statement.