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The ambitious mobile gaming ambitions of Matr1x, an NFT gaming startup located in Singapore, have successfully received an extra $10 million in investment. The current A-2 fundraising round, led by Folius Ventures and co-led by cryptocurrency venture capital firm SevenX, includes this news.
Several investors participated in the A-2 round, including Find Satoshi Lab, the company behind Stepn and the forthcoming Gas Hero game, ABCDE Capital, Jambo, and Initiate Capital. Matr1x’s total venture capital fundraising has increased to $20 million as a result of this round, more than doubling its prior $10 million deal from 2022.
Jason Kam, the founder of Folius Ventures, emphasized Matr1x’s potential in the market and called it a business that finds a “elegant balance.” Kam expressed optimism that Matr1x might reach critical scale, appeal to the general market, and create sustained profitability without falling victim to the Web3 death spiral, even in light of the recent difficulties in the cryptocurrency space.
The main offering from Matr1x is a first-person shooter game for mobile platforms called Matr1x Fire. In order to destroy enemies, players select characters from a roster and compete in teams to eliminate opponents. The visual style of the game is reminiscent of Valorant, a well-known shooter from Riot Games.
Although Matr1x Fire is still in development, the company hopes to see its namesake game become popular enough to have an esports scene. In addition to creating games, Matr1x has released two NFT collections and is preparing to release a third collection that will act as a membership card for income sharing and governance access in its creator economy. Purchasers of this subscription will also receive an upgradeable combat pet.
But the gaming community is worried about similarities to what happened to NetEase’s Hyper Front. In that case, Hyper Front was shut down as a result of Riot Games suing NetEase for allegedly imitating Valorant. In early-access videos, some players have likened Matr1x Fire to Hyper Front, while others have described Matr1x Fire as “Valorant lite” or “Valorant mobile.” As Matr1x continues on its gaming journey, it remains to be seen how these comparisons turn out.