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Quick grab:
- NCSoft has invested $15 million in Mysten Labs.
- The investment is part of Mysten Labs’ $300 million fundraising with a $2 billion valuation.
- The two companies will also collaborate on future projects to create digital entertainment experiences.
NCSoft has revealed a $15 million strategic investment in Mysten Labs. The Korean game developer was one of several backers of the web3 infrastructure company’s $300 million funding round announced in September.
Mysten Labs was launched in 2021 by former Meta executives to attract creators and developers who want to develop web3. The company’s inaugural product is Sui, a Layer 1 blockchain designed to accommodate demand and fuel growth.
NCSoft and Mysten Labs plan to expand their partnership beyond fundraising by collaborating to create user-centric digital entertainment experiences on Sui.
NCSoft is a leading developer of digital and mobile games in South Korea. The company was founded in 1997 and has since risen to fame for creating critically acclaimed game franchises such as Lineage, Aion, Guild Wars, and Blade & Soul.
Commenting on his company’s strategic investment in a web3 infrastructure platform, Dr. Songyee Yoon, President and Chief Strategy Officer of NCSOFT, Ella said, “Blockchain technology has the potential to create new and innovative gaming experiences. We are delighted to partner with Mysten, who shares our vision of technology as a platform for a truly distributed player-centric economy, passion for building communities, and trusted technology that is critical to those looking to build a platform of the scale and the desired scope”.
$300M Fundraising by Mysten Labs Led by FTX Ventures, the venture arm of FTX, with participation from a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures and Lightspeed Venture Partners, among others.
The company has already announced multiple partnerships with gaming and media companies as part of its strategy to partner with consumer-facing platforms.
Evan Cheng, Co-Founder and CEO of Mysten, commented: “NCSOFT is a storied name in gaming with a rich legacy of creating fun and innovative experiences that have attracted millions of loyal gamers around the world. We are grateful for NCSOFT’s financial support and partnership, which is a strong testament to Sui’s power as the ultimate blockchain for gaming applications.”
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