Blockchain gaming has become a prominent topic in the industry, leading to a significant influx of capital into the metaverse. Many metaverse companies have capitalized on this trend by selling land and other NFTs for gaming purposes. However, the hype surrounding blockchain gaming has subsided as major players begin to enter the market. The latest addition to this growing trend is Jason Fung, the former head of Tik-Tok gaming, who has left his job to embark on a new venture.
Fung’s decision to join the blockchain gaming industry stems from the tremendous influx of customers to this market. Recognizing the need for improvements and innovation, Fung’s expertise will undoubtedly contribute to the development of the industry. Reuters was the first to report on Fung’s departure from Tik-Tok, conducting an interview to shed light on his decision.
The increasing interest of customers in blockchain gaming has attracted a surge of investors. However, venture companies have been hesitant to take significant risks. While some startups, such as Shiboshi, have ventured into offering gaming opportunities, there has been little substantial change. Additionally, the growth of blockchain technology has necessitated considerable intellectual investment, with few interoperable games between different blockchain systems requiring improvement.
Fung has been observing these factors and the gaps in the market for some time. Interestingly, there has been a lack of initiative from companies to address these gaps and drive innovation in the industry. Market heavyweights have been reluctant to take decisive steps in transforming the market.
Fung spent approximately two years at Tik-Tok, which has grown into a multi-billion-dollar company under the ownership of ByteDance. Tik-Tok and ByteDance hold a significant share of $300 billion in the global gaming market. Fung’s decision to leave Tik-Tok will bring Meta0 expertise and capital to the industry’s development.
In his interview with Reuters, Fung revealed that he co-founded Meta0, a blockchain gaming startup that aims to provide gaming services such as trading digital assets, including NFTs, between gamers. Fung highlighted the opportunity to address the gaps and provide solutions to the segregated gaming community as the main reason behind his departure from Tik-Tok. He also expressed his hopes of developing infrastructure for next-generation gaming.
Fung identified the choice of a single blockchain as a major obstacle in the development of blockchain games. He envisions making the technology more interoperable by offering various options to developers and users. Fung acknowledged that leaving a comfortable job at Tik-Tok was a significant risk, but he believes that his new venture with Meta0 is the right path forward. Only time will tell whether his decision to leave Tik-Tok and join Meta0 proves to be successful.
Meta0 currently consists of six members, including two founding members. Fung did not disclose details about the other founding member but mentioned that they would soon issue tokens to raise funds. They are also actively seeking funding from venture capitalists and strategic investors.
In conclusion, Jason Fung, the former gaming head of Tik-Tok, has left the company to co-found a blockchain gaming startup called Meta0. The company aims to bring innovation to the blockchain gaming industry. According to Fung’s interview with Reuters, they have completed the first round of fundraising and will capitalize on available opportunities to address market gaps.
