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

By Eva Mathews

(Reuters) - Former Apple executive Trip Hawkins, who founded the company behind the best-selling sports videogame franchise "FIFA", is joining a Web3 startup, looking to take on top blockchain games like Axie Infinity.

The founder of Electronic Arts will join as co-founder and strategy 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."

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.

(This story has been corrected to change Hawkins's title to strategy chief from security chief in paragraph two)

(Reporting by Eva Mathews in Bengaluru; Editing by Varun H K)