N3TWORK’s Games Teams to Form New Independent Game Company, N3TWORK Studios, Focused on Blockchain Titles, Using Forte Technology
SAN FRANCISCO--(BUSINESS WIRE)--Forte, a leading provider of blockchain solutions for game publishers, has acquired N3TWORK’s technology platform. The N3TWORK platform team will join Forte as a part of the transaction; N3TWORK founder Neil Young will lead Forte’s Games Industry business unit.
“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 Josh Williams, co-founder and CEO, Forte. “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.”
“Neil and his team share our vision, and will help accelerate the adoption of blockchain technology, build a robust, scalable platform where we will rethink how games are built, operated, marketed, and financed,” Williams added. “Most importantly, we will redefine how economics are created and distributed across a games landscape bigger than anyone has imagined so far. Together, we will go beyond reimagining games.”
The games teams from N3TWORK will form a new independent games company, N3TWORK Studios. N3TWORK Studios will utilize Forte’s blockchain solutions to build and operate a diverse portfolio of titles, including its new multiplatform Legendary Heroes Unchained, and its upcoming Triumph mobile game.
“I’m delighted and incredibly excited to be joining Forte to lead our Games Industry endeavor as we pursue our mission to revolutionize the entire ecosystem through the blockchain,” said Neil Young, co-founder and CEO, N3TWORK. “Forte is helping enable this revolution, and together we see an opportunity to fundamentally change every aspect of our industry in a way that benefits every participant in the games ecosystem—from player to publisher, from marketer to maker. The impact of the blockchain on the gaming landscape will be profound, and we are so excited to be a part of leading that change.”
Forte’s platform allows game publishers to easily integrate blockchain technologies into their games, enabling features such as seamless, embeddable token wallets, non-fungible token (NFT) minting and selling, payment rails, and other services built specifically for blockchain token economies and the management of digital and virtual assets. In blockchain-enabled games, players can truly own goods, rather than making pure entertainment expenditures. Players around the world can freely trade goods and services with each other, and can participate in community economies that reward creativity, collaboration, and skill.
Forte recently closed $725 million in funding led by Sea Capital and Kora Management with further support and funding from powerhouse game and media publishers including Animoca Brands, Big Bets (Huuuge Games), Overwolf, Playstudios, Warner Music Group, zVentures (Razer), and blockchain partners Cosmos, Polygon Studios, and Solana Ventures, as well as investors including Griffin Gaming Partners, Andreessen Horowitz (a16z), and Tiger Global. LionTree served as exclusive financial advisor to Forte on its funding round and as exclusive financial advisor to N3TWORK on the sale of N3TWORK Platform to Forte, leveraging its global strategic relationships to accelerate both companies’ growth. In May, Forte raised $185 million in its Series A, at a $1 billion valuation, led by Griffin Gaming Partners. Forte’s capital raise totaled more than $900 million in 2021.
Forte is building economic technology for games. Its end-to-end platform enables the emergence of community economics, a system where the interests of game developers and players are aligned, leading to healthier, sustainable game communities. The team is composed of longtime industry members (Unity, ngmoco, Riot Games, Electronic Arts, Sony, and Rockstar Games, among others), and is currently working with over 40+ acclaimed game developers from across the industry to reimagine the economics of games. www.forte.io.