Brazilian startup Jungle has secured $6 million in seed funding from venture capital firms Bitkraft Ventures and Framework Ventures, among others, to develop its first title, a mobile shooter that will be transformed into a Web3 mobile game. As part of the funding, Jungle plans to allocate funds toward growing its team of developers.
Mobile games can be launched much more quickly than console games, which can take years to develop. To avoid direct competition, Jungle plans to acquire intellectual property (IP) from existing game studios and integrate it into their Web3 mobile games. This strategy will help Jungle establish a foothold in genres where they can succeed better.
Jungle’s CEO, Joao Beraldo, said the company aims to identify mobile games already in existence or being launched and convert them into Web3-first titles that can become leading games in the blockchain gaming industry. “We’re looking for the blue spots in a soon-to-be red ocean,” Beraldo added. “We want to avoid the current clusters of competition and position ourselves in the genres where we can win.”
The name of Jungle’s first title has yet to be released, but it will allow players to sell the items they find in the game as NFTs. The game will feature an “opt-in by default open market economy,” according to a statement. The growing popularity of NFTs and the potential of blockchain technology to revolutionize the gaming industry have led to a surge in investment in Web3 gaming startups.
As more and more investors continue to invest in the Web3 gaming industry, it will be interesting to see which startups emerge as leaders. Jungle’s unique strategy of incorporating existing IP into Web3 mobile games could give them an advantage over their competitors. Jungle’s $6 million seed funding round is an encouraging sign for the Web3 gaming industry, and its future mobile games developments are highly anticipated.
Jungle’s Next Big Thing
Jungle’s next big thing is its bid to revolutionize mobile gaming. The company’s innovative approach to mobile gaming and the smartphone market could change the game in the gaming world. With the popularity of mobile gaming on the rise, Jungle is well-positioned to capitalize on this trend.
According to Jungle’s CEO, the company’s focus won’t solely be on developing new titles from scratch, but also improving existing games. He said Jungle would seek to acquire the rights to popular mobile games and turn them into Web3-first titles, with integrated blockchain functionality.
This approach could provide the mobile games industry with a much-needed new approach to game development, one that incorporates blockchain functionality and opens up a wide array of new possibilities for players.
The gaming industry is one of the biggest growth sectors in the world economy, with some analysts predicting that mobile gaming alone could generate over $100 billion in annual revenue by 2025. With so much at stake, Jungle’s innovative approach is sure to generate interest in the gaming world.
Jungle’s strategy is to create mobile games with blockchain functionality that allow users to trade assets such as non-fungible tokens (NFTs) within its gaming ecosystem. This development will give the gaming industry new ways to prosper and engage with users.
The Future of Gaming
Jungle’s seed funding round is an exciting development for the gaming industry, as it highlights the potential of Web3 gaming to revolutionize the sector. With blockchain technology underlying the gaming ecosystem, Web3 gaming could provide a more fair, transparent and secure environment for players.
By using blockchain technology, players can track and verify asset ownership, providing greater transparency and security for gamers. In-game currencies and items such as NFTs can be traded on decentralized marketplaces or swapped for other assets, creating new opportunities for earnings and rewards.
Jungle’s innovative approach to mobile gaming provides an exciting glimpse into the future of the gaming industry. With more and more investors investing in Web3 gaming startups, the development of this sector is set to accelerate.
The gaming industry is undergoing a major transformation, and companies like Jungle are at the forefront of this change. By leveraging blockchain technology to create new gaming experiences and revenue streams, Jungle is poised to take the mobile gaming world by storm.
In conclusion, Jungle’s $6 million seed funding round is a significant development for the Web3 gaming industry. The company’s innovative approach to mobile gaming, which includes acquiring intellectual property from existing game studios, could give it an edge in the competitive gaming market. With the popularity of mobile gaming on the rise, Jungle’s future developments are highly anticipated. As the gaming industry continues to grow, Web3 gaming is set to revolutionize the sector, and companies like Jungle are at the forefront of this change.