Mighty Bear Games Secures $10M Round Led by Framework Blockchain Unit

Quick take:

• Mighty Bear Games has completed a $10 million funding round to launch its blockchain gaming entity.
• The fundraising was led by Framework Ventures with participation from Mirana, Sfermion, Dune Ventures, Polygon, Ready Player DAO, Razer, Avocado DAO and more.
• The game studio also announced its first ever Web3 game, due for release later this year, Mighty Action Heroes.

Mighty Bear Games has launched its blockchain gaming campaign with the announcement of its first Web3 game Mighty Action Heroes, scheduled for release later this year. The Singapore-based multi-platform game studio announced on Tuesday the successful fundraising of $10 million in a round led by Framework Ventures.

The round also attracted participation from Mirana, Sfermion, Dune Ventures, Sanctor Capital, Folius Ventures, Polygon, Play Future Fund, Everblue, Ancient8, Ready Player DAO, Razer, Avocado DAO, DWeb3 and more.

The studio wants to recreate the same tab and experience offered to its multi-platform gaming community on Web3. The company said it plans to build a series of immersive AAA blockchain games “that are novel, fair and thoughtful.”

Mighty Bear Games will build play-and-earn games, starting with Mighty Action Heroes, which it describes as “a multiplayer third-person battle royale that emphasizes fun, skill and mayhem.”

The studio was founded in 2016, by a strong team of veteran game producers with experience from leading game development companies including King, Ubisoft, Lucasarts, Disney and Gameloft.

Mighty Bear Games believes that the next shift in the gaming industry will push the gaming community towards decentralized gaming ecosystems. In a comment sent to NFTgators, CEO Simon Davis said: “There is a platform shift every 10 years in gaming. The team and I witnessed the transition from browser to social and social to mobile. We are convinced that the next shift is from corporate games to community-owned games.”

His company has chosen to lean towards play-to-earn games, rather than the more popularized play-to-earn games, and for good reason. “We believe that today’s play-to-earn games are not sustainable, and we are leaning into an evolved play-and-earn economy instead,” Davis explained.

The studio’s blockchain gaming mechanism is designed to encourage competition and “reward the best players and players who add value to our ecosystem,” he added.

Mighty Bear Games’ community will also be allowed to start playing the games for free, in a free-to-play (F2P) design. “Players can either ‘upgrade’ to the NFT world by getting their first asset, or they continue in the f2p world and spend Fiat on items like off-chain heroes, off-chain weapons or off-chain cosmetics,” he said.

That means if a player isn’t keen on jumping on the crypto gaming bandwagon, they still have a place in the Mighty Bear Gaming ecosystem.

The company’s first blockchain game Mighty Bear Heroes will be powered by the Layer-2 scaling blockchain protocol, Polygon.

The main investor Framework Ventures seems to put part of its 200 million dollars dedicated to Web3 games in a good project.

Daniel Mason, Operating Partner at Framework Ventures commented: “With the entire crypto gaming industry still enjoying and defining the most effective game mechanics, we believe the Mighty Bear team is one of the best positioned to launch genre-defining titles in this new space.”

Framework Ventures is one of the Web3 venture capital firms that wants to take advantage of the crypto winter to invest in exciting projects. This year, venture capital firms have already invested more than $6 billion in web3 projects, surpassing the $4 billion raised for all of 2021.

Davis believes investors are encouraged by the future of community-owned games. “Player ownership of items and game economies will be the next evolution of gaming. The usual fluctuations in the crypto market do not change our belief that this technology is here to stay, he said.

He said the bear market helps build a stronger community of missionaries instead of speculators.

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