NFTs Are ‘Loot’ in $21 Million Crypto Gaming Venture

A group of gaming veterans has raised an initial round of funding to help launch Big Time Studios, a company looking to develop what it says is the world’s first action-PC game based on crypto technology.

Big Time Studios — founded by alumni of companies including Epic Games, Riot Games, Blizzard Entertainment, Electronic Arts and Decentraland — has raised $10.3 million in a Series A round, according to a statement the venture released Wednesday. That sum will go toward building its first action, role-playing game that will allow players to buy and sell NFT-based virtual items. The company said it’s also close to forming an $11 million fund that will be used to invest in gaming companies that adopt Big Time’s technology.

“NFTs are ready for prime time — we’ve seen a lot of traction as of late,” Ari Meilich, Big Time’s founder and chief executive officer, said by phone. “I’m excited about this space.”

The funding round was led by FBG Capital and includes backing from North Island Ventures, Digital Currency Group, OKEx Blockdream Ventures, Alameda Research, and Ashton Kutcher’s Sound Ventures, among others. Many on Big Time’s team of 25 have worked on big gaming hits, including “Fortnite,” “God of War,” and “Call of Duty.”

NFT ‘Loot’

The first game, called “Big Time,” will be a multi-player action game where users can team up, travel through different levels and encounter enemies who will drop “loot” — some in the form of NFTs — that characters can collect.

“What’s new here is the play-to-earn component where people can put in time and get something of value in return,” Meilich said. “Whereas, normally the items that you obtain could be desirable by other players, but they usually cannot be transferred and certainly they cannot be sold for real money.”

Published By : Bloomberg

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