Here's all you need to know about Jungle's foray into blockchain gaming

Jungle, a Brazilian Web3 game development studio, has raised $6 million in seed funding in a round co-led by Bitkraft Ventures and Framework Ventures. 

The Sao Paulo-based company will use the fresh capital to develop its Web3 mobile shooter and expand its team of developers, engineers, artists, and designers to bring its first blockchain title to market this year.

Other investors who participated in the round were Delphi Digital, Karatage, Fourth Revolution Capital, Monoceros, 32bit Ventures, Stateless Ventures, Snackclub, and Norte Ventures.

Jungle is a game publishing company founded by Joao Beraldo, Giulio Ferraro, and Lucas Kertzman. Instead of developing its own lore and in-game characters, the company will buy underutilized IPs from established gaming firms and adapt them into blockchain games. 

"We are committed to creating fun-first hybrid games that are mobile-first and blockchain-enabled," said Jungle CEO Joao Beraldo. "For Web3 gaming to reach its full potential, developers must create games where players come for the product experience and stay for the open economy. The inverse model – the current state of the industry – will not get us to mass adoption. To reach new audiences and expand the market, we'll need to do better as an industry."

Set to launch in 2023, Jungle's first title is a Web3 mobile shooter with a gameplay-first focus. It is designed for casual gamers and features an open market economy that allows players to own and trade assets obtained through gameplay. The company's ultimate goal is to bring the power of digital ownership and free market economies to mobile gaming.

"Plenty of well-funded games and experienced teams have launched into empty rooms due to tough timing, mistuned marketing, or unrealistically ambitious release schedules," said Framework Ventures principal Brandon Potts. 

"We find Jungle's approach towards acquiring and optimizing preexisting games really refreshing. By taking advantage of underutilized IP, we think Jungle could avoid the need to reinvent the wheel when it comes to Web3 game development, allowing them to deploy and adapt quickly across this new, rapidly growing ecosystem. It's a really innovative approach, and we're excited to work with the team on implementing this strategy in the wild."