Earning cryptocurrencies while playing your favorite games – although for most it sounds like a dream come true, a Croatian video game startup is working to make it a reality. With extensive experience in running online businesses and large corporations, Croatian entrepreneur Marko Matijevic has worked to develop Gamio for two years.
Matijevic had initially founded an esports arena called “Hall of Game”, whose initial goal was to create a modern environment for the entire gaming ecosystem where players could socialize, events could take place and game creators could meet their audience.
However, after “Hall of Game” organized the first tournaments, it realized that there was a huge problem with the esports industry from the organizers’ point of view.
“All esports fans are gamers, but not all gamers are esports fans. Based on this, we wanted a platform that would target all players and not just the top 0.01% who want to compete in a competitive space. So we abandoned the idea of a blockchain-powered esports platform and moved towards a more engaging way. Each player competes for their own prize by completing various in-game challenges,” Matijevic tells The Recursive.
Currently, Gamio is using this concept with popular games such as Fortnite and League of Legends, but is also looking to expand the selection with other games.
“Challenges and rewards are written in the blockchain for full transparency and users will be able to get a feel for the crypto world in a fun and understandable way. We aim to be an addition to their playtime and not a hindrance and that is why all the “crypto classics” such as staking, locking, etc. will be severely gamified,” explains Matijevic.
According to him, Gamio aims to capture a market segment that was previously untapped and at the same time provide a great incentive to players.
Vast potential to grow the game in Croatia and beyond
Currently, the company’s offices are located in the coastal city of Rijeka and the company also has a founding team and committed developers in the Croatian capital of Zagreb.
So far, Gamio has managed to close a pre-seed round worth €660,000, and the project is also supported by The capital of Hellen Rock.
“From the first discussions with Stjepko Čordaš and Andrea Čordaš, I knew that it would be something more than just a financial agreement. They live the product with us and help enormously in building the company. There is really a big difference between a classic VC and a family office. We have completed a pre-seed funding round at €660,000 and are currently preparing a funding round which will also be based on equity. The plan is to conduct the token sale in the second and fourth quarters of next year, depending on market circumstances. » said Matijevic.
His previous experiences, particularly in the betting and virtual gaming sectors, have taught him valuable lessons for embarking on the new adventure with “Hall of Game” and Gamio.
“As no other Croatian gambling operator had put much effort into esports, we created a partnership with a local esports organization that operated for years. Through this partnership, I have gained much more knowledge about industry issues and potential opportunities. Of course, we understood that we will never be able to expand quickly on a global scale and that we need a digital product because that is where the Gamio story begins,” he explains.
When it comes to developing the game in the Balkans, according to Matijevic, there is vast potential and an opportunity for different countries to share experiences and cooperate together.
“The Balkans have just started to step up their video game efforts. The pandemic situation has certainly had a big impact on this. Serbia in this department we are years ahead of where we are in Croatia, but by leveraging the same language I think there is huge potential for the whole market to be in a very competitive state . Funding remains a small problem because the companies are separated and care about the numbers they receive at their headquarters (at least for the more traditional ones),” Matijevic told The Recursive.
“Hall of Game” esports events also help make the Balkans an epicenter of gaming events and this experience can also help Gamio become a product that gamers will use.
“We have people not only from the nearest region but from all over the EU who come to the gaming events not only as competitors, but also as spectators who can also enjoy the casual gaming experience. All this experience and feedback we have from Hall of Game will just help us relaunch Gamio and create something that most players will want to use. Matijevic concludes.