Blockchain Gaming Developer N3TWORK Studios Closes $46M Funding Led by Griffin Gaming

N3TWORK Studios has raised $46 million in a Series A funding round led by Griffin Gaming Partners, with participation from Kleiner Perkins, Galaxy Interactive, KIP, Floodgate and LLL Capital, according to a press release.

• The raise will aid in the development and production of the studio’s first two Web 3 titles, Legendary: Heroes Unchained, and Triumph, both of which will be focused around the use of cryptocurrency and Web 3.
• Interest in blockchain-based games has increased more than 2,000% in the past year. The gaming industry in general raised $3.5 billion of disclosed investment in the first quarter, more than half of which has been attributed to the blockchain gaming sector, according to a report by DDM Data and Research Services.
• “We believe in a future where game economies are more open and players own the assets they earn and purchase,” said N3TWORK Studios President Matt Ricchetti. “Reaching that future will require both expanding the core crypto gaming audience and demonstrating to the massive mobile free-to-play audience that web3 is a clear value-add to their gaming experience.”
• N3TWORK Studios was formed in January 2022 and includes veterans of EA, Zynga, Warner Brothers and Disney.