Matr1x, a Singapore-based NFT gaming company, has raised another $10 million in funding for its mobile gaming projects, the company announced on Thursday.
Folius Ventures led the latest A-2 round, with fellow crypto VC SevenX named co-lead investor. ABCDE Capital, Jambo, Initiate Capital and Find Satoshi Lab: creators of passed and the next gas hero game, also reversed, according to a statement.
Matr1x has now raised $20 million in venture capital funding overall, with Thursday’s round doubling the game studio’s $10 million raise completed in 2022.
“Matr1x has real potential to explore the unexplored of this industry,” Folius Ventures founder Jason Kam said in a statement. Referring to the broader downturn in the crypto industry, he added: “It strikes an elegant balance that can, at best, help it reach critical scale, appeal to the mass market, [and] become sustainably lucrative while completely avoiding the Web3 death spiral.”
Matr1x Fire, the studio’s flagship product, is a first-person shooter for mobile devices where players select from a list of playable characters and compete in teams of five to eliminate enemies. The game has a similar aesthetic to Riot Games’ hit shooter Valorant, as Matr1x Fire’s maps, weapons, and character designs echo Riot’s competitive title.
Matr1x hopes an esports scene will emerge for its eponymous game, which is still in development. Meanwhile, the studio has launched two NFT collections and plans to launch a third collection that will act as a membership pass for “governance access and revenue sharing of its creator economy,” and will also grant buyers a pet of Updatable duel.
It is worth noting, however, that Some players wonder if what happened with NetEase’s mobile title Hyper Front could happen again. In that case, Riot sued Netease, publisher of Hyper Front for allegedly copying Valorant, and the game was close in April as a result. Many players have compared Matr1x Fire to Hyper Front in early access videos, and others have called Matr1x Fire “Valorant mobile” or “light titrant.”
Contacted for comment, Matr1x clarified Decipher via email: “Valorant allows heroes to play abilities. However, Matr1x Fire is a CS:GO style game that does not allow heroes to wield special powers or abilities. The only way to defeat your opponent is to handle your weapons well and control your shots and recoil. Hyperfront is another category, [which] “It apparently copied and pasted Valorant, while our game is much more in the CS:GO category.”
The game studio also said that it has begun publishing an extensive Matr1x Fire story online through its Matr1x Worldview Storiesdetailing the game world and how a war broke out in the year 2061.
