U.K based gaming brand and services provider have just recently signed an intriguing partnership with an up and coming Web3 investment firm, Hivemind Capital.
This comes at a time where web3 is making serious moves in the professional esports scene. Projects such as Axie Infinity have held their very own competitions all over the world. The esports industry is worth well over a billion dollars at this point so it makes sense for web3 gaming to bridge the gap.
Fnatic’s recent collaboration
Prior to this Fnatic have been known for their links to reputable brands and companies. Whether it’s in web2 or web3, Fnatic have got backing from the likes of BMW, Asos, L’Oreal and even cryptocurrency and digital asset online exchange, Crypto.com.
Hivemind Capital is a new venture capital firm, being founded in 2021 by the ex executive of CitiBank, Matt Zhang. Joining forces with Fnatic has been done so ‘to enable digital ownership of assets and turnkey solutions for new games to build robust economies’.
Others jumped in on the funding including Polygon, Presto Labs, GuildFi, IndiGG, Paribu Ventures, Trinito and WW Ventures. This comes as no surprise as Fnatic as a brand have fermented themselves into the esports industry. Their teams cross into 8 different titles including Call of Duty and League of Legends, with over 80 players representing Fnatic.
Image Credit | Esports Insider
“The partnership with Hivemind represents a big step for us towards a world where every gamer owns their digital assets and most games have an app-store-like – developer-user ecosystem that’s transparent, thriving and enables millions more gamers to make a living from gaming.” – Fnatic CEO Sam Matthews.
As the communities behind games and gaming grow, the power of Web3 is becoming more and more necessary within this. Fnatic are one of the leading brands within the gaming industry therefore their role in mass integration across gaming is a pivotal moment for the advancement and growth.
With the help of Hivemind’s pool of capital and the brains that govern both of the respective parties, the future is bright for gaming. Now is the time to seize control of digital ownership as we have seen through the blockchain.
Fnatic’s history with Web3
Whilst securing a spot with Hivemind, Fnatic have managed to team up with world renowned cryptocurrency exchange, Crypto.com. Amidst the crypto and NFT trading boom last year, their partnership was announced.
Crypto.com is a huge exchange used by millions across the globe, and with this collab entitles their branding on Fnatic’s jerseys. Their team plays in many different competitions on a professional scale making this huge marketing for both of them.
The partnership was signed for a 5 year contract and netted Fnatic $15 million to further their web3 ventures and brand expansion.
Guild of Guardians, a popular NFT RPG mobile game built on the blockchain have also teamed up with Fnatic and a list of other high calibre esports teams.
Fnatic are changing perceptions on Web3
Whilst the advancement of blockchain gaming is at the forefront of Fnatics partnerships with the likes of Hivemind and Crypto.com, there are other motivations from the Fnatic team.
Their deal also pushes for the education of cryptocurrencies and NFTs to those who are looking to get their foot in the door. Many are put off from web3 due to the lack of education that is present on the surface level. Factoring in general misinformation from mainstream media that is projected onto the general population, many are quick to judge it without giving it much thought.
With a brand like Fnatic that have millions of followers worldwide, this opens up more doors for mass adoption of web3 within not just gaming but the bigger picture that is the entertainment industry.
What do we want to see next from Fnatic?
To us the next steps are fairly clear for Fnatic and their venture into the blockchain. Promote their educational services to their audience, and try to get them on board with the crypto related topics.
It has already been noted 44% of people are not wanting to delve into crypto gaming due to the possibilities of losing out and not actually knowing what it is.
Hopefully these figures can be reduced over the coming months. Furthermore a clear and concise breakdown of the Fnatic timeline with Hivemind Capital would also be great so we know what’s to come from this collaboration.
Whatever happens, we will be sure to keep you updated. In the meantime, happy gaming and be sure to check out Fnatic if you are not familiar with them already!
