Morgan Chittum

<div id="highlights-block_624af03a29568" class="highlights">
 <ul>
 <li>Framework Ventures and Delphi Digital are two of the leading investors in the round</li>
 <li>Polemos announced a strategic funding round of $2 million in November</li>
 </ul>
 
</div>



Polemos, a GameFi platform and play-to-earn guild, announced a $14 million seed round on Monday. This brings the startup and forthcoming decentralized autonomous organization (DAO) to a $100 million post-money valuation.&nbsp;



The capital will go toward staff expansion, gaming investments and tech development, Polemos co-founder Sascha Zehe told Blockworks.&nbsp;



“We have significant costs for the development of the tech, and that is one part where we want to heavily scale both the team and also contractors to build even better and faster [on the] main tech stack that we&#8217;re aiming to put into the space,” Zehe said.&nbsp;



Polemos currently has around 25 employees but expects to reach at least 50 by the end of the year.&nbsp;&nbsp;



Framework Ventures and Delphi Digital are two leading investors in the round.&nbsp;



Michael Anderson, co-founder of Framework Ventures, told Blockworks that gaming guilds like Polemos are the “potential next phase of what an esports franchise could look like.”



“Guilds [are] something that have existed in games for a long time, but now that we have NFTs, we have massive swaths of players that are coming into these games. The role of a guild has a much more pronounced function within this ecosystem than previously,” Anderson said. “It’s one part asset management, one part technology company, and one part recruiting and marketing.”



Other participants in the round include QCP, GoldenTree, IOSG and LD Capital, along with the founders of Sushiswap, COTI, Tokemak and Altered State Machine.



Last year, Polemos announced a $2 million strategic raise at a $40 million valuation.



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<hr class="wp-block-separator">

GameFi Platform Polemos Secures $14M Seed Round

<div id="highlights-block_6217f3714cfd6" class="highlights">
 <ul>
 <li>Zynga will roll out a blockchain-based game in 2022, the exec said</li>
 <li>The blockchain gaming industry generated more than $4 billion in 2021, per crypto data provider DappRadar</li>
 </ul>
 
</div>



Matt Wolf was first thrust into the world of NFTs four years ago as an adviser for gaming startup Epics Digital Collectables.



During his time at one of the first NFT (non-fungible token) trading card platforms, Wolf said he became “fascinated by the ownership of in-game assets.”



Wolf, who began investing in cryptocurrencies in 2014, said it was “easy to see the value” in blockchain gaming. “If you’re in the gaming business, and you’re not seriously looking at blockchain integration, you might be missing a huge opportunity,” he told Blockworks.



The industry generated more than $4 billion in 2021, according to data provider <a href="https://dappradar.com/topic/games" target="_blank" rel="noreferrer noopener">DappRadar</a>.



Wolf previously worked as head of gaming at The Coca-Cola Company, along with stints on advisory boards for gaming ventures such as Riot Games, Alpha Draft and ProGuides.



Last year he joined Zynga — the gaming giant behind Words With Friends and Farmville — as the company’s vice president of blockchain gaming. The publisher, Wolf <a href="https://cms.blockworks.co/words-with-friends-creator-zynga-to-launch-nft-based-games/" target="_blank" rel="noreferrer noopener">announced</a> on Feb. 9, will be breaking into NFT gaming this year.



Blockworks’ Morgan Chittum spoke with Wolf about Zynga’s forthcoming blockchain gaming studio, the inspiration behind the offering and his first impression of NFTs.&nbsp;



<hr class="wp-block-separator"/>



Chittum: You recently said that Zynga will roll out an NFT-based game within the next year, but the company will form a separate studio to do so. What went behind the decision to launch a different division entirely?



Wolfe: We don&#8217;t want our players to get confused with the games that they already love that Zynga makes and our blockchain offering. We do want to create some separation there. It&#8217;s a separate division but still within Zynga. We’re actively recruiting for that division and for senior level people who can help us develop this community.



Chittum: Can you predict how much capital Zynga will allocate to this new venture?



Wolf: I can&#8217;t really predict that. I can just say that we have a lot of conviction toward it.&nbsp;



We&#8217;re really interested in this as a potential evolutionary step for games. When you have that level of excitement from a company like Zynga, there tends to be a lot of support.&nbsp;



Chittum: When you say this is an “evolutionary step,” what do you think this signals to other gaming companies and publishers? Do you think they&#8217;re going to follow suit and integrate blockchain technology as well?



Wolf: Some are already doing this. Others may be watching and looking for their opportunity to jump in. I think time will tell. Personally, I think this is an amazing new step or potentially another direction to enjoy interactive entertainment.



Chittum: How do you think play-to-earn projects can ensure players continue participating in games without money taking over as the players’ sole interest?



Wolf: We have to understand who these players are, what they consider fun, and then do our best to deliver that. I think part of that is a durable economy, inventing fun and exploring different play mechanics as well. We have to put that all together under the umbrella of a blockchain game to really excite and satisfy these people and have them find value in these games.



Chittum: When was the first time you heard the word NFT? Where were you? What was going through your head?&nbsp;



Wolf: I started investing in crypto in 2014 and along the way in my career, I was also advising companies. One of those companies was an NFT card trading game called Epics Digital Collectables. It’s one of the oldest NFT game-like platforms, so I got exposure to it there and was fascinated by [gaming and decentralized finance] and ownership of assets within these games.



To me, blockchain integration always made sense, but I&#8217;ve been in gaming for a long time. I really do believe in decentralized finance as well. I think it&#8217;s an interesting evolution of interactive entertainment.



Chittum: I know Zynga hasn’t disclosed particulars around the forthcoming games, but could you elaborate on what these will look like at all? Could they be comparable to something like Axie Infinity or Decentraland?



Wolf: We’re still early, right? We’re trying to figure out exactly how we want to move. We have a clearer idea of what we&#8217;re inspired by within our own portfolio, because we&#8217;ve had a lot of successes over time. There are certain kinds of games that we think will lend themselves to be inspired by Mafia Wars in terms of IP.



Chittum: There were reports of employees at Ubisoft resigning over the possibility of having in-game NFTs last year. Do you think the separation between the two at Zynga is in part due to this rumored tension between traditional gaming and the play-to-earn space?&nbsp;



Wolf: There&#8217;s no conflict like that brewing at Zynga. It&#8217;s more about focus. We&#8217;ve got an amazing portfolio of products that deserve a ton of talent and the chance to continue to develop that. I think on the blockchain game side, we&#8217;re looking at building a division that will entirely focus on this.&nbsp;



This interview has been edited for length and clarity.



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Zynga Exec Sees ‘Huge Opportunity’ for NFT Integration Into Traditional Gaming

<div id="highlights-block_621641ed6f72e" class="highlights">
 <ul>
 <li>Ryan Wyatt announced his new role as Polygon Studios’ CEO on Jan. 25</li>
 <li>Polygon Studios partnered with artist Beeple, Dolce &#038; Gabbana, DraftKings and OpenSea</li>
 </ul>
 
</div>



Ryan Wyatt first heard about NFTs when he noticed an influx of venture capital flooding into the traditional gaming space from firms and hedge funds last year. Sequoia, Tiger Global and Andreesen Horowitz all invested millions of dollars in the gaming space in 2021 alone.



Wyatt was YouTube’s head of gaming for upwards of seven years and said he had never seen VC interest of this caliber in the industry. NFTs (non-fungible tokens) then quickly caught his eye for their “long-term” use cases in gaming, particularly as a way to prove “verifiable ownership.”



Last month, Wyatt joined Polygon Studios as the blockchain startup’s newest CEO. Polygon is a “protocol and a framework for building and connecting Ethereum-compatible blockchain networks,” according to its <a href="https://polygonstudios.com/" target="_blank" rel="noreferrer noopener">website</a>. The company has had big-name partnerships with NFT artist Beeple, Dolce &amp; Gabbana, DraftKings and OpenSea.



Blockworks&#8217; Morgan Chittum spoke with Wyatt about emerging NFT use cases, the value of blockchain integration in gaming and what makes a play-to-earn game financially sustainable.



<hr class="wp-block-separator"/>



Chittum: How do you think play-to-earn projects and gaming companies can ensure players stay interested without the money taking over as the players’ sole interest?



Wyatt: Blockchain gaming is in its early stages, and there is natural volatility that comes with that. When you take an open and free market like this, it comes with a lot of good and bad, but look at the alternative right now. The alternative is cash in and cash never out.&nbsp;



I think things like having governance tokens and allowing communities to really weigh in on developer decisions, macro level decisions and having users feel like they&#8217;re a part of things can help. Over time, this could help that user base build up and provide more stability.&nbsp;



<div class="wp-block-image"><figure class="alignright size-full"><img decoding="async" loading="lazy" width="300" height="300" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg" alt="" class="wp-image-17803" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=150 150w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=257 257w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=261 261w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=219 219w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Ryan-Wyatt-Polygon-CEO-headshot.jpg?w=50 50w" sizes="(max-width: 300px) 100vw, 300px" /><figcaption>Polygon Studios CEO Ryan Wyatt</figcaption></figure></div>



Chittum: What other use cases for NFTs excite you the most right now? What emerging trends are you noticing in the space?



Wyatt: This is going to be a big year for music NFTs. You have the ability to have an NFT and put utility behind it now, whether it&#8217;s discounts on tickets, meet and greets or whatever the case may be, and that artist finally has the autonomy to do so. NFTs create less of a reliance on big music studios and publishers.



I think the music industry is fundamentally flawed and at a disadvantage to the artist. So much of the spirit of decentralization and Web3 is giving power to users and creators. This is the opposite of a lot of the mantras of Web2.&nbsp;



Chittum: Farmville creator Zynga said that they will launch a blockchain-based game this year but plan on making a separate studio to prevent any confusion with players. Ubisoft, additionally, had reports of employees resigning over the possibility of having in-game NFTs. Where do you think this potential tension and desire for separation between the two comes from?



Wyatt: There’s some necessary context of why they are separating church and state inside of these companies. Objectively, there is a subsection of the gaming market that wants blockchain games, and there&#8217;s a section that&#8217;s trying to preserve what they love. I think all of that is okay.



I think the big mistake around a lot of the polarizing conversation I&#8217;m seeing is people are thinking in absolute terms of what blockchain games are.&nbsp;



There&#8217;s a lot of things that we need to do as an industry in Web3, particularly with carbon footprints and with making sure we&#8217;re addressing scams and underlying issues that are happening in the NFT market. However, what I think we’ll see over time is all of these studios will aspire to launch a blockchain game. It will most likely be new intellectual property or a new franchise entirely. Studios will eventually be able to serve the total addressable market of gamers.



Chittum: When was the first time you heard the word NFT? Where were you? What was going through your head?



Wyatt: It was about early last year. I started to see a lot of developers fundraising from big venture capitalists. For the first time really in the history of the gaming industry, you saw a lot of capital for video games coming from big venture capital firms. There are a couple edge cases for this, but the influx of capital was pretty significant. So much of the gaming industry, in the past, largely came from other game publishers funding those studios.&nbsp;



At the same time, Covid also showed how much people were spending in digital worlds. Call it the metaverse, video games or digital worlds. People were spending more time in these immersive digital environments. And so then, I started to really think about what are the implications of that? What are the pros and cons? One thing that struck a really big interest of mine was ownership. Humans love peacocking, and they take a lot of pride in showing off what they own. You already kind of see this in video games with skins, but largely, players don’t really own them. The arrangements that users have with game developers is a licensing, and in most cases, that item is illiquid. I became pretty enamored with this idea of digital ownership after that.



Chittum: What can we expect to see from Polygon in the upcoming year?



Wyatt: You&#8217;re going to start seeing us bring in big talent that comes from traditional games and big tech. I can tell you that I won&#8217;t be the last one that comes over. And that I think that encompasses how many individuals that are in Web2 are excited about what the future of Web3 can be.



You&#8217;re also going to start to see some of our tech rollout that we acquired in the past year, as well, so more developer tools to build off of. You&#8217;re going to see more partnerships that are going to continue to emerge from Polygon.



This interview has been edited for length and clarity.



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Former YouTube Head of Gaming, Polygon CEO on the Value of Blockchain Integration

Jacquelyn Melinek

<div id="highlights-block_6213aeea3e027" class="highlights">
 <ul>
 <li>FTX Gaming will be a “crypto-as-a-service” platform where gaming firms can launch new tokens and offer support for NFTs</li>
 <li>This news comes a few months after FTX, Lightspeed Venture Partners and Solana Ventures announced their investment to create a $100 million Web3 gaming initiative</li>
 </ul>
 
</div>



Cryptocurrency exchange FTX is jumping into the blockchain-based gaming business with its own unit aiming to reach mainstream audiences.



The new division will encourage more game creators to use cryptocurrencies, blockchain networks and NFTs, <a href="https://www.bloomberg.com/news/articles/2022-02-21/ftx-enters-gaming-as-backlash-grows-against-crypto-s-incursion?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;utm_content=crypto&amp;sref=3REHEaVI" target="_blank" rel="noreferrer noopener">Bloomberg reported</a>.



FTX Gaming, run through the exchange’s FTX US subsidiary, is designed as a “crypto-as-a-service” platform, where game developers can launch tokens and build NFTs (non-fungible tokens) into their online worlds.



The company is looking to hire two software engineers, ideally aiming for gaming enthusiasts with developer experience in Unity, a gaming development platform.



<a href="https://jobs.lever.co/FTXUS/f91dfa92-38eb-4992-85fb-70fb403db414" target="_blank" rel="noreferrer noopener">One</a> of the hires is tasked with product development, plus blockchain integration and improving developer tools for game studios. The other <a href="https://jobs.lever.co/FTXUS/1a47a2a9-2fe4-4d7f-86ee-6eb2bc7b67c3" target="_blank" rel="noreferrer noopener">role</a> is focused on partnering with game studios and integrating blockchain technology.



A representative for FTX was not immediately available for comment Monday.



The rollout comes months after FTX, Lightspeed Venture Partners and Solana Ventures partnered on a $100 million Web3 gaming funding initiative. It is focused on supporting game studios, technology and projects that focus on the overlap between blockchains and gaming, Blockworks previously <a href="https://cms.blockworks.co/ftx-solana-ventures-and-lightspeed-create-100m-web3-gaming-investment/" target="_blank" rel="noreferrer noopener">reported</a>.



In the past 12 months, blockchain games like <a href="https://cms.blockworks.co/axie-infinity-program-lead-2022-will-be-all-about-gameplay/" target="_blank" rel="noreferrer noopener">Axie Infinity</a> grew in popularity and have held steady around 1 million users across almost 400 active blockchain games, according to DappRadar <a href="https://dappradar.com/topic/games" target="_blank" rel="noreferrer noopener">data</a>. Users peaked around 1.5 million in early January but have since retracted 28% to 1.09 million.



“In many ways, it could be argued that blockchain’s application to gaming is a no-brainer because gamers are already accustomed to tokenization and purchasing in-game items,” a Solana Ventures representative said at the time.



There’s a <a href="https://cms.blockworks.co/sam-bankman-fried-gaming-nfts-have-mainstream-potential/" target="_blank" rel="noreferrer noopener">“decent probability”</a> that gaming NFTs could be the driving force behind bringing crypto to mainstream audiences, FTX’s CEO and Founder Sam Bankman-Fried said during a panel at the <a href="https://www.bloomberglive.com/event/bloomberg-financial-innovation-summit-november-4/" target="_blank" rel="noreferrer noopener">Bloomberg Financial Innovation Summit</a> in November.



Bankman-Fried, however, said there’s going to be a noticeable difference between crypto companies creating games and traditional developers looking to add digital assets to their franchise titles.&nbsp;



<blockquote class="wp-block-quote">“I think, frankly, it’s really hard to make a really engaging video game,” he said. “I don’t think I can do it. It would take a really long time to build up that expertise. So, when you hear about top-tier gaming publishers looking to introduce crypto into their system, I’m pretty bullish on that.”</blockquote>



Adding a liquid marketplace in games with massively multiplayer online role-playing games (MMORPGs), like Eve Online or World of Warcraft, could speed up the integration, he said.



“One thing I’m really excited about is you take a top-tier gaming studio, that’s making a great game and wants to have market mechanics in it and wants to have real user-ownership of the digital assets in it and wants to use blockchain technology, payment rails and NFTs to enable that,” Bankman-Fried said. “That’s where I would guess you’re going to see the biggest adoption early on.”



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FTX To Launch Gaming Unit To Support Mainstream Crypto Adoption

<div id="highlights-block_620fcebd50d0c" class="highlights">
 <ul>
 <li>The ecosystem program will launch in tandem with SKALE V2, or SKALEverse</li>
 <li>The network aims to onboard billions of users and has a focus on NFTs, DeFi and Web3</li>
 </ul>
 
</div>



Ethereum-focused multi-chain network SKALE set up a $100 million grant program to fund the future of blockchain-based gaming.



The company announced the initiative at the ETHDenver conference on Friday. The capital will be used to increase and onboard applications and projects to the SKALE network.&nbsp;



<div class="wp-block-image"><figure class="alignright size-full"><img decoding="async" loading="lazy" width="300" height="300" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg" alt="" class="wp-image-17630" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=150 150w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=257 257w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=261 261w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=219 219w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/d4a71f7d-acce-42da-857f-c0b981b45e7c_Jack_OHolleran_SKALE_Co-Founder_CEO.jpeg?w=50 50w" sizes="(max-width: 300px) 100vw, 300px" /><figcaption> SKALE Co-founder Jack O’Holleran</figcaption></figure></div>



The Network of Decentralized Economics (NODE) will kick-start the program with $5 million to creators focused on blockchain gaming, play-to-earn gaming and the metaverse.



The launch is timed in tandem with the network’s next iteration, dubbed, <a href="https://skale.network/blog/into-the-skaleverse-introducing-skale-v2" target="_blank" rel="noreferrer noopener">SKALE V2</a>, or SKALEverse, which aims to optimize features like chain-to-chain transfers, creating ecosystem hubs, NFT marketplaces and faster game modes.



Like most blockchains, the network aims to onboard billions of users and has a focus on NFTs (non-fungible tokens), DeFi and Web3.



Its network helps blockchain games build experiences for users, including zero fees or gasless transactions, plus supporting interconnected and interactive blockchains, SKALE Co-founder Jack O’Holleran said in a statement.



This launch is the latest step for the blockchain gaming space writ large, which has expanded over the past 12 months and is drawing increasing attention from big-time investors and funds.



Earlier this month, Gamestop and Immutable launched a <a href="https://cms.blockworks.co/gamestop-immutable-to-launch-100-joint-fund-for-gaming-nfts/" target="_blank" rel="noreferrer noopener">$100 million</a> joint fund for gaming NFTs. In November, Forte added <a href="https://cms.blockworks.co/?s=gaming#:~:text=Forte%20Adds%20%24725%20Million%20in%20Funding%20to%20Push%20Blockchain%20Gaming%20Forward" target="_blank" rel="noreferrer noopener">$725 million</a> in funding earmarked for blockchain games in one of the largest funding rounds of the year.



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gaming finance