Wednesday, June 19, 2024

TikTok’s former head establishes blockchain infrastructure company – MetaO.

Jason Fung, TikTok’s former head of gaming, has started a blockchain infrastructure company MetaO to connect different metaverses. It makes blockchain integrations easier for game developers through a white-label application programming interface (API), and software development kit-based solutions.

Fung says he left TikTok because he saw a clear opportunity to offer a solution to the current segregated nature of infrastructure options available to developers wanting to create blockchain games. He believes this is a problem in the market worth solving. The executive said the recent market downturn creates an opportunity to focus on building.

The former global head of game content for TikTok shared that it’s nice not to be distracted by increased market speculation and volatility. Many developers like him have recently jumped into the Web3 world.

The booming sector

The Web3 gaming industry has been unfazed by the downfall in the crypto market. It has remained fairly stable. Over 1.15 million daily unique active wallets, in May, interacted with blockchain games.

Robby Yung, CEO of Animoca Brands, highlighted the current market environment to be funny. He explained that people have a tendency to couple crypto markets with blockchain games and content. But it’s like linking tech stocks on Nasdaq with the business of tech companies. Yung also pointed out that a number of active users has nothing to do with the market. He said there is more consumption when the economy is not so good as people seek out entertainment.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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