Ex-Riot Games executives raise $55m for the Believer Company

Ex-Riot Games executives raise $55m for the Believer Company

Former Riot game executives have raised $55m from web3-friendly firms to launch a new game studio called the “Believer Company” based in Los Angeles.

The Believer Company launch

Ex-Riot Games executives Michael Chow and Steven Snow have announced the completion of a $55m Series A funding round from popular web3 firms for a new game studio, Believer Company. However, the two founders are not very positive about the NFT industry, stating that they will not incorporate them.

Lightspeed Ventures, an investor in web3 startups, led the Series A round alongside the backing of Andreessen Horowitz. Some other supporters of the funding round include Riot Games, former Disney CEO’s Tornate company, and gaming VC fund Bitkraft Ventures.

The founders announced the launch of the Believer Company on March 7, revealing that they are not going to integrate NFTs despite the case that is behind the innovation. Regarding their displeasure with the technology, Steven Snow, the company co-founder and Chief Product Officer, alluded to an online joke about NFTs twisting the NFT acronym to ‘no fucking thanks’ and not the official ‘Non Fungible Token.’ 

NFTs still not widely accepted despite their growing utilities

In an interview with TechCrunch, Steven Snow explained that he is glad to have the opportunity to shape the future by declining technologies that make the game less fun. He explained that he envisions making gaming interesting and engaging to everyone but will have to decline some things like NFTs.

He also clarified that Believer would need further research and development before implementing the Web3 tech into the game. His comments on the technology are coming when big technology companies and his competitors are banking heavily on it.

Unity, a game development engine, has already incorporated Web3 technology. Recently it sent its developers a tool kit with blockchain-based tools to make their work easier. Other games like Sandbox, Konami, Axie Infinity, and Ubisoft are actively exploring NFT technology.

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