Jungle, a Brazilian startup, has raised $6 million in seed funding to develop a mobile shooter game that will be transformed into a Web3 mobile game. The funds were secured from venture capital firms Bitkraft Ventures and Framework Ventures, among others, and will be used to expand the company’s team of developers. To avoid direct competition, Jungle plans to acquire intellectual property from existing game studios and integrate it into their Web3 mobile games, allowing them to establish a foothold in genres where they can excel.
📰 PSA 📰
We've started @jungle_xyz to accelerate the frontier of gaming and define a new standard by delivering the best web3 gaming experience available on mobile
— Joao 🔜 GDC (@0xJ010) March 13, 2023
Jungle’s CEO, Joao Beraldo, said the company’s goal is to identify mobile games that are already successful or being launched and convert them into Web3-first titles that can become leading games in the blockchain gaming industry. The first title, which has not yet been named, will allow players to sell the items they find in the game as NFTs and feature an “opt-in by default open market economy.” Jungle’s unique approach to Web3 mobile gaming could give them an advantage over their competitors. The 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. Jungle’s $6 million seed funding round is a positive sign for the industry, and its future mobile game developments are eagerly awaited.