Blockchain gaming has become a popular and highly discussed topic in the industry, resulting in a significant influx of capital into the metaverse. Many metaverse companies have been selling land and other gaming-related NFTs. However, the initial hype surrounding blockchain gaming has started to fade as more major players enter the market. The most recent addition is Jason Fung, the former head of TikTok’s gaming division, who has left his position to join a new venture.
Fung made this decision due to the growing number of customers in the market. Recognizing the need for improvements and to fill existing gaps, Fung’s move is expected to contribute positively to the industry. The news of his departure from TikTok was first reported by Reuters, who conducted an interview with him.
Let’s take a closer look at Fung’s decision to leave TikTok, co-found a new company, and the potential impact it may have on the market.
The Increasing Interest in Blockchain Gaming
There is a significant and increasing interest from customers in blockchain gaming; however, venture companies have been hesitant to take big risks. While some startups, such as Shiboshi, have launched gaming opportunities, there has been limited overall change in the market. Additionally, the growth of this technology has required substantial intellectual investment, and there is a need for improvement in creating interoperable games between different blockchain systems.
Fung has been observing these factors and the market gaps for some time. Surprisingly, there has been little effort from companies to take the initiative and drive innovation in this industry. Key players in the market have been hesitant to take decisive steps towards transforming the market.
Fung’s Experience at TikTok
Fung spent approximately two years at TikTok, during which time the company grew into a multi-billion-dollar entity. TikTok, owned by the Chinese company ByteDance, has achieved significant success and holds a share of $300 billion in the global gaming market. Fung’s decision to leave TikTok will bring valuable expertise and capital to the development of the industry.
The Launch of Meta0: A Blockchain Gaming Startup
In his interview with Reuters, Fung revealed that he has co-founded Meta0, a blockchain gaming company that aims to provide services to gamers. The startup will enable gamers to trade digital assets like NFTs among themselves. Fung stated that the main reason for leaving TikTok was the opportunity to address the gaps and offer solutions to the segregated gaming community. He also expressed his vision of developing infrastructure for the next generation of gaming.
Fung identified the choice of a single blockchain as a major challenge in the development of blockchain games. He envisions making the technology more interoperable, providing developers and users with various options. Taking the risk of leaving a comfortable job at TikTok, Fung hopes that his decision to join Meta0 will prove to be the right one in the long run.
Meta0 currently has six members, including two founding members. Fung did not disclose details about the other founding member, but he mentioned that they would soon issue tokens to raise funds. They also plan to seek funding from venture capitalists and strategic investors.
Conclusion
Jason Fung, the former head of TikTok’s gaming division, has left the company to co-found Meta0, a blockchain gaming startup. The company aims to bring innovation to the blockchain gaming industry. According to Fung’s interview with Reuters, Meta0 has successfully completed its first round of fundraising. They will strive to fill market gaps by leveraging available opportunities. The impact of Fung’s departure from TikTok and his involvement with Meta0 remains to be seen.