Jason Fung, the former CEO of TikTok’s gaming division launches Metao to increase interoperability amongst the various blockchain networks.
On July 5, Jason Fung, the former CEO of TikTok’s gaming division, made the announcement that he was leaving the company to found Metao, a blockchain video game business.
Fung claimed that in order to establish Meta0 and take a “gigantic risk,” he quit “his comfy corporate existence” at TikTok. He wanted to offer fresh solutions to video game producers, though, as an enterprise IT executive with a history that included considerable work for big organizations in the gaming sector.
Jason Fung will be in charge of a wide range of duties, including growing the Meta0 ecosystem to include L1/L2 blockchains, channel partners, and Layer-0 protocols, which is pretty much what Polkadot aspires to be. He will also oversee fundraising initiatives, alliances, and other tactical choices.
Fung explained that the goal of Meta0 is to increase interoperability amongst the various blockchain networks so that developers are not restricted to using only a few of them for their projects.
“Right now, if you look at any developer when they implement NFTs or blockchain in their games, they have to choose a single blockchain, be it Polygon or Solana or Binance Smart Chain. But imagine a more interoperable option.”
Fung claimed in a different interview that he quit TikTok in order to address one of the most prevalent issues in the NFT gaming sector: the dearth of fully accessible blockchain infrastructure for developers.
“I left TikTok because I saw a clear opportunity to offer a solution to the current segregated nature of infrastructure options available to developers looking to build blockchain games.”
Meta0 will raise money through releasing tokens and negotiating with venture capitalists and strategic investors, like many other cryptocurrency firms. When discussing Web3 advances, some companies come to mind: Kardia Ventures, Animoca Brands, a16z, Binance, and Animoca Brands.
Games on the Blockchain Have a Lot of Growth Potential
Even though the collapse of the cryptocurrency market has significantly reduced interest in blockchain games, the sector still has a highly active community that is anxious to find a new project or a recovery in cryptocurrency prices to invest in their preferred video games once more.
However, NFT and blockchain games erupted in 2021, and this year the crypto gaming sector had already registered over $2.5 billion by Q1, 2022. It should be highlighted that the larger gaming market is a monster in comparison to the more specialized crypto gaming industry.
Additionally, play-to-earn games like Axie Infinity, CryptoBlades, Plant vs. Undead, and Mir4 quickly gained enormous popularity, even emerging as many families’ main source of income in places like the Philippines, Argentina, and Venezuela.
In other words, crypto games helped increase their adoption by retail users around the world in addition to attracting funding from large institutional players. The explosion of cryptocurrency games and decentralized applications caused even Metamask, one of the ecosystem’s most well-known wallets, to experience large surges in the number of new accounts.
