Network Studios raises $46 million to create "crypto native" and hybrid blockchain games

Network Studios has netted $46 million in Series A funding to develop and publish blockchain games.

The investment round was led by Griffin Gaming Partners with additional backing from Kleiner Perkins, Galaxy Interactive, KIP, Floodgate, LLL Capital, and N3TWORK, Inc.

The cash injection will allow Network to launch its first two web3 titles, Legendary: Heroes Unchained and Triumph.

Legendary: Heroes Unchained will be a play-and-earn RPG that's described as a "crypto native title." Triumph, meanwhile, is being pitched as a real-time multiplayer RPG that offers a "hybrid of free-to-play and web3" with more mass market appeal.

Network was formed in January 2022 and comprises veterans from companies including EA, Zynga, Warner Brothers, and Disney who have experience building and supporting live service titles.

The company hopes to expand the crypto games audience and deliver experiences that show consumers how web3 will benefit "players of all types." To achieve that goal, Network will partner with blockchain technology solutions company, Forte.

"We believe in a future where game economies are more open and players own the assets they earn and purchase," said Matt Ricchetti, President of Network Studios.

"Reaching that future will require both expanding the core crypto gaming audience and demonstrating to the massive mobile free-to-play audience that web3 is a clear value-add to their gaming experience."