Web3-focused gaming firm Limit Break Inc., raised $200 million dollars in investment capital from Buckley Ventures, Paradigm Ventures, and Standard Crypto, the company announced on August 29, 2022. The total amount raised from two investor rounds will be used to build Massively Multiplayer Online (MMO) games.
Limit Break also raised funds from the following entities: Anthos Capital (Venture capital investment firm), Coinbase Ventures (Coinbase’ investment arm ), FTX (digital asset exchange), Positive Sum (venture capital firm), Shervin Pishevar (Iranian-American entrepreneur), and SV Angel (San Francisco-based seed fund).
About Limit Break
Founded by Gabriel Leydon and Halbert Nakagawa in August 2021, Limit Break Inc. is a startup gaming firm focused on building Web3-based MMO games.
“Limit Break” is based on the battle move that was prevalent in Role-Playing Games such as Final Fantasy. This is Limit Break’s first foray into the world of blockchain which is a Non-Fungible Token (NFT) collection called DigiDaiku.
Gabriel Leydon and Halbert Nakagawa’s partnership is one of the most solid tandems in the nascent space, based on the portfolio of works credited to them.
Before establishing Limit Break, the two industry veterans made their mark as founders of technology company Machine Zone. Considered by some as the pioneers of “mobile social gaming,” MZ released some of the most well-known mobile MMO strategy games such as Game of War: Fire Age, Mobile Strike, and Final Fantasy XV: A New Empire.
DigiDaigaku is a collection of 2,022 NFT characters developed by Limit Break. Basically, the project features cute anime-inspired girls with varying traits such as hairstyle, clothing, and accessories.
As of this writing, DigiDaigaku has a total volume of 5.4k $ETH ($8,548,956) and a floor price of 12.5 $ETH ($19,789.25). The highest-priced piece is the DigiDaigaku #999 – Imani, which is listed at 12,000 $ETH ($18,997,680), per OpenSea.
Limit Break’s founders believe that successful Play-to-Earn games eventually evolve to “Play-to-Sell” as soon as players and investors cashout. This old model has caused markets to crash as tokens and NFTs get dumped and forever lose their value.
Since the old model is seen by Leydon as flawed, his firm’s solution is to introduce “Free-to-Own,” which he claims will become the new alternative to “Play-to-Earn” and “Free-to-Play”.
“Free-to-Play gaming is ending and Limit Break is coming to replace it,” Leydon stated, adding “People talk about Web3 gaming like a futuristic inevitability, it’s not. It requires people to properly design and build it, and those people work at Limit Break.”
With the launch of DigiDaiku, one of Limit Break’s goal was for “Free Mint Games” to replace the IPO-style fundraising that was common in the NFT scene in 2021. According to Leydon, the old system, which allowed budding game creators to sell parts of upcoming “Play-to-Earn” games for boatloads of cash, is a defective model that needs a complete overhaul.
Bear Market Funding
Despite the “bear market” that the industry is currently working hard to survive, the flow of funding that has been entering the space in 2022 is seen by most as a sign of great things to come.
The fact that Limit Break managed to overshadow the $75 million fund that Hong Kong-based game software and venture capital company Animoca Brands raised in mid-July of this year, shows the undying faith in a promising industry that is still in its embryonic stage.