N3twork, a technology platform providing solutions to developers and publishers in the gaming industry, has been acquired by blockchain gaming firm Forte to accelerate the development of blockchain-powered games.
The terms of the transaction have not been disclosed.
The deal will result in N3twork splitting into two independent companies, with Forte acquiring N3twork’s technology for making better games, while N3twork Games dissolving to form a new company called N3twork Studios.
N3twork Studios will work on the development of new and existing titles.
“We have a huge vision with Forte—one that can create massive new creative and economic opportunities for billions of people around the world,” said Forte CEO and co-founder Josh Williams. “To do that will require the right resources and talent. In an ever-changing landscape, acquiring N3twork’s platform group will enable Forte to go even faster than we can alone.”
The N3twork team is set to join forces with Forte as a part of the transaction. N3twork founder Neil Young will take over as head of Forte’s gaming industry department while retaining the existing position of executive chairman at N3twork Studios.
In 2020, N3twork revealed a $50 million growth fund to help game developers publish mobile games.
N3twork founder Neil Young commented: “I’m delighted and incredibly excited to be joining Forte to lead our games industry endeavor as we pursue our mission to reimagine and revolutionize the entire ecosystem through the blockchain.”
Forte has recently closed $725 million in funding, led by Sea Capital and Kora Management with additional backing from game and media publishers including Animoca Brands, Big Bets (Huuuge Games), Playstudios, Warner Music Group, Polygon, and others.
Players are more interested in blockchain-enabled games that can own their game items. Still, these features have generated debate among hardcore gamers wary of new monetization methods. However, the businesses maintain that players may freely exchange products and services with one another and take part in community economies that encourage innovation, cooperation, and talent.
N3twork has created games such as Legendary: Game of Heroes. Additionally, N3twork Studios will develop and operate a portfolio of games, including its upcoming multiplatform title Legendary Heroes Unchained and mobile game Triumph, using Forte’s blockchain technology.
In other news, Ziggurat Interactive recently announced that it has acquired more than 80 retro titles from Rainbow Art for an unknown sum.
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