Jungle Gaming Studio Raises $6M for NFT Shooter Game

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Jungle, a Web3 game publisher based in Brazil, just raised $6 million in a seed funding round co-led by Framework and Bitkraft Ventures. The funds will be used to develop a Web3 mobile shooter game.

Other investors involved in the funding round include Fourth Revolution Capital, Monoceros, Delphi Digital, Karatage, 32bit Ventures, Stateless Ventures, Snackclub, and Norte Ventures.

The Brazilian startup believes that since mobile has the most overall users, it’s the best place to build their Web3 game. With the new funds, it aims to expand its gaming studio’s development team as it works towards developing its Web3 mobile shooter game and other games.

But unlike traditional game developers that build everything from scratch, Jungle intends to acquire intellectual property (IP) rights from traditional Web2 game studios and convert them to Web3 mobile games.

Jungle’s co-founder and CEO Joao Beraldo said the company’s Web3 strategy is to identify mobile games that have the “potential to be successfully converted to Web3-first titles” and become “dominant titles” in blockchain gaming within their genre. He added that the company is trying to “forward position” itself in genres where it can “win” in Web3.

One benefit of mobile games is that compared to console and desktop games, mobile games can be developed much faster. Although the name of Jungle’s first game hasn’t been released yet, according to the report, the mobile shooter will allow players to trade in-game items as NFTs and feature an “opt-in by default open market economy.”

Huge Sums Are Being Raised for Web3 Gaming Projects

The $6 million funding round is exciting news for Jungle and should give the platform the funds it needs to launch its first Web3 mobile shooter game. But Jungle is far from the only Web3 game publisher raising funds for new projects. At Rarity Sniper, we’ve covered several stories about companies having huge funding rounds in recent months. Here are the top stories.

First, two months ago, the South Korean video game developer Neowiz announced it raised $12 million in a private funding round for its Web3 gaming platform Intella. The round was led by big names in Web3 like Polygon, Animoca Brands, Magic Eden, Global Coin Research, and more.

Next, in November 2022, the Web3 gaming DAO Game7 launched a $100 million grant program to help developers build tools to improve Web3 gaming. Forte and BitDAO pledged $500 million to Game7’s treasury and will work with the DAO to decide how the funds are distributed.

Last but not least, in October 2022, the blockchain gaming developer Horizon announced it raised $40 million in a Series A funding round. The round was led by Brevan Howard Digital and Morgan Creek and also saw participation from traditional game publishers Take-Two and Ubisoft.

Despite the naysayers, Web3 gaming is starting to take off as evidenced by so many successful funding rounds. Though fans of Jungle will have to be patient for the launch of its first Web3 mobile shooter game, if it’s successful, we expect the ambitious Brazilian startup will have more Web3 mobile games in the pipeline.