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.
given to Reuters Interview In 2016, Jason explained 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 in 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).
Crypto investors are always in search of virtual assets that are priced low and have the potential to generate good returns. Games 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 that have the potential to generate higher returns after launch. Game developers often exchange crypto tokens and digital collectibles associated with games. IGO Present as fundraisers for their projects. In this, buyers also get a chance to get first-hand access to the game’s accessories like mystery boxes and weapons. Investing in an IGO may require the purchase of Launchpad tokens. This guarantees the allocation in the IGO. Seedify, Gamestarter and EnjinStarter are some of such popular launchpads. Evermore Knights and STEPN have launched IGOs in recent months. Play-to-earn games like Axie Infinity and Sorare are placed in the GameFi category.
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