Interested in learning what's next for the gaming industry? Join gaming executives to discuss emerging parts of the industry this October at GamesBeat Summit Next. Register today.


Game developer Crypthulhu Studios has closed a new round of funding, raising $3 million dollars. The round was led by venture capital firms Coatue and Dapper Labs. This investment will fund the launch of the studio’s first title: Dimension X.

“When we first met Mike [Gordon, CEO of Crypthulhu Studios] and listened to his vision for Crypthulhu, we immediately saw the potential to bring world class gameplay to the blockchain,” said Matt Mazzeo, General Partner of Coatue, in a press release. “Mike exemplifies the kind of founder Coatue is thrilled to work with and we look forward to supporting the team as they define a new category of gaming.”

Dimension X is a new RPG based on a play-to-earn, blockchain underpinning. Using the Flow blockchain, Crypthulhu plans to create a longer-lasting, player-owned gaming experience. Once players have finished their time with the game, they can keep their experience as an NFT.

“I developed the idea for Crypthulhu when I was playing World of Warcraft and a friend asked me what I ‘owned’ in the game,” said Mike Gordon, CEO of Crypthulhu Studios. “My answer was the players, but my friend argued that I was only renting them. It was at this moment that I understood the potential of web3 for the gaming industry. As we build the Crypthulhu team, I am energized by the number of possibilities to leverage the blockchain and give dedicated players like me a meaningful stake in the games they love.”

Event

MetaBeat 2022

MetaBeat will bring together thought leaders to give guidance on how metaverse technology will transform the way all industries communicate and do business on October 4 in San Francisco, CA.

Register Here

For more information about Dimension X, check out the game’s website over here.

GamesBeat's creed when covering the game industry is "where passion meets business." What does this mean? We want to tell you how the news matters to you -- not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Learn more about membership.