In a significant development for web3 gaming, Matr1x has secured $10 million in funding, with leading investors Folius Ventures and SevenX Fund at the forefront. Notable contributions also came from ABCDE Capital, Jambo, Initiate Capital, and Find Satoshi Lab, bringing Matr1x's total capital to $20 million.

The funds will be going towards accelerating the development of Matr1x Fire, a first-person shooter mobile game. The game has similarities to Riot Games’ Valorant, with Matr1x Fire’s maps, weapons, and character designs similar in aesthetic. Players will be able to engage in team-based battles to eliminate adversaries. Matr1x has already released two NFT collections, with a third in the pipeline, offering a gateway for community engagement and unlocking evolving battle pets.

Valorant allows heroes to play skills. However, Matr1x Fire is a CS:GO style game which does not allow heroes to wield special powers or skills. The only way you defeat your opponent is to handle your guns well and control your shooting feedback and recoils. Hyperfront is another category, [which] seemingly did copy and paste Valorant, while our game is much more in the category of CS:GO.

Rui Zhao Co-founder of Matr1x.

Backed by HashKey Capital, Amber Group, and 7up DAO, Matr1x aims to establish itself in the competitive web3 gaming landscape. Despite comparisons to NetEase's Hyper Front, the Matr1x team emphasizes the distinctiveness of Matr1x Fire, expressing confidence in avoiding challenges faced by other titles. This funding infusion coincides with a broader decline in web3 funding, as reported by TechCrunch. Jason Kam, founder of Folius Ventures, cites Matr1x's potential to explore uncharted territories in the industry as a key reason for the investment.

It strikes an elegant balance that may—in the best case—help it achieve critical scale, appeal to the mass market, [and] become sustainably lucrative while side-stepping the Web3 death spiral altogether.

Jason Kam, Founder of Folius Ventures.

In a landscape where web3 gaming faces funding challenges, Matr1x's achievement not only signifies a triumph for the studio but also injects a renewed sense of excitement into the web3 gaming community. The infusion of funds and Matr1x's dedication to pushing the boundaries of immersive gaming experiences could pave the way for a new era of innovation and possibilities in the dynamic realm of web3 gaming.