EA founder Trip Hawkins dives into Web3 with Barcelona-based startup

The founder of Electronic Arts will join as co-founder and security chief of Games for a Living (GFAL), Hawkins told Reuters in an interview.

GFAL publishes titles compatible with blockchain technology across consoles, personal computers and smartphones – commonly called Web3.

Interest for Web3 gaming has risen over the past year as it is touted to attract more cryptocurrency users. Players can own, sell, and trade in-game goods in such games.

Hong Kong-based blockchain gaming developer Animoca Brands, which backs popular NFT game Axie Infinity, raised more than $500 million in 2022.

“Web3 is the bridge to the metaverse,” Hawkins said on Thursday. “And if we’re going to make a metaverse, the economy of the metaverse has to be more like the real world.”

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Although there are concerns around security as “cyberwallets” are more prone to hacking, developers are also looking to diversify their platforms amid stunted growth and high app-store fees. Founded in 2021 by former King executive Manel Sort, Barcelona-based GFAL had a post-money valuation of 13.2 million euros ($13.96 million) after its latest funding round last year.