Jason Fung, former head of TikTok’s gaming unit, has announced that he is leaving the company to launch Meta0, a startup focused on blockchain video games. Fung’s departure comes as TikTok continues to face scrutiny from regulators around the world.
Meta0 will be based in Singapore and will aim to create “decentralized and trustless” games that use blockchain technology. The startup will also focus on developing games for emerging markets. In a statement, Fung said that he believes metaverses will “reshape the way we interact with one another” and that he is excited to “help build the foundation” for this new era of gaming.Meta0 has already raised $3 million from investors including Andreessen Horowitz and Polychain Capital.
Fung will serve as the startup’s CEO. Prior to joining TikTok, he was the head of game development at Zynga and also co-founded OMGPOP, which was acquired by Zynga for $210 million in 2012.
When Fung decided to leave his comfortable corporate life at TikTok to launch Meta0, he knew it was a risky move. But as an experienced enterprise tech executive, he saw an opportunity to bring new solutions to the video game industry. His background in large companies and the gaming industry have given him the skills and knowledge to develop innovative products that can help developers create better games. So far, his gamble has paid off. Meta0 has already developed a successful product that is used by major game developers. And Fung is confident that there are more great products in the pipeline. With his experience and vision, he is poised to make Meta0 a big success.
In his new role, Fung will be responsible for the expansion of Meta0 as a whole ecosystem of game developers, channel partners, and L1/L2 blockchains running on Meta0 as a Layer-0 protocol. He will also direct fund raising campaigns, partnerships, and other strategic decisions.
Meta0: The Meta-Layer For Blockchain Games
The idea behind Meta0 is to provide greater interoperability across blockchain networks, so developers can carry out their projects on multiple blockchains. This would allow developers to choose the best blockchain for each individual task, rather than being forced to choose only a small group of compatible chains. Meta0 would also enable cross-chain transactions, so that value could flow freely between different blockchains. Ultimately, this would make it easier for developers to build applications that utilize the strengths of multiple blockchains, while still being able to take advantage of the security and immutability of the underlying blockchain technology. Fung believes that Meta0 has the potential to vastly improve the flexibility and efficiency of the blockchain ecosystem, and he is working to make it a reality.
“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.”
Fung said in another interview that he left TikTok to cover one of the most common problems in the NFT gaming industry: The lack of properly accessible blockchain infrastructure for developers. He believes that by building such infrastructure, he can help lower the barrier to entry for game developers looking to get into the NFT space. Additionally, Fung believes that this will also lead to more interesting and innovative games being created, as developers will have more freedom to experiment with new gameplay mechanics made possible by blockchain technology. Ultimately, Fung hope that his work will help make NFT gaming more mainstream and accessible to everyone.
“I left TikTok because I saw a clear opportunity to offer a solution to the current segregated nature of infrastructure options available to developers looking to build blockchain games.”
There are a lot of startups in the cryptocurrency world that are looking to raise funds by issuing tokens. They negotiate with venture capitalists and strategic investors to get the money they need. Some of the big names in this area are Binance, Animoca Brands, a16z, Consensus Lab, and Kardia Ventures. They are all working on Web3 developments. The goal of these startups is to make it easier for people to use cryptocurrencies and to make sure that they are more accessible to everyone. They want to make sure that the cryptocurrencies are more secure and that they can be used for everyday transactions.
Blockchain games are still in the early stage of development
Though the interest in blockchain games has taken a severe beating due to the recent crypto market crash, there is still a very passionate and active community supporting the industry. Many people are eagerly waiting for a new project or for cryptocurrency prices to rebound so they can invest in their favorite video games again.
It’s worth noting that the overall gaming industry is much bigger than the crypto gaming industry; however, NFT and blockchain games had a big year in 2021. So far in 2022, the crypto gaming industry has already brought in over $2.5 billion. That said, it’s still a young industry with a lot of room to grow. For example, many of the most popular games in the crypto space are still trading card games. It will be interesting to see how the industry develops over the next few years as more developers experiment with different genres and gameplay mechanics. Regardless of what the future holds, it’s clear that crypto gaming is here to stay.
The rise of play-to-earn games has been nothing short of meteoric. In just a few short years, games like Axie Infinity, CryptoBlades, Plant vs. Undead, and Mir4 have become extremely popular, especially in countries like Philipines, Argentina, and Venezuela. For many people in these countries, these games have become the primary source of income. This is largely due to the fact that these games allow players to earn real money by playing them. In addition, the popularity of these games has also been boosted by the fact that they are usually free to play. As a result, more and more people are turning to play-to-earn games as a way to make a living.
The rise of crypto games has been a boon for the Ethereum ecosystem. Not only have they attracted money from big institutional players, but they’ve also boosted adoption by retail users worldwide. Even Metamask, one of the best-known wallets in the ecosystem, had significant peaks in terms of new accounts thanks to the boom in crypto games and decentralized applications. The popularity of crypto games highlights the potential of Ethereum as a gaming platform, and we can expect to see more developers looking to build on the Ethereum blockchain in the future. Thanks to the rise of crypto games, the Ethereum ecosystem is poised for even more growth.
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