- Mighty Bear Games has completed a $10 million funding round to launch its blockchain gaming unit.
- The fundraising was led by Framework Ventures with participation from Mirana, Sfermion, Dune Ventures, Polygon, Ready Player DAO, Razer, Avocado DAO, and more.
- The gaming studio also announced its first-ever Web3 game to be released later this year, Mighty Action Heroes.
Mighty Bear Games has launched its blockchain gaming campaign with the announcement of its first Web3 game Mighty Action Heroes, scheduled for release later this year. The Singapore-based multi-platform gaming studio on Tuesday announced the successful fundraising of $10 million in a round led by Framework ventures.
The round also attracted participation from Mirana, Sfermion, Dune Ventures, Sanctor Capital, Folius Ventures, Polygon, Play Future Fund, Everblue, Ancient8, Ready Player DAO, Razer, Avocado DAO, DWeb3, and more.
The studio is looking to replicate the same fan and experience offered to its multi-platform gaming community on Web3. The company said it plans to build a series of immersive AAA blockchain games “that are novel, fair and thoughtful.”
Mighty Bear Games will be building play-and-earn games, starting with Mighty Action Heroes, which it describes as “a multiplayer third-person Battle Royale that puts an emphasis on fun, skill, and chaos.”
The studio was founded in 2016, by a strong team of veteran game makers with experience at leading game development companies including King, Ubisoft, Lucasarts, Disney and Gameloft.
Mighty Bear Games believes that the next shift in the gaming industry will push the gaming community towards decentralised gaming ecosystems. In a comment sent to NFTgators, CEO Simon Davis said: “There is a platform shift every ~10 years in gaming. The team and I witnessed the shift from browser to social and social to mobile. We are convinced that the next shift is from company-owned games to community-owned games.”
His company has opted to lean towards play-and-earn gaming, rather than the more popularised play-to-earn games, and there is a good reason for that. “We believe the current play-to-earn games are not sustainable and we are leaning into an evolved play-and-earn economy instead,” Davis explained.
The studio’s blockchain gaming mechanism is designed to encourage competition and “reward the best players and players that add value to our ecosystem,” he added.
The Mighty Bear Games’ community will also be allowed to begin by playing the games for free, in a free-to-play (F2P) design. “Players can either “upgrade” to the NFT world by getting their first asset, or they continue in the f2p world and spend Fiat on items like off-chain heroes, off-chain weapons, or off-chain cosmetics,” he said.
That means that if a player is not keen on jumping on the crypto gaming bandwagon, then they still have a place in the Mighty Bear Gaming ecosystem.
The company’s first blockchain game Mighty Bear Heroes will be powered by the Layer-2 scaling blockchain protocol, Polygon.
The lead investor Framework Ventures seems to be putting part of its $200 million dedicated to Web3 gaming into a good project.
Daniel Mason, Operating Partner at Framework Ventures commented: “With the entire crypto gaming industry still innovating and defining the most effective game mechanics, we think the Mighty Bear team is one of the best positioned to launch genre-defining titles in this new space.”
Framework Ventures is one of the Web3 venture capital firms looking to take advantage of the crypto winter to invest in exciting projects. This year, venture capital firms have already invested more than $6 billion in web3 projects, surpassing $4 billion raised for the entire 2021.
Davis thinks investors are encouraged by the future of community-owned gaming. “Player ownership of items and game economies will be the next evolution of gaming. The usual fluctuations of the crypto market don’t change anything in our conviction that this technology is here to stay,” he said.
He said that the bear market helps in building a stronger community of missionaries rather than speculators.