According to an interview with Reuters, Jason Fung, the former president of TikTok’s gaming division, is creating a blockchain gaming firm as one of two co-founders. This comes at a time when interest in blockchain games is growing, but industry giants are apprehensive.
His departure comes at a time when ByteDance and its Chinese owner, TikTok, have been aggressively pushing into the $300 billion dollar global gaming sector to take on Tencent Holdings, an initiative that has shown mixed results so far.
Blockchain games, a new breed of online games based on blockchains that enable players to exchange things in the form of non-fungible tokens, are also becoming more popular among entrepreneurs and investors (NFTs).
New Meta0 co-founder Unmute Fung quit TikTok because he saw an opportunity to help solve the existing infrastructure problem faced by game companies interested in using the blockchain.
“Right now, any developer who wants to use NFTs or blockchain in their game must select between Polygon, Solana, or Binance Smart Chain, all of which are competing blockchains. According to the Hong Kong-based media outlet Reuters: “But imagine an even more interoperable choice.”
After much deliberation, we’ve decided to go ahead and do it. Let’s start a firm together. The Shenzhen-based Fung, who reported to TikTok COO Vanessa Pappas, said, “Let’s leave up my comfortable corporate life and take a huge risk.”
In addition to the two co-founders, Meta0’s founding team consists of six employees, and the company has raised its first round of investment, Fung added.
In terms of the other co-founder, the remainder of the team, and/or the funding, he refused to provide any information. His statement said that venture capital and strategic investors were among the sources of funding that the firm was aiming to acquire.