Jason Fung, the former head of TikTok’s gaming unit, announced on July 5 that he was leaving TikTok in order to start Meta0, which is a startup focusing on blockchain-based video games.
Fung stated that he quit TikTok’s “comfortable corporate life” to launch Meta0. Fung, an enterprise tech executive who has worked for large gaming companies, wanted to offer new solutions to game developers.
According to Cryptopotato’s PR, Jason Fung will be responsible for expanding Meta0 to include a whole ecosystem, channel partners and L1/L2 Blockchains that run on Meta0 as Layer-0 protocols. This is very similar to Polkadot’s vision. He will also be responsible for fund raising, partnerships, as well as other strategic decisions.
Meta0: Blockchain Gaming Industry Needs More Interoperability
Fung stated that Meta0 is designed to improve interoperability among existing blockchain networks so developers are not forced to use a limited number of blockchains in order to complete their projects.
“At the moment, any developer who implements NFTs or blockchains in their games must choose one blockchain. It could be Polygon, Solana, Binance Smart Chain, or Polygon. Imagine a more interoperable option.
Fung stated that he left TikTok in another interview to address a major problem in NFT gaming: the lack of a properly accessible blockchain infrastructure.
“I quit TikTok because there was a clear opportunity for me to solve the segregated nature currently available to developers who want to build blockchain games.”
Meta0, like many other startups in cryptocurrency, will raise funds through issuing tokens as well as negotiating with strategic investors and venture capitalists. When you think of Web3 developments, Binance, Animoca Brands and Kardia Ventures come to mind.
Blockchain games still have a lot of growth potential
Despite the fact that blockchain games have seen a decline in interest due to the collapse in the crypto market, there is still a large community of people who are eager to find new projects or see a rise in cryptocurrency prices so they can invest in their favorite games again.
It is important to note that the larger gaming industry is much bigger than the niche crypto gaming sector. However, NFT and crypto games have exploded in 2021 and the crypto gaming market had registered more than $2.5 billion in Q1 2022.
Play-to-earn, such as Axie Infinity and CryptoBlades, Plant vs. Undead and Mir4, became very popular and quickly –even becoming the primary source for income for many families from countries like Argentina, Venezuela, and Philipines.
Crypto games have attracted money not only from large institutional players, but also increased their acceptance by retail users around the world. The boom in crypto games, decentralized applications, and Metamask saw significant increases in new accounts.
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