A 12.5% share in Rekt Studios, a Web3 gaming and entertainment company, has been purchased by Phoenix Group, a blockchain and cryptocurrency mining company based in the United Arab Emirates.
According to a statement on Tuesday, the investment is a calculated move for the Abu Dhabi-listed company to go beyond cryptocurrency mining through its fully-owned subsidiary, Phoenix INV Holdings.
“[The deal] marks a significant stride towards pioneering in Web3 gaming,” the statement noted.
The transaction’s value was not disclosed by Phoenix Group.
According to its LinkedIn profile, Rekt Studios, based in the United Arab Emirates, develops highly immersive and interactive Web3 games, experiences, and virtual environments.
Rekt Studios’ founder and CEO, Elie Rizk, predicted that the project would transform the gaming business and provide new opportunities for players to control, manage, and profit from their gaming experiences.
