Bitkraft and Brevan Howard lead $30 million round in EverQuest co-creator’s gaming studio

Bitkfraft Ventures and Brevan Howard Digital said on Thursday that they co-led a $30.5 million funding round in Distinct Possibility Studios, the new gaming studio from EverQuest co-creator John Smedley.The capital will support the development and launch of AAA-style shooter "Reaper Actual," slated for release on Steam and the Epic Games Store, according to a statement.As of late it's been quiet on the AAA web3 gaming front, both in terms of new funds raised and game launches. Gunzilla Games' battle royale title "Off the Grid" made some noise last year, capturing significant engagement with a strong promotional push. The game studio also raised $30 million. Otherwise most web3 gaming plays appear to be centered around mobile titles.Bitkfraft Ventures is hoping Distinct Possibility Studios CEO Smedley can work some of the same magic he enlisted when helping to create the hit video game "EverQuest.""We believe that often in games the magic happens at the intersection of two genres. We think Distinct Possibility Studios is a great example of this thesis," Bitkraft Ventures General Partner Carlos Pereira said. "We see that magic happening with their Open-World Persistent Shooter 'Reaper Actual' which mixes the MMORPG and FPS genres in a truly unique way."Smedley will bring his vast experience in gaming to bear in the world of web3 gaming. The gaming executive previous served at both Amazon Game Studios and Sony Online Entertainment. He's also responsible for co-creating titles "Planetside 2" and "H1Z1," according to a statement.In "Reaper Actual," an open-world extraction shooter, players navigate "Player vs Player vs Environment scenarios, territorial warfare, resource extraction, and base management" on the island of Marova, according to a statement.Distinct Possibility Studios also said it has chosen Etherlink, the EVM-compatible Layer 2 network built on Tezos, for the blockchain it's using to build "Reaper Actual."The Tezos Foundation, Hashed, Delphi Ventures, Shima Capital, North Island Ventures, and Decasonic also participated in the $30-million round, according to a statement.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.